Bear Creek Mining Takes Action to Fully Protect Rights in Santa Ana Dispute

Bear Creek Mining Corp. (TSXV:BCM) is planning to begin an arbitration proceeding against the Republic of Peru. Bear Creek is submitting its claim pursuant to Article 824 of the Free Trade Agreement between Canada and Peru.

As quoted in the press release:

Bear Creek has submitted the formal request on August 11, 2014 and is completing the required formalities to commence the arbitration proceedings. While Bear Creek remains committed to continuing discussions with the government of Peru to resolve and settle the dispute relating to the Santa Ana mining project, commencing the arbitration proceedings is necessary to preserve the Company’s rights under the Canada-Peru FTA. Commencing the arbitration proceedings against Peru does not preclude Bear Creek from continuing to participate in settlement negotiations with the government of Peru, which Bear Creek intends to do.

Bear Creek’s president and CEO, Andrew Swarthout, said:

While I would characterize the settlement discussions to date as being productive and significant progress has been made towards an agreement, the protracted discussions have not yet produced a final settlement agreement within the mandated timeframe under the Treaty and the Company is required to take this action which fully protects Bear Creek’s rights. The government of Peru continues to send a clear message that it wishes to resolve this matter and it has committed to maintain the momentum in our negotiations. We too remain committed to working towards an amicable final resolution of the dispute which we hope will occur in the near-term.

Click here to read the Bear Creek Mining (TSXV:BCM) press release.