UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549






Form 10-K/A
Amendment No. 1


(Mark One)




[X]           ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




For the fiscal year ended  December 31, 2008




[   ]           TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




For the transition period from[   ]to[   ]




Commission file number  001-32904




BIG BEAR MINING CORP.(Name of small business issuer in its charter)





Nevada
20-4350483(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)





110 S. Fairfax Ave., Los Angeles
90036(Address of principal executive offices)
(Zip Code)




Issuer's telephone number (323) 377-2964


Securities registered pursuant to Section 12(b) of the Act:




Title of each class
None
Name of each exchange on which registered
N/A




Securities registered pursuant to Section 12(g) of the Act:




Common Shares, par value $0.001(Title of class)




Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes [X]     No [   ]





Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):




Large accelerated filer   ̈
Accelerated filer





Non-accelerated filer   “ (Do not check if a smaller reporting company)
Smaller reporting company  X


Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [   ]




State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of a specified date within 60 days.  (See definition of affiliate in Rule 12b-2 of the Exchange Act.)




There is no public trading market for our common shares in the United States or elsewhere. Based on the last sale price of our shares of $0.10, our aggregate market value is $277,900 as of March 31, 2009.




State the number of shares outstanding of each of the issuer's classes of equity stock, as of the latest practicable date.




2,779,000 common shares issued and outstanding as of March 31, 2009.




Transitional Small Business Disclosure Format (Check one):   Yes [   ];   No [X].




Check whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). .  Yes [ X] No [ ]





PART I




Item 1.  Description of Business.




This annual report contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These statements relate to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects",
"plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors", that may cause our company's or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking statements.




Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.




Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.




In this annual report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock.




As used in this annual report, the terms "we", "us", "our", and "Big Bear" mean Big Bear Mining Corp., unless otherwise indicated.




Corporate History




We were incorporated in the State of Nevada on April 14, 2005.  We are engaged in the acquisition and exploration of mining properties.  We maintain our statutory registered agent's office at Suite 304-2470 St. Rose Pkwy, Henderson, Nevada 89074 and our business office is located at 110 S. Fairfax Ave. Suite 11A-168,
Los Angeles, California 90036.




Other than as set out herein, we have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of our business.




Our Current Business




We are an exploration stage resource company, and are primarily engaged in the exploration for and development in the properties in which we have acquired interests.  We do not currently have any properties.  We are actively pursuing an acquisition of a resource property. We will be engaged in the acquisition, and exploration
of mineral properties with a view to exploiting any mineral deposits we discover that demonstrate economic feasibility.




Our business plan is focused on the long-term exploration and development of our mineral properties.




We do not anticipate that we will expend any significant funds on research and development over the next twelve months ending December 31, 2009.


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Employees




Currently there are no full time or part-time employees of our company (other than our directors and officer who, at present, have not signed employment or consulting agreements with us). We do not expect any material changes in the number of employees over the next 12 month period (although we may enter into employment or consulting agreements
with our officer or directors). We do and will continue to outsource contract employment as needed. However, if we are successful in our initial and any subsequent drilling programs we may retain additional employees.




Purchase or Sale of Equipment





We do not intend to purchase any significant equipment over the next twelve months ending December 31, 2009.




Competition




The gold mining industry is fragmented. We compete with other exploration companies looking for gold. We are one of the smallest exploration companies in existence. We are an infinitely small participant in the gold mining market. While we compete with other exploration companies, there is no competition for the exploration or removal of minerals
from our property. Readily available gold markets exist in Canada and around the world for the sale of gold.




We may not have access to all of the supplies and materials we need to begin exploration that could cause us to delay or suspend operations. Competition and unforeseen limited sources of supplies in the industry could result in occasional spot shortages of supplies, such as explosives, and certain equipment such as bulldozers and excavators
that we might need to conduct exploration. We have not attempted to locate or negotiate with any suppliers of products, equipment or materials. We will attempt to locate products, equipment and materials after this offering is complete. If we cannot find the products and equipment we need, we will have to suspend our exploration plans until we do find the products and equipment we need.




Government Regulations and Supervision




We are currently sourcing products in the Northwest Territories and the province of Ontario.  Once we acquire a property our mineral exploration program will be subject to regulations similar to the following:




Locating claims




Posting claims




Working claims




Reporting work performed




These regulations also governs the work requirements for a claim including the minimum annual work requirements necessary to maintain a claim. The holder of a mineral claim must perform exploration and development work on the claim of $100 in each of the first three years and $200 in the eighth and subsequent years.




