DENVER, CO--(Marketwire -04/12/12)- 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 positive results from surface sampling on the Lewiston Project in Fremont County, Wyoming. The Lewiston property is an Archean greenstone hosted lode gold district. A total of 62 samples were collected, 48 grab samples from prospect pits and mine dumps, and 14 measured panel samples across mineralized shear zones. Fifteen (15) samples ranged from 1.0 gpt (grams per tonne) Au to 23.1 gpt Au and one contained 63.1 gpt Au. Selected highlights include:
- Hematite altered meta-graywacke containing quartz stringers from historical workings at the Hidden Hand Mine returned 63.1 gpt Au. Additional grab samples from adjacent prospect pits returned 0.558 gpt, 1.43 gpt and 2.16 gpt Au.
- Surface grab samples from a shear zone on the Wolf prospect ranged as high as 13.45 gpt gold, with 11 additional samples that averaged 2.4 gpt gold.
- Sampling at the Burr mine over four feet produced 19.9 gpt gold with a separate 18-inch sample producing 23.1 gpt gold. Samples were taken across an exposed shear zone containing quartz stringers and pods and are believed to be representative of the true width of the shear zone.
- Four samples collected from three prospect pits (the "Copper Pits") contained from 0.38 gpt Au to 5.68 gpt Au and from 0.30 % Cu to 1.81 % Cu. Samples were taken over a wide spaced area (4,400 ft.) from prospect pits on quartz vein-bearing structures.
"These positive results underscore the tremendous potential of the Lewiston Project and support our plans to commence drilling later this year," said James Baughman, president and CEO of Big Bear Mining. "We plan to initially focus our drilling on the Wolf prospect, where a 25 foot wide shear zone has been identified and where we believe that we'll benefit from a solid, historical body of sampling data dating back to the 1970s."
Sampling was performed under the supervision of James Baughman, Wyoming Registered Geologist. Big Bear utilized best practices Quality Assurance/Quality Control procedures by inserting standards, blanks, and duplicating results. Samples were secured until delivery to ALS Chemex. Analysis for gold was by fire assay with AA finish (Au-AA24, 50 g) and 33 additional elements by ICP (ME-ICP61).
The Lewiston Mining District is host to undrilled, high-grade gold veins that occur over a six-mile shear zone that has 32 historical shafts and adits and more than 177 prospect pits. Big Bear Mining has an option to acquire 100% ownership in 175 unpatented claims and three patented claims as well as eight patented claims and 10 unpatented claims under lease. Terms of the four-year earn-in are $200,000 in cash, 1.1 million shares of Big Bear Mining common stock, and $1.0 million in exploration expenditures. There is a NSR (Net Smelter Royalty) tied to gold prices and capped at 5%.
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.
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 results of sampling activities, potential of the Company's projects, plans to acquire properties, and plans to commence drilling and spend $1.0 million on 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.