Bearing Resources Ltd.: Patriot Minefinders to Earn Interest in Km 66 Project, Durango, Mexico

Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) is
pleased to announce that the Company has executed a letter of intent ("LOI")
with Patriot Minefinders Ltd ("Patriot") (OTCBB:PROF) whereby Patriot may earn
up to a 75% interest in the 13,400 hectare Kilometer 66 ("Km 66", also known as
Mapimi) silver-gold-lead-zinc property located in Durango, Mexico.


Under the terms of the Letter of Intent the companies will complete a Definitive
Agreement that will include the following business terms. Patriot will be
granted the right to earn a 75% interest in the property by assuming the
remaining obligations of the underlying option agreement, which are to be paid
to Bearing in advance of the underlying option agreement: 




-US$150,000 on signing the Definitive Agreement
-US$150,000 on the first anniversary 
-US$400,000 on the second anniversary
-US$500,000 on the third anniversary
-US$7,875,000 on the fourth anniversary



Patriot may also exercise Bearing's rights under the original agreement to
purchase the property outright on the first anniversary for US$5,575,000 or
after the second anniversary for US$5,875,000, or after the third anniversary
for US$6,875,000. Patriot may also exercise Bearing's rights to purchase up to
1% of the underlying Net Smelter Royalty ("NSR") for US$650,000 per half percent
and will hold a first right of refusal to purchase the remaining 2% NSR. 


In addition, Patriot must undertake work expenditures totaling US$2,000,000
before April 23, 2015 of which US$200,000 must be completed before April 23,
2013 (firm commitment), maintain the property in good standing, complete a
bankable feasibility study by the eighth anniversary and pay to Bearing on
signing of the Definitive Agreement 1,200,000 shares of Patriot. Should Patriot
complete all its work commitments and payment obligations but fail to prepare a
bankable feasibility study by the eighth anniversary it shall be deemed to have
earned a 65% interest. 


Completion of the transaction is subject to a number of conditions, including
the negotiation and execution of a definitive agreement and regulatory
approvals.. 


Robert Cameron, President and CEO commented, "The Company welcomes Patriot as a
partner on our silver-gold-lead-zinc Km 66 project. This arrangement allows for
the continued advancement of the project while freeing up resources to
concurrently move forward on our HP Breccia target located on the adjacent
wholly owned Pedro property. The Company believes that the silver-gold-lead-zinc
mineralization identified to date on the Km 66 property may well be indicative
of a larger system under shallow cover while the newly discovered Victorinos and
HP breccia targets illustrate the excellent exploration potential in the
region."


Km 66 Property

The Km 66 property, is located 100 kilometres from the Penoles smelter at
Torreon, and is bisected by a paved highway and power lines. Km 66 covers a five
kilometre-long trend of mineralization that includes the La Gloria and Las
Palmitas breccia-hosted epithermal silver-gold-lead-zinc deposits. Great Panther
Silver Ltd. ("Great Panther") (who previously held an option to acquire Km 66)
filed a technical report containing a mineral resource estimate compliant with
NI 43-101 for the La Gloria and Las Palmitas deposits titled "Technical Report
on the Mapimi Project, Mexico" dated May 8, 2008 and prepared by Wardrop
Engineering ("Wardrop") of Vancouver, B.C. (the "Technical Report") (a copy of
the Technical Report can be found at www.sedar.com under the profile of Great
Panther). The Technical Report calculated a total of 22,297,800 silver
equivalent ounces (6,585,900 tonnes grading 28 g/t silver, 0.09 g/t gold, 0.41%
lead, 1.14% zinc) in the indicated category and a further 6,305,000 silver
equivalent ounces (2,027,900 million tonnes grading 34 g/t silver, 0.13 g/t
gold, 0.54% lead, 0.81% zinc) in the inferred category using a cut-off grade of
50 g/t silver equivalent. Metal prices and recoveries used Wardrop were US $9.55
per ounce and 76 per cent, respectively, for silver, US $530 per ounce and 70
per cent for gold, US $0.63 per pound and 80 per cent for lead, and US$1 per
pound and 80 per cent for zinc. 


Bearing and Patriot cautions the reader that the resource prepared by Wardrop
for Great Panther is considered a "historical estimate" under NI 43-101 and a
qualified person from the Companies has not done sufficient work to classify the
historical estimate as a current mineral resource. In order to verify the
historical estimate additional work may be required. This may include, but may
not be limited to, re-evaluation and confirmation of previous drilling and assay
results; validation of QA/QC (quality assurance/quality control) procedures and
recalculation of the resource model using current metal price and recovery
assumptions. Bearing and Patriot are not treating the historical estimate as a
current mineral resource. 


In addition to the La Gloria and Las Palmitas resource areas, drilling by Great
Panther identified quartz-molybdenite veins in the Bull's-Eye zone (186.22
metres grading 440ppm molybdenum) and carbonate replacement deposits in the
North Zone (2.14 metres grading 2.98% zinc and 0.41% lead). The Bull's-Eye zone
is defined by a 2,000-by-800-metre induced polarization anomaly with a magnetic
high near its centre. This is interpreted to represent a buried intrusive body,
however no intrusive rocks have been observed in the drilling. At the North
Zone, mineralization is dominated by zinc with lesser amounts of lead, copper,
gold and silver, and occurs in altered rhyolite sills, skarn altered
limestone/marble, and in carbonate veinlets within the limestone/marble. 


Recent work by Bearing has outlined a new target at Victorinos, some 5 Km east
of la Gloria where soil sampling and prospecting has defined a 500m by 600m
gold-silver-lead-zinc soil anomaly hosted by rhyolite. The target is a
volcanic-hosted bulk-tonnage silver base metal deposit and rock sampling has
indicated silver in sheeted and disseminated zones in altered rhyolite and local
high grade silver base metal veins.


Robert Cameron P.Geo., President and CEO of Bearing, is a qualified person
within the context of National Instrument 43-101, and has read and takes
responsibility for this news release.


About Bearing Resources

Bearing is a Canadian based precious and base metal exploration company with
projects located in British Columbia, the Yukon and Mexico. Bearing is exploring
at the approx. 40,000 hectares Mapimi gold-silver project located in the
Altiplano Region of eastern Durango, Mexico. The Company's Mount Polley and
October Dome copper-gold projects are located in British Columbia near Imperial
Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a
production royalty on the Boundary property, with Imperial. In the Yukon, the
company has three projects optioned out including the Flume Project where Ryan
Gold Corp. has been granted a right to earn up to 75% interest. 


BEARING RESOURCES LTD.

Robert Cameron, President & CEO

This news release includes certain "forward-looking statements" under applicable
Canadian securities legislation. Such forward-looking statements or information,
including but not limited to, those with respect to potential future and
exploration potential of anomalies and properties involve known and unknown
risks, uncertainties, and other factors which may cause the actual results,
performance or achievements of Bearing to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements or information. Such factors include, among others,
the actual prices of commodities, the factual results of current exploration,
development and mining activities, changes in project parameters as plans
continue to be evaluated, as well as those factors disclosed in documents filed
from time to time with the securities regulators in the applicable Provinces of
British Columbia and Alberta. 



FOR FURTHER INFORMATION PLEASE CONTACT: 
Bearing Resources Ltd.
Robert Cameron
[phone]
[e-mail]


Bearing Resources Ltd.
Paul Reinhart
[phone]
[e-mail]
www.bearingresources.ca