We will also subject to aExploration Code (the "Code") that tells us how and where we can explore for minerals. We must comply with these laws to operate our business. The purpose of the Codeis
to assist persons who wish to explore for minerals to understand the process whereby exploration activities are permitted and regulated. The Codeestablishes province wide standards for mineral exploration and development activities. The Codealso manages and administers exploration and development activities to ensure maximum extraction with a minimum of environmental disturbance. The Codedoes
not apply to certain exploration work we will be conducting. Specifically, work that does not involve mechanical disturbance of the surface including:


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Prospecting using hand-held tools




Geological and geochemical surveying




Airborne geophysical surveying




Hand-trenching without the use of explosives




The establishment of gridlines that do not require the felling of trees




Exploration activities that we intend on carrying out which are subject to the provisions of the Code are as follows:




Drilling, trenching and excavating using machinery




Disturbance of the ground by mechanical means




Compliance with these rules and regulations will require us to meet the minimum annual work requirements. Also, prior to proceeding with any exploration work subject to the Code we must apply for a notice of work permit. In this notice we will be required to set out the location, nature,
extent and duration of the proposed exploration activities. The notice is submitted to the regional office of the Mines Branch, Energy Division.




We currently do not have any pending applications for government approval of our exploration program. We only require one permit for exploration and we have not yet applied for it since it is not required until later stages of exploration (i.e. drilling). We estimate that this exploration permit can be obtained within 2 weeks.




Environmental Law




The Code deals with environmental matters relating to the exploration and development of mining properties. The goal of this Act is to protect the environment through a series of regulations affecting:




1. Health and Safety




2. Archaeological Sites




3. Exploration Access




We are responsible to provide a safe working environment, to not disrupt archaeological sites, and to conduct our activities to prevent unnecessary damage to the property.




We anticipate no discharge of water into active stream, creek, river, lake or any other body of water regulated by environmental law or regulation. No endangered species will be disturbed. Restoration of the disturbed land will be completed according to law. All holes, pits and shafts will be sealed upon abandonment of the property. It is
difficult to estimate the cost of compliance with the environmental law since the full nature and extent of our proposed activities cannot be determined until we start our operations and we know what that will involve from an environmental standpoint.




We believe that compliance with these regulations will not adversely affect our business operations in the future.


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There is no requirement to reclaim the mineral claims after we have completed our exploration program. However, a claim must be maintained by performing an annual work requirement or by payment of cash in lieu of work. The minimum amount of exploration and development work on the claim must be $100 per claim in each of the first three years
and $200 in the eighth and subsequent years. Provided we meet the minimum annual work requirements or pay cash in lieu of work we will maintain the claims in good standing.




RISK FACTORS




Much of the information included in this current report includes or is based upon estimates, projections or other "forward looking statements".  Such forward looking statements include any projections or estimates made by us and our management in connection with our business operations.  While these forward-looking statements,
and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.




Such estimates, projections or other "forward looking statements" involve various risks and uncertainties as outlined below.  We caution the reader that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed
in any such estimates, projections or other "forward looking statements".




Our common shares are considered speculative during the development of our new business operations.  Prospective investors should consider carefully the risk factors set out below.




We need to continue as a going concern if our business is to succeed, if we do not we will go out of business.




Our independent accountant's report to our audited financial statements for the period ended December 31, 2008 indicates that there are a number of factors that raise substantial doubt about our ability to continue as a going concern.  Such factors identified in the report are our accumulated deficit since inception, our failure to attain
profitable operations and our dependence upon adequate financing to pay our liabilities.  If we are not able to continue as a going concern, it is likely investors will lose their investments.




Because of the unique difficulties and uncertainties inherent in mineral exploration ventures, we face a high risk of business failure.




Potential investors should be aware of the difficulties normally encountered by new mineral exploration companies and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the
mineral properties that we plan to undertake. These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates. The expenditures to be made by us in the exploration of the mineral claim may not result in the discovery of mineral deposits. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. If the
results of our exploration do not reveal viable commercial mineralization, we may decide to abandon our claim and acquire new claims for new exploration. The acquisition of additional claims will be dependent upon us possessing capital resources at the time in order to purchase such claims. If no funding is available, we may be forced to abandon our operations.




If we do not obtain additional financing, our business will fail.




Our current operating funds are less than necessary to complete all intended exploration of the property, and therefore we will need to obtain additional financing in order to complete our business plan.  As of December 31, 2008 we had cash in the amount of $7,869. We currently have minimal operations and we have no income.


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Our business plan calls for significant expenses in connection with the exploration of the property.  We do not currently have sufficient funds to conduct initial exploration on the property and require additional financing in order to determine whether the property contains economic mineralization.
 We will also require additional financing if the costs of the exploration of the property are greater than anticipated.




