NI 43-101 report
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V: BRZ) announces that its Board of Directors, subject to shareholder and TSX.V approval, has approved the re-pricing of a total of 2,135,000 options to purchase common shares ("Options") to an amended exercise price of $0.15 per Option (the "Re-Pricing"). The closing price of the Company's common shares on the TSX.V on Friday, March 15, 2013, prior to the approval of the Re-Pricing, was $0.07. A total of 1,935,000 of the Options had been issued on July 12, 2011 with an original exercise price of $0.72. A further 200,000 Options had been issued on December 15, 2011 at an original exercise price of $0.38.
The Re-Pricing of the Options will be submitted for TSX.V approval shortly and shareholder approval will be sought at the Company's upcoming Annual General Meeting to be held on April 24, 2013. The Re-Pricing of the Options is subject to the approval of a simple majority approval of the Company's shareholders excluding votes attached to shares beneficially owned by insiders to whom options may be granted under the Company's stock option plan or associates of such persons. Prior to the Company's receipt of TSX.V and shareholder approval, none of the Options may be exercised at the revised price.
The Re-Pricing of the Options to insiders, employees and consultants is undertaken to attempt to ensure that the objectives of the Company's stock option plan are fulfilled and to compensate management, who have accepted a significant reduction in their salaries in order to preserve the Company's treasury; and directors, who receive no cash compensation.
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. Bearing is exploring at the ~40,000 hectares Mapimi gold-silver project located in the Altiplano Region of eastern Durango, Mexico. The Company's Mount Polley and October Dome copper-gold projects are located in British Columbia near Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary property, with Imperial. In the Yukon, the company has three projects optioned out including the Flume Project where Ryan Gold Corp. has been granted a right to earn up to 75% interest.
BEARING RESOURCES LTD.
Robert Cameron, President & CEO
For further information please visit Bearing's website at www.bearingresources.ca or contact either Robert Cameron at (604) 682-5546 (firstname.lastname@example.org) or Paul Reinhart at (604) 488-4907 (email@example.com)
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to, those with respect to potential future and exploration potential of anomalies and properties involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Bearing to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.