Bear Creek Mining Files Final Base Shelf Prospectus

Vancouver, October 29, 2020 - Bear Creek Mining Corp. (TSXV: BCM) (BVL: BCM) ("Bear Creek" or the "Company") has filed a final short form base shelf prospectus (the "Final Shelf Prospectus"), further to its preliminary base shelf prospectus filing announced on October 15, 2020. Both documents have been filed with the securities commissions in each of the provinces and territories of Canada, except Québec.

The Final Shelf Prospectus has been filed to replace the short form base shelf prospectus previously filed in September 2018 and to allow the Company to maintain financial flexibility as it advances its flagship Corani Property. The Company has no immediate intentions to undertake an offering.

The Final Shelf Prospectus allows Bear Creek to offer and issue up to Cdn $300 million of common shares, warrants, subscription receipts, units, debt securities, or any combination of such securities (collectively, the "Securities") during the next 25 months. The Securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of an offering, which will be set forth in a prospectus supplement to be filed in connection with any offering of Securities pursuant to the Final Shelf Prospectus.

The Securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Securities in any State or jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of the Securities of the Company to be made in the United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements.

Copies of both the Final Shelf Prospectus and the preliminary base shelf prospectus are available on SEDAR (www.sedar.com).

On behalf of the Board of Directors,

Anthony Hawkshaw
President and CEO

For further information contact:
Barbara Henderson, VP Corporate Communications
Direct: 604-628-1111 / E-mail: barb@bearcreekmining.com

Forward-Looking Statements

This news release contains forward-looking statements regarding potential financings pursuant to the Final Shelf Prospectus; the filing of one or more prospectus supplements; and continued advancement of the Corani Property. These forward-looking statements are provided as of the date of this news release, or the effective date of the documents referred to in this news release, as applicable, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that regulatory approval of any shelf prospectus filings and related offerings will be obtained in a timely manner; that general economic and business conditions will not change in a materially adverse manner; and that the Company will be able to raise additional funds on reasonable terms. 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 expressed above do not occur, but specifically include, without limitation, risks relating to: general market conditions; the Company's ability to secure financing, on favourable terms, pursuant to the Shelf Prospectus and any prospectus supplements; and the additional risks described in the Final Shelf Prospectus and the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR. The foregoing list of factors that may affect future results is not exhaustive. 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.

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