We will require additional financing to sustain our business operations if we are not successful in earning revenues once exploration is complete.  We do not currently have any arrangements for financing and we can provide no assurance to investors that we will be able to find such financing if required. Obtaining additional financing
would be subject to a number of factors, including the market prices for copper, silver and gold, investor acceptance of our property and general market conditions.  These factors may make the timing, amount, terms or conditions of additional financing unavailable to us.




The most likely source of future funds presently available to us is through the sale of equity capital. Any sale of share capital will result in dilution to existing shareholders.  The only other anticipated alternative for the financing of further exploration would be our sale of a partial interest in the property to a third party in
exchange for cash or exploration expenditures, which is not presently contemplated.




Because we have commenced limited business operations, we face a high risk of business failure.




Although we are preparing to commence exploration on a property in the summer of 2009, we do not yet have an exploration property.  Accordingly, we have no way to evaluate the likelihood that our business will be successful.  We were incorporated on April 14, 2005 and have been involved primarily in organizational activities and
the acquisition of our mineral property.  We have not earned any revenues as of the date of this prospectus.




Prior to completion of our exploration stage, we anticipate that we will incur increased operating expenses without realizing any revenues.  We therefore expect to incur significant losses into the foreseeable future.  We recognize that if we are unable to generate significant revenues from development of the mineral claims and the
production of minerals from the claims, we will not be able to earn profits or continue operations.




There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we can provide investors with no assurance that we will generate any operating revenues or ever achieve profitable operations. If we are unsuccessful in addressing these risks, our business will most likely fail.




We lack an operating history and we expect to have losses in the future.




We have not started our proposed business operations or realized any revenues. We have no operating history upon which an evaluation of our future success or failure can be made. Our ability to achieve and maintain profitability and positive cash flow is dependent upon the following:




·
Our ability to locate a profitable mineral property;




·
Our ability to generate revenues; and




·
Our ability to reduce exploration costs.




Based upon current plans, we expect to incur operating losses in future periods. This will happen because there are expenses associated with the research and exploration of our mineral properties. We cannot guarantee that we will be successful in generating revenues in the future. Failure to generate revenues will cause us to go out of business.




We have no known ore reserves and we cannot guarantee we will find any gold or if we find gold, that production will be profitable. Even if we are successful in discovering gold or other mineralized material we may not be able to realize a profit from its sale. If we cannot make a profit, we may have
to cease operations.


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We have no known ore reserves. We have not identified any gold on the mineral claims and we cannot guarantee that we will ever find any gold. The report we reviewed in selecting the mineral claims for exploration are old and may be out of date. Even if we find that there is gold on our mineral claims, we cannot guarantee that we will be
able to recover the gold. If we cannot find gold or it is not economical to recover the gold, we will have to cease operations.




Because of the inherent dangers involved in mineral exploration, there is a risk that we may incur liability or damages as we conduct our business.




The search for valuable minerals involves numerous hazards.  As a result, we may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which we cannot insure or against which we may elect not to insure.  The payment of such liabilities may have a material adverse effect on our financial
position.




Because we are small and do not have much capital, we must limit our exploration and consequently may not find mineralized material. If we do not find mineralized material, we will cease operations.




Because we are small and do not have much capital, we must limit our exploration. Because we may have to limit our exploration, we may not find mineralized material, although our mineral claims may contain mineralized material. If we do not find mineralized material, we will cease operations.




If we become subject to onerous government regulation or other legal uncertainties, our business will be negatively affected.




There are several governmental regulations that materially restrict mineral property exploration and development. Under British Columbia mining law, to engage in certain types of exploration will require work permits, the posting of bonds, and the performance of remediation work for any physical disturbance to the land. While these current
laws do not affect our current exploration plans, if we proceed to commence drilling operations on the mineral claims, we will incur modest regulatory compliance costs.




In addition, the legal and regulatory environment that pertains to the exploration of ore is uncertain and may change. Uncertainty and new regulations could increase our costs of doing business and prevent us from exploring for ore deposits. The growth of demand for ore may also be significantly slowed. This could delay growth in potential
demand for and limit our ability to generate revenues.  In addition to new laws and regulations being adopted, existing laws may be applied to mining that have not as yet been applied.  These new laws may increase our cost of doing business with the result that our financial condition and operating results may be harmed.




We may not have access to all of the supplies and materials we need to begin exploration that could cause us to delay or suspend operations.




Competition and unforeseen limited sources of supplies in the industry could result in occasional spot shortages of supplies, such as explosives, and certain equipment such as bulldozers and excavators that we might need to conduct exploration. We have not attempted to locate or negotiate with any suppliers of products, equipment or materials.
We will attempt to locate products, equipment and materials after this offering is complete. If we cannot find the products and equipment we need, we will have to suspend our exploration plans until we do find the products and equipment we need.




Because of the speculative nature of exploration of mineral properties, there is no assurance that our exploration activities will result in the discovery of new commercially exploitable quantities of minerals.




