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Bear Creek and Rio Tinto Amend Agreement to Consolidate 100% of Corani Silver Deposit

Posted on: Wednesday, 11 June 2008, 12:00 CDT

VANCOUVER, June 11 /PRNewswire-FirstCall/ -- Bear Creek Mining (TSX Venture: BCM) ("Bear Creek" or the "Company") is very pleased to announce that it has entered into an amendment agreement (the "Amendment Agreement") with its Joint Venture partner Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") in respect of its purchase of Rio Tinto's remaining 30% interest in the Corani silver and base-metals deposit as disclosed in its new release dated March 7, 2008.

Under the Amendment Agreement, Rio Tinto has agreed to extend US$15 million of the US$20 million cash payment which was payable under the original agreement on the earlier of: December 31, 2008 or 15 business days following a change of control of Bear Creek to the earlier of September 30, 2009 or 90 days following a change of control of Bear Creek. The total purchase price remains at US$75 million and the other terms of the acquisition remain the same. As consideration for the extension, Bear Creek has agreed to issue, subject to stock exchange acceptance, to Rio Tinto on closing of the acquisition 120,000 common shares at a price of Cdn$6.80 per share. It is anticipated that the closing of the acquisition will occur later in June 2008.

Andrew Swarthout, CEO and President, stated "We are very pleased to have negotiated this extension with Rio Tinto which will provide greater flexibility for the Company in arranging for future financing. We are proceeding to complete the acquisition as soon as possible to consolidate our ownership of the Corani deposit at 100 percent and look forward to having Rio Tinto as a significant shareholder."

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Regulatory footnotes:

Certain disclosure in this release, including management's assessment of Bear Creek's plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bear Creek's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. (x)Any reference to the potential quantity & grade of mineralization at Corani is conceptual in nature, there has been insufficient exploration to define a mineral resource on the property and it is uncertain if further exploration will result in discovery of a mineral resource on the property. Readers are cautioned not to place undue reliance on forward-looking statements. Bear Creek expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Note: Bear Creek will likely need to obtain further financing prior to year-end '08 to be able to pay the balance of the purchase price in cash.

CONTACT: Andrew Swarthout - President and CEO, or Patrick De Witt - Investor Relations, Phone: (604) 685-6269, Direct: (604) 628-1111, E-mail: info@bearcreekmining.com; For further information, please visit the Company's website (http://www.bearcreekmining.com/)

Bear Creek Mining Corporation

CONTACT: Andrew Swarthout - President and CEO, or Patrick De Witt -Investor Relations, Phone: (604) 685-6269, Direct: (604) 628-1111, E-mail:info@bearcreekmining.com; For further information, please visit the Company'swebsite (http://www.bearcreekmining.com/)

Source: PRNewswire-FirstCall

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