VANCOUVER, Sept. 18, 2017 /CNW/ - Bear Creek Mining
Corporation (TSX Venture: BCM) ("Bear Creek" or the "Company")
announces that the Tribunal hearing the Company's Santa Ana ICSID
arbitration claim (the "Arbitration") has officially closed
proceedings in the case. As such, no further testimony or
exhibits will be submitted to the Tribunal by either the Company or
the Republic of Peru and according
to ICSID Arbitration Rules, the Tribunal now has 120 days in which
to issue the final award.
"We are extremely pleased to know that the Tribunal will be in a
position to issue its award in our Santa Ana Arbitration now that
it has closed the proceedings," states Andrew Swarthout, President and CEO of the
Company. "It has been a long and arduous process of negotiation and
legal action to recover damages suffered by Bear Creek and its
shareholders when the government of Peru issued Supreme Decree 032 in June 2011, extinguishing our investment in the
Santa Ana Project. We maintain that Peru's actions constituted an unlawful
expropriation, were unfair and unjustified, and not only damaged
the Company but also the communities in the Santa Ana area by
denying them significant opportunities that the development of this
project would have brought. We and our legal counsel remain
confident in the merits of our case and we look forward to the
outcome of the Arbitration in the next few months."
Information related to the Arbitration, including procedural
orders, written submissions and details regarding the hearings, is
available to the public at
https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/14/21
and a comprehensive summary of the history of the Santa Ana dispute
is provided in the Company's Annual Information Form dated
April 19, 2017 (available at
https://bearcreekmining.com/investors/annual-information-form/.
On behalf of the Board of Directors,
Andrew Swarthout
President and CEO
Forward Looking Information
This news release contains
forward-looking information and forward-looking statements related
to: the belief that no further testimony or information will be
requested by the Tribunal pursuant to the Arbitration; and, the
timing and outcome of the Arbitration award decision. Certain of
these forward-looking statements are contingent upon various
assumptions, including the Company's and its legal counsel's
understanding of ICSID Arbitration Rules. This forward-looking
information is provided as of the date of this news release and
reflects current estimates, predictions, expectations or beliefs
regarding future events and is based on the Company's or its
consultants' beliefs at the time the statements were made, as well
as various assumptions made by and information currently available
to them. Although management considers these assumptions to be
reasonable based on information available to it, they may prove to
be incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions on which they are based do not reflect future
experience. We caution readers not to place undue reliance on these
forward-looking statements as a number of important factors could
cause the actual outcomes to differ materially from the
expectations expressed in them. These risk factors may be generally
stated as the risk that the assumptions and estimates used to make
such forward-looking statements do not occur and the additional
risks described in the Company's most recent Annual Information
Form. When relying on our forward-looking statements, investors and
others should carefully consider the foregoing factors and other
uncertainties and potential events. The Company does not undertake
to update any forward-looking statement, whether written or oral,
that may be made from time to time by the Company or on behalf of
the Company, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Bear Creek Mining Corporation