We plan to continue to source exploration mineral claims. The search for valuable minerals as a business is extremely risky. We can provide investors with no assurance that additional exploration on our properties will establish that additional commercially exploitable reserves of gold exist on our properties Problems such as unusual or
unexpected geological formations or other variable conditions are involved in exploration and often result in exploration efforts being unsuccessful. The additional potential problems include, but are not limited to, unanticipated problems relating to exploration and attendant additional costs and expenses that may exceed current estimates. These risks may result in us being unable to establish the presence of additional commercial quantities of ore on our mineral claims with the result that our ability to fund
future exploration activities may be impeded.


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Because the SEC imposes additional sales practice requirements on brokers who deal in our shares that are penny stocks, some brokers may be unwilling to trade them. This means that you may have difficulty in reselling your shares and may cause the price of the shares to decline.




Our shares qualify as penny stocks and are covered by Section 15(g) of the Securities Exchange Act of 1934, which imposes additional sales practice requirements on broker/dealers who sell our securities in this offering or in the aftermarket. In particular, prior to selling a penny stock, broker/dealers must give the prospective customer a
risk disclosure document that: contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; contains a description of the broker/dealers' duties to the customer and of the rights and remedies available to the customer with respect to violations of such duties or other requirements of Federal securities laws; contains a brief, clear, narrative description of a dealer market, including "bid" and "ask" prices for penny stocks and the significance
of the spread between the bid and ask prices; contains the toll free telephone number for inquiries on disciplinary actions established pursuant to section 15(A)(i); defines significant terms used in the disclosure document or in the conduct of trading in penny stocks; and contains such other information, and is in such form (including language, type size, and format), as the SEC requires by rule or regulation. Further, for sales of our securities, the broker/dealer must make a special suitability determination
and receive from you a written agreement before making a sale to you. Because of the imposition of the foregoing additional sales practices, it is possible that brokers will not want to make a market in our shares. This could prevent you from reselling your shares and may cause the price of the shares to decline.




We have no known ore reserves and we cannot guarantee we will find any gold or if we find gold, that production will be profitable.




We have no known ore reserves.  We have not identified any gold on the property and we cannot guarantee that we will ever find any gold.  We did not rely upon any expert advice in selecting the property for the exploration.  Even if we find that there is gold on our property, we cannot guarantee that we will be
able to recover the gold.  Even if we recover the gold, we cannot guarantee that we will make a profit.  If we cannot find gold or it is not economical to recover the gold, we will have to cease operations.




Rain and snow may make the road leading to our property impassable.  This will delay our proposed exploration operations and could prevent us from working.




While we plan to conduct our exploration year round, it is possible that snow or rain could cause roads leading to our claims to be impassable.  When roads are impassable, we are unable to work.




Because we are small and do not have much capital, we must limit our exploration and consequently may not find mineralized material.  If we do not find mineralized material, we will cease operations.




Because we are small and do not have much capital, we must limit our exploration.  Because we may have to limit our exploration, we may not find mineralized material, although our property may contain mineralized material.  If we do not find mineralized material, we will cease operations.




As we face intense competition in the mining industry, we will have to compete with our competitors for financing and for qualified managerial and technical employees.




The mining industry is intensely competitive in all of its phases. Competition includes large established mining companies with substantial capabilities and with greater financial and technical resources than we have. As a result of this competition, we may be unable to acquire additional attractive mining claims or financing on terms we
consider acceptable. We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for financing or for qualified employees, our exploration and development programs may be slowed down or suspended.


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Trading of our stock may be restricted by the SEC's Penny Stock Regulations which may limit a stockholder's ability to buy and sell our stock.




The U.S. Securities and Exchange Commission has adopted regulations which generally define "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions.  Our securities are covered by the penny stock rules,
which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors".  The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse.  The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from
the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market.  The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account.  The
bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation.  In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the
purchaser and receive the purchaser's written agreement to the transaction.  These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules.  Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities.  We believe that the penny stock rules discourage investor interest in and limit the marketability of, our common stock.




We do not expect to declare or pay any dividends.




We have not declared or paid any dividends on our common stock since our inception, and we do not anticipate paying any such dividends for the foreseeable future.




Anti-Takeover Provisions




We do not currently have a shareholder rights plan or any anti-takeover provisions in our By-laws.  Without any anti-takeover provisions, there is no deterrent for a take-over of our company, which may result in a change in our management and directors.




Our By-laws contain provisions indemnifying our officer and directors against all costs, charges and expenses incurred by them.




Our By-laws contain provisions with respect to the indemnification of our officer and directors against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgement, actually and reasonably incurred by him, including an amount paid to settle an action or satisfy a judgement in a civil, criminal or
administrative action or proceeding to which