VANCOUVER, BRITISH COLUMBIA, Jan 11, 2012 (MARKETWIRE via COMTEX) — Bearing Resources Ltd. (“Bearing” or the “Company”) is pleased to announce results from its Parrandera gold-copper (+/-zinc +/-silver) prospect in the Mapimi area of northeast Durango, Mexico. Sampling from an adit constructed by historic miners returned a 20 metre weighted average interval grading 2.58 g/t gold and 0.33% copper. Samples collected the full length of the 92.73 metre long adit returned a weighted average of 0.86 g/t gold and 0.15% copper.
The results are based on continuous channel samples, however true widths are unknown. Geological mapping shows that the adit is predominantly located within mineralized porphyritic rhyolite intrusive adjacent to a contact with hornfels/skarn altered sandstones and limestones. The mineralization is entirely oxidized. The higher grade 20 metre interval occurs at the contact in both rhyolite and sandstone and includes 1.5 metre (sample 561998) and 1.35 metre (sample 561994) intervals that assayed 14.3 g/t gold and 0.31% copper and 8.32 g/t gold and 1.89% copper, respectively. A geochemical soil survey completed on the Parrandera site in 2011 outlined a roughly 300 metre by 800 metre coincident Au-Cu-Zn-Pb anomaly.
The Parrandera project is located within a larger mineral district that has seen past production from gold-rich copper skarns and from breccia-hosted silver base metal deposits and is a product of the Company’s continuing strategy of re-evaluating known mineral rich regions. The results of this work have defined a high priority drill target at Parrandera and is one of many regional targets being examined on this large property.
Bearing crews are currently finalizing rock and soil sampling; a 12.5 line-kilometre induced polarization geophysical survey; and a ground magnetic geophysical survey. Permitting is well underway, in preparation for an initial 1,200 metre core drill program that is scheduled to commence during the first quarter of 2012.
The Parrandera options include a contiguous 49 hectare claim group and a 302 hectare claim group. Bearing has the right to acquire a 100% interest in both the optioned properties. The Parrandera properties are part of a larger property acquisition effort in the area that includes the contiguous Pedro, Pedro 1, Pedro 1 Fraction, Pedro 2 and Pedro 3 tenure applications totalling roughly 26,123 hectares. Details of the Parrandera option are provided in Bearing’s June 21, 2011 news release. A map of the claims is posted on the Company’s website at www.bearingresources.ca .
David Tupper, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
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 has an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project (“Zymo”), located 45 kilometres west from the town of Smithers, British Columbia. The Company’s Mount Polley and October Dome projects are located in British Columbia adjacent to Imperial Metals Corporation’s (“Imperial”) Mt. Polley copper-gold mine and includes a potential production royalty on the Boundary property, with Imperial. In the Yukon, Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing’s Flume property located within the White Gold District. Bearing also holds a portfolio of Yukon exploration properties located near Golden Predator’s Clear Creek gold project and Northern Tiger’s 3Ace gold project. In addition, Bearing is conducting generative exploration in Mexico and early stage exploration at the 26,474 hectare Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.
BEARING RESOURCES LTD.
Geoff Chater, 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 exploration results 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.
Bearing Resources Ltd.
President & CEO