Bearing Appoints Luis Saenz as President of South American Operations
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2017) - Bearing Resources Ltd. (TSXV: BRZ) (the "Company" or "Bearing") is pleased to announce that Mr. Luis Saenz has been appointed as President of South American Operations for the company.
Mr. Saenz is a finance executive with nearly 25 years of experience in mining finance and metals trading with a focus on Latin America. Mr. Saenz has served as CEO and Director of Li3 Energy since 2009, in addition to serving as a Director of Atico Mining (TSX Venture: ATY) and as Director of Alpha Resource Advisors, a mining finance boutique in Peru. Throughout his career, Mr. Sáenz has held senior rolls with Standard Bank of South Africa, Merrill Lynch and Pechiney World Trade. He holds a degree in Economics and International Affairs from Franklin & Marshall College in Lancaster, PA.
Jeremy Poirier, Bearing's president and chief executive officer, commented: "We are excited to have Luis join the Bearing team given his extensive experience and network in Latin America. We see him playing a pivotal role in maintaining continuity at the Maricunga project, in addition to representing Bearing's interests in Chile."
In connection with his appointment, Mr. Saenz 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 $0.62 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.