|By Marketwired .||
|May 14, 2014 11:21 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/14/14 -- Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) announces that at the request of certain of its major shareholders, it intends to seek new opportunities that may include potential acquisitions from outside the mining and exploration sector. To facilitate the identification and evaluate these new opportunities, these shareholders have requested a new slate of directors to be nominated at the Company's Annual General and Special Meeting, which has now been deferred to June 11 2014. The nominees are: Kirk Shaw, Amar Balaggan, and Eduard Ephstein.
Robert Cameron, CEO and Damian Towns, CFO will remain with the Company in their respective management roles to manage and operate the Company's ongoing reporting and exploration requirements, seek joint venture partners for its exploration assets and to monitor progress on its flagship Pedro Gold Project in Mexico.
As a result of these changes, the current Directors of the Company will not be standing for re-election including Geoff Chater and Brian Bayley, who have resigned with immediate effect.
Mr. Cameron commented, "The Company remains in good financial condition with approximately $0.8 million in cash and an exciting exploration portfolio, with one project that has recently been drilled by Newmont (results pending). The changes being made will enhance the Company's ability to pursue opportunities both inside and outside the mining sector and enable the new Board to quickly and efficiently identify and analyse these opportunities. The Company wishes to thank the outgoing directors for their dedication and their stewardship of the Company's assets which has provided the Company with the opportunity to seek additional opportunities while still having a treasury to do so."
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. In Mexico the Company's partner Newmont is advancing the Pedro epithermal gold project while in British Columbia the Company has discovered a gold-bearing skarn system on its October Dome property near the currently producing QR Gold Mine. The Company's Mount Polley projects is located in near Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary property. The Company also holds interests in projects in the Yukon including the Flume Project in the White Gold District.
BEARING RESOURCES LTD.
Robert Cameron, President & CEO
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 future exploration programs and venture arrangements 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.