Bearing Appoints Patrick Cussen to Board of Directors
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2017) - Bearing Resources Ltd. (TSXV: BRZ) (the "Company" or "Bearing") is pleased to announce that Mr. Patrick Cussen has been appointed as a director of the Company.
Mr. Cussen is an industrial civil engineer with 45 years of mining industry experience. He has extensive experience in minerals and mining and specifically in marketing, sales, project exploration, project evaluation and economic assessments. Mr. Cussen is currently the Chairman of the Board of Li3 Energy Inc. ("Li3"). As previously announced, the Company has entered into a binding letter of intent to acquire an interest in the Maricunga Lithium Project in Chile from Li3. Mr. Cussen has served as the Chairman of The Center for Copper and Mining Studies for 15 years, Cesco, a Chilean think tank on mining. Mr. Cussen holds an engineering degree and a Masters of Economics from the University of Chile.
Jeremy Poirier, Bearing's president and chief executive officer, commented: "We are happy to add someone of Patrick's experience. This shows our commitment to completing our transaction with Li3. Furthermore Patrick will be integral in completing a strategic agreement for the company."
In connection with his appointment, Mr. Cussen has been granted 125,000 incentive stock options ("Options"). Each Option allows him to acquire one common share of the Company at an exercise price of $0.55 for a period of five years.
Bearing is an exploration and development company. On December 9, 2016, it entered into a Binding LOI agreement (the "Binding LOI") with Li3 Energy Inc. to acquire the advanced advanced-stage Maricunga project located in Chile (the "Maricunga Project"), which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Binding LOI, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date. Bearing currently holds a portfolio of prospective, grass-roots exploration projects in gold district of the Yukon near Golden Predator.