DENVER, CO--(Marketwire -01/26/12)- Big Bear Mining Corp (OTC.BB: BGBR.OB - News), a U.S.-based company focused on the acquisition and development of gold and other precious metal projects, today announced the acquisition of a new property in the Elk City gold project in Idaho County, Idaho.
Elk City, Idaho
The Elk City gold project consists of 48 federal mining claims located in Idaho County, Idaho. The property was acquired from Southern Legacy Minerals, Inc. for 6 million shares of common stock and 6 million common stock purchase warrants. Additionally 3 million shares of common stock were paid to a previous claim owner along with a 1% NSR in exchange for significant amounts of important historic data on the property.
The Elk City claims are called the Dore group and are located along a 1.5 mile long shear zone that averages 60 feet in width and that hosts en echelon quartz veins. The property includes a historical underground mine called the Center Star Mine as well as the Commodore Prospect.
Big Bear also announced it has entered into the first phase of funding through new share financing agreements totaling $60,000. The securities to be issued under the agreements have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States without a registration or an applicable exemption from the registration requirements.
James Baughman, CEO of Big Bear, said, "This acquisition has staked our land position in a promising gold district in Idaho. Big Bear is seeking funding to drill Rattlesnake Hills and our Lewiston, Wyoming, properties as well as to continue to advance the previous work that has been completed by historic operators on our new Idaho property."
About Big Bear Mining Corp:
Big Bear Mining Corp is a U.S.-based exploration company focused on the acquisition and development of gold and other precious commodity projects that are economically viable and geologically compelling. Big Bear is a fully reporting company quoted on the OTCBB under the symbol BGBR.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the completion of the financing with Southern Legacy
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. Statements in this press release about promising gold districts, strengthening the Company's land position, efforts to raise capital, and plans to commence drilling and exploration are forward-looking statements. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.