Bear Creek Mining Corporation
TSX VENTURE : BCM

Bear Creek Mining Corporation

June 24, 2008 07:45 ET

Bear Creek Announces $21.5 Million Bought Deal Financing

VANCOUVER, BRITITSH COLUMBIA--(Marketwire - June 24, 2008) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Bear Creek Mining (TSX VENTURE:BCM) (the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Haywood Securities Inc., and Canaccord Capital Corp. pursuant to which the syndicate has agreed to purchase 4,225,000 Units from treasury at C$5.10 per Unit (the "Units") for gross proceeds of approximately $21.5 million. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share of the Company until September 15, 2009 at a price of C$6.25. The Underwriters have been granted an over-allotment option entitling the Underwriters to acquire up to an additional 630,000 Units for gross proceeds of up to $3,213,000 until the closing of the offering. The Company expects to file a short form prospectus with the securities regulatory authorities to qualify the Units for distribution. The offering is expected to close on or about July 17, 2008.

Net proceeds from the offering will be used to fund the exploration and development of the Company's Corani and Santa Ana Silver projects in Peru and for general corporate purposes.

About Bear Creek

Bear Creek is focused on exploring and developing precious metals projects situated in emerging mineral districts of Peru. The Company has an exceptional track record of creating shareholder value through generative exploration programs, and is led by a management and technical team with extensive industry experience in South America.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Bear Creek Mining Corporation

Andrew T. Swarthout, President and CEO

Regulatory footnotes:

Certain disclosure in this release, including management's assessment of the Company's plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. These risks, uncertainties and other factors are disclosed in the Company's continuous disclosure filings with Canadian securities regulators including its most recent annual information form, available on www.sedar.com. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information