Blue Pearl Mining Ltd.
TSX : BLE
TSX : BLE.WT
FRANKFURT : A6R
TSX : BLE.WT.A

Blue Pearl Mining Ltd.

December 12, 2006 13:56 ET

Blue Pearl Mining to Enter S&P/TSX Composite Index

TORONTO, ONTARIO--(CCNMatthews - Dec. 12, 2006) - Blue Pearl Mining Ltd. (TSX:BLE)(TSX:BLE.WT)(TSX:BLE.WT.A)(FRANKFURT:A6R) announced today that Blue Pearl will be added to the S&P/TSX Composite Index at the open of trading on December 18, 2006.

"Blue Pearl has grown in market cap and size in a short period of time and we are pleased with our shareholder support and index recognition," says Ian McDonald, Executive Chairman.

To be included in the S&P/TSX Composite Index, a company must be listed on the TSX for at least one year and qualify for the market liquidity test as of a particular date, in this case November 30th (BLE:$861 million). "The S&P/TSX Composite Index is a broad market benchmark of equity investment opportunity in Canada," said Tony North of Standard and Poor's.

The S&P/TSX Composite Index accounts for approximately 70 per cent of market capitalization for Canadian-based companies listed on the TSX. The size of the S&P/TSX Composite Index and its broad economic sector coverage has made the S&P/TSX Composite Index the premier indicator of market activity for Canadian equity markets. The S&P/TSX Composite Index also serves as the benchmark for the Canadian mutual fund industry and pension funds.

Blue Pearl will also be added to the Materials Sector, Diversified Metals and Mining Sub-industry.

About Blue Pearl Mining Ltd.

Blue Pearl is an integrated North American producer of primary molybdenum with operations in Challis, Idaho; Langeloth, Pennsylvania; and Fraser Lake, B.C. It is currently in the process of developing the Davidson Deposit in Smithers, B.C. Its sales and marketing office is located in Denver, Colorado and head office in Toronto, Ontario.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of Blue Pearl, its subsidiaries and its projects, the future price of molybdenum, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims and limitations of insurance coverage. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Blue Pearl and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Such factors include, among others, general business, economic, competitive, political and social uncertainties; the anticipated benefits of the acquisition not occurring in the expected time frame or at all; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of molybdenum; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in Blue Pearl's short form prospectus dated October 13, 2006 which is available on SEDAR at www.sedar.com. Although Blue Pearl has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Blue Pearl disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Blue Pearl undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Shares outstanding: 100,326,540

Contact Information

  • Blue Pearl Mining Ltd.
    Ian McDonald
    Executive Chairman
    (416) 860-1438
    Email: info@bluepearl.ca
    or
    Blue Pearl Mining Ltd.
    Olav Svela
    VP, Investor Relations
    (416) 860-1438 or Toll Free: 1-800-827-0992
    Email: osvela@bluepearl.ca
    or
    Renmark Financial Communications Inc.
    Christina Lalli
    (514) 939-3989
    Email: clalli@renmarkfinancial.com