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Mining PRs and the Ottotrans™, Part 93

Our occasional series gets to number ninety-three and today we're doing the NR out of Bear Creek Mining (BCM.v) this morning. As is our wont, we take the long thing (889 words), and crunch it down to the small thing (three short lines).

This is what they wrote:

Bear Creek Mining provides an update on corporate activities

VANCOUVER , Jan. 27, 2016 /CNW/ - Bear Creek Mining Corporation (TSX Venture: BCM) ("Bear Creek" or the "Company") is pleased to provide shareholders with an update on its activities regarding the Santa Ana and Corani projects in Peru , and an outlook for 2016.
"2015 was a productive year for Bear Creek, with the completion of the Corani Optimized Final Feasibility Study* and the submission of our initial statement of claim (the "Memorial") in respect of the Santa Ana project arbitration," states Andrew Swarthout , President and CEO. "Corani is one of the largest undeveloped silver projects in the world, and coupled with our Santa Ana deposit, forms the basis of Bear Creek's future growth profile. We recognize that during this sustained downturn in mining markets and metal prices our treasury is a key asset and a factor that separates us from many other exploration and development companies. Our goal for 2016 is simple; to continue to meaningfully move the Corani project forward and work to unlock the value at Santa Ana while operating in as cost-effective a manner as possible so that our treasury continues to buffer us from the worst of the mining downturn. Ultimately, our aim is to weather this mining market slump and emerge from it in a 'front-row' position, able to accelerate quickly and decisively when the markets improve."
Santa AnaThe Santa Ana arbitration, being heard at the International Centre for Settlement of Investment Disputes ("ICSID"), is proceeding on schedule. Bear Creek's Memorial was filed on May 29, 2015 , which was followed by the Government of Peru's Counter-Memorial filing on October 6, 2015 . Bear Creek submitted its reply to Peru's Counter-Memorial in early January, 2016. Peru's rejoinder to this filing is due to be submitted to ICSID in mid-April and a final submission from Bear Creek will be filed in late May, 2016. ICSID is posting these written submissions on their website, generally within several weeks of their filing, at In-person hearings before the arbitration tribunal are scheduled to occur at ICSID headquarters from September 8 to 16, 2016 , after which the tribunal will commence its deliberations. An award on Bear Creek's case is anticipated within the second half of 2017, though there is no prescribed deadline for the tribunal's ruling. Bear Creek and its legal counsel remain very confident in the merits of its claim that the Santa Ana project was expropriated without compensation in June 2011 through the Government of Peru's issuance of Supreme Decree 032, which nullified the Company's rights to advance the Santa Ana project.
CoraniAfter completing the Corani Optimized Final Feasibility Study last year, Bear Creek undertook an exploratory investigation of possible Corani project-financing scenarios. Feedback from a range of potential participants, including lenders, off-take partners, development banks, equity markets, and streaming partners, aligned closely with the Company's internal conclusions; Corani, as one of the largest, and longest-life-span, undeveloped silver deposits in the world, is a financeable and buildable operation but will require significant upfront capital access and improved metal and share prices to justify a development decision. Therefore, our plans for Corani during the coming months are to continue to de-risk the project by acquiring key permits in preparation for an application for the Construction Permit that is ultimately required to commence development, while maintaining the excellent community relationships we have worked hard to foster. The Company's goal is to ensure the necessary components are in place to make sound and nimble decisions for Corani when the opportunity arises. To this end, in late 2015 Bear Creek submitted modifications (based on the Corani Optimized Final Feasibility Study) to its Environmental and Social Impact Assessment ("ESIA") originally approved in September 2013 . In mid- January Bear Creek received approval of the modified ESIA from the Peruvian Ministry of Energy and Mines; a key milestone for the Corani project and an important component of the eventual Construction Permit.
Exploration ProjectsBear Creek has 3 prospective exploration properties in Peru under joint venture; the Sumi and La Yegua copper-gold projects and the Maria José gold-silver project. While we continue to maintain an ownership interest in these projects, they are currently being advanced at virtually no cost to the Company.
Cost-CuttingBear Creek's strategy for the coming months will continue to comprise both offensive and defensive elements. We will continue the Santa Ana arbitration process so that its value to shareholders can be unlocked. We will continue to meet our Corani social and environmental obligations and maintain our cooperative and respectful community partnerships while we work to secure the additional permits required for its eventual development. Our focus on longevity will be amplified in the coming months however, in order to preserve our treasury as long as possible without reversing our forward momentum. General and administrative expenses are being lowered as much as possible, staffing levels are being reduced to core functions only, and the Company is preparing to replace a significant percentage of the cash component of director and management compensation with non-cash alternatives.
*see Bear Creek news releases dated June 2, 2015 and July 20, 2015 , available on its website ( for details of the 2015 Corani Optimized Final Feasibility Study.
On behalf of the Board of Directors,
Andrew Swarthout
President and CEO

And this is what it means:
  • We're still pretending we'll get something from Santa Ana.
  • Corani doesn't work.
  • We're running out of money.