VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 06/07/12 — Bearing Resources Ltd. (“Bearing”, or the “Company”) (TSX VENTURE:BRZ) announces results from its 1,172 metre (7 hole) diamond drill program at the Parrandera gold-copper property located in the Mapimi region of Durango, Mexico. The Parrandera property was the initial and smallest property optioned when establishing the Mapimi project (40,000 hectares). The drill program was highlighted by drill hole PA12-01 which returned 12.95 metres grading 0.858 grams per tonne (g/t) gold beginning at a down hole depth of 16.3 metres. While the drill program identified gold and copper mineralization over narrow intercepts, the results did not meet Bearing’s exploration target criteria therefore the Parrandera property will be returned to the property vendors.
The Company will continue to focus its exploration efforts at its Mapimi project, targeting precious and base metal-rich systems analogous to the Goldcorp’s Penasquito and Camino Rojo deposits. The remaining Mapimi project comprises a large and contiguous land position (the wholly owned 26,000 hectare Pedro & the optioned 14,000 hectare KM 66 properties) totalling approximately 40,000 hectares in the highly prospective Altiplano Region of eastern Durango (see map at www.bearingresources.ca). The Mapimi silver-gold project area hosts geology and occurrences that exhibit many of the essential characteristics that typify these deposits, in particular, breccia hosted and carbonate replacement mineralization associated with buried porphyry mineralization (KM 66 property). The Company believes the precious and base metal mineralization identified to date on the Mapimi project may well be indicative of a larger mineral system under shallow cover.
The drill program tested the Parrandera target for intrusion related precious and base metal mineralization. Prospecting, soil geochemical sampling and an induced polarization (“IP”) survey had outlined a 1,500 metre by 500 metre anomaly. The anomaly consists of a coincident gold, copper and zinc soil anomaly with partially coincident IP chargeability highs located within areas of historical pitting and mining.
Drill results are presented below in Table 1. A drill plan is posted on the Company’s website at www.bearingresources.ca. Drill intervals reported are core lengths; true widths are not known.
Table 1: Summary of Drill Results
Total From To Intercept Gold Silver Copper Lead Zinc
Hole ID Depth (metres) (metres) (metres) (g/t) (g/t) (%) (%) (%)
PA12-01 125.70 16.30 29.25 12.95 0.858 6.1 0.16 0.00 0.14
incl. 23.35 28.00 4.65 1.551 2.7 0.23 0.00 0.14
PA12-02 207.00 117.65 127.35 9.70 0.018 12.3 0.09 0.11 0.20
PA12-03 150.00 67.85 69.90 2.05 0.241 4.6 0.09 0.02 0.26
PA12-04 213.00 150.00 158.70 8.70 0.429 1.4 0.67 0.00 0.13
PA12-05 183.00 132.00 136.50 4.50 0.331 5.8 0.61 0.00 0.16
PA12-06 135.00 24.35 31.50 7.15 1.061 3.0 0.08 0.03 0.13
PA12-07 163.50 no significant results
HQ diameter core samples were collected by sawing with one-half of the core placed in sealed plastic bags. Sample lengths were from 0.2 metres to 3.1 metres with an average sample length of 1.3 metres. Sample lengths were selected to reflect geological observations. All of the samples mentioned in this release were prepared and analyzed by ALS Chemex at its labs in Chihuahua, Mexico, and Vancouver, Canada. Silver, copper, zinc and lead were analyzed as part of a multi-element inductively coupled argon plasma (ICP) package using aqua regia digestion with over-limit results being reanalyzed with assay procedures using ICP-AES. Gold analyses were performed on a 30-gram sub-sample by fire assay with an ICP-AES finish. The project is under the direct supervision of David Tupper, P.Geo., the Company’s vice-president of exploration. The Company employs a rigorous quality assurance and quality control program consisting of control samples that include standardized material, blanks and duplicates. 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 is conducting exploration for precious and base metals deposits at the approx. 40,000 hectare Mapimi project located in the Altiplano Region of eastern Durango, 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 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 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 uncertainties in interpreting exploration and drill results, statements about the terms of the proposed option agreement and exploration potential of the property, 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.