Vancouver, British Columbia--(Newsfile Corp. - February 6, 2017) - Bearing Resources Ltd. (TSXV: BRZ) ("Bearing" or the
"Company") has received results from Li3 Energy Inc ("Li3") from the ongoing exploration program at the Maricunga
lithium brine project located in Chile (the "Maricunga Project"). Bearing has entered into a definitive agreement to acquire
Li3 and its interest in the Maricunga lithium brine project (the "Li3 Definitive Agreement"). Li3 holds a 17.7% interest in
the project along with Minera Salar Blanco ("MSB") and Lithium Power International Limited ("Lithium Power") at 32.3%
and 50% respectively. Under the terms of the joint venture, Lithium Power has agreed to fund exploration and development costs with
both Li3 and MSB having a free carry until the completion of a definitive feasibility study.
Exploration Results
Assay results for two holes are provided which were drilled on the "old code" San Francisco tenement. Results were initially
released by Lithium Power on January 17th, 2017. Highlights include hole S3 that returned 1,040 mg/l lithium over 186
metres and hole S13 that returned 999 mg/l lithium over 186 metres.
San Francisco Drilling
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Hole S3 — Hole S3 was drilled near the centre of the tenement. Brine samples averaged 1,040 mg/l lithium and 7,708 mg/l
potassium over a 186-metre test interval starting at 12 metres with peak assays of 1,240 mg/l lithium and 9,870 mg/l potassium
over 6 metres at 174 metres. Hole S3 is located about 2km south from hole M2 and 3km west from hole M10, both of which have
been previously released.
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Hole S13 — Hole S13 was drilled in the northern section of the tenement. Brine samples averaged 999 mg/l lithium and 7,294
mg/l potassium over the 186-metre test interval, with peak assays of 1,260 mg/l lithium and 9,480 mg/l potassium over 6 metres
at 102 metres. Hole S13 is located about 2.5 km north east of hole M2 and 3km north of hole M10, both of which have been
previously released.
Both holes S3 and S13 were drilled vertically to 200 metres by rotary drilling and sampled every 6 metres, with reported
intervals representing true thicknesses. Both holes terminated in high-grade lithium brine at depth hosted within a favorable sand
and gravel sequence.
Jeremy Poirier, President and Chief Executive Officer of the Company commented: "We are extremely pleased with the results from
the exploration program to date in which high-grade lithium-rich brine is being encountered outside of the historical resource
footprint."
QA/QC:
Drilling was by rotary drilling that provide cuttings for lithological logging and for geological interpretation. Brine samples
were collected at 6 m intervals during drilling. This involved purging brine from the drill hole and then taking a sample
corresponding to the interval between the rods and the bottom of the hole. The brine sample was collected in a clean plastic bottle
and filled to the top to minimize air space within the bottle. Brine samples collected following the purging of the holes are
homogenized as brine is extracted from the hole using a bailer device. Each bottle was taped and marked with the sample number and
details of the hole and the time of the sample were noted. The University of Antofagasta in northern Chile was used as the primary
laboratory to conduct the assaying of the brine samples collected as part of the drilling program. They also analyzed blanks,
duplicates and standards, with blind control samples in the analysis chain. Additional details of the QA/QC program and sampling
procedures are provided in the Lithium Power press release mentioned.
Robert Cameron, P.Geo., who is a technical consultant to the Company and is a qualified person within the context of National
Instrument 43-101, has read and takes responsibility for this news release.
About Bearing Resources Ltd.
Bearing is an exploration and development company. The Li3 Definitive Agreement will enable it to acquire an interest in the
advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the
Americas. Assuming completion of the transactions contemplated by the Li3 Definitive Agreement, Bearing will have an undivided
17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by
its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.
ON BEHALF OF THE BOARD
Signed "Jeremy Poirier"
Jeremy Poirier, Director President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier-- President and CEO Bearing Resources - Telephone: 1-604-262-8835
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.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain "forward-looking information" and "forward-looking statements"(collectively
"forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the
United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included
herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking
statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will",
"may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other
things: completion of the transactions contemplated by the Li3 Definitive Agreement, the benefits of the
proposed transaction with Li3 to shareholders of Bearing . Actual future results may differ materially. There can
be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from
those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the
statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective
parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements
and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without
limitation: completion of satisfactory due diligence by each of Bearing and Li3, , the absence of a material adverse change in the
Maricunga Property and the receipt of all necessary regulatory and shareholder approvals to complete the
proposed transaction with Li3 . Readers should not place undue reliance on the forward-looking statements and information
contained in this news release concerning these times. Except as required by law, Bearing does not assume any obligation to update
the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by
law.
