Bear Creek Mining (BCM.V)

[PMinvest]

Bear Creek is very promising. They have an amazing project in Peru, which they will soon own 100% of. I am a buyer in the upper $5s.

Latest news:

"Under the Amendment Agreement, Rio Tinto has agreed to extend US$15 million of the US$20 million cash payment which was payable under the original agreement on the earlier of: December 31, 2008 or 15 business days following a change of control of Bear Creek to the earlier of September 30, 2009 or 90 days following a change of control of Bear Creek. The total purchase price remains at US$75 million and the other terms of the acquisition remain the same. As consideration for the extension, Bear Creek has agreed to issue, subject to stock exchange acceptance, to Rio Tinto on closing of the acquisition 120,000 common shares at a price of Cdn$6.80 per share. It is anticipated that the closing of the acquisition will occur later in June 2008."

[LarCO]

Bear Creek Mining Corp. 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 $5.10 per unit for gross proceeds of approximately $21.5-million. Each unit comprises 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 Sept. 15, 2009, at a price of $6.25. The underwriters have been granted an overallotment 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 finance the exploration and development of the company's Corani and Santa Ana silver projects in Peru and for general corporate purposes.

[PMinvest]

I spoke to the management. Everything remains on track, and financing should go through fine. They insist that the situation in Peru is calm especially in the province in which they are doing business. President Garcia remains very friendly to mining and has good control of the country. Good buy at these levels.