Vancouver, British Columbia – Bearing Resources Ltd. (the “Company” or “Bearing”) (TSX.V: BRZ) is pleased to announce that it has entered into an asset purchase agreement (the “Purchase Agreement”) to acquire a 100% interest in 81 lode claims (the “Fish LakeClaims”) located in Esmeralda Country, Nevada (the “Acquisition”).
Under the terms of the Purchase Agreement, Octagon Holdings Corp., the vendor of the Fish Lake Claims, will receive US$60,000 and will be issued 1,400,000 common shares of the Company. The common shares will be subject to a statutory four month hold period.
The Fish Lake Claims cover 1,620 acres in the north-eastern corner of Fish Lake Valley, situated in central-western Nevada.The claims lie on tuffaceous sedimentary rocks of the Esmeralda Formation which are considered to be prospective for lithium, boron and potassium mineralization.
Jeremy Poirier, the CEO of Bearing, stated “I think it’s a very positive step for us to be able to expand our Lithium assets into North America.Nevada is home to some very exciting projects and very large investments, so we felt it was crucial to ensure our position in this promising area.”
Completion of the Acquisition remains subject to the approval of the TSX Venture Exchange.
About Bearing Resources Ltd.
Bearing is an exploration and development company. The Li3 Definitive Agreement will enable it to acquire an interest in the advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Li3 Definitive Agreement, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.
ON BEHALF OF THE BOARD
Signed “Jeremy Poirier”
Jeremy Poirier, Director President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier– President and CEO Bearing Resources – Telephone: 1-604-262-8835
Neither the 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.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain “forward-looking information” and “forward-looking statements”(collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion of the transactions contemplated by the Li3 Definitive Agreement, the benefits of the proposed transaction with Li3 to shareholders of Bearing . Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: completion of satisfactory due diligence by each of Bearing and Li3, , the absence of a material adverse change in the Maricunga Property and the receipt of all necessary regulatory and shareholder approvals to complete the proposed transaction with Li3 . Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Bearing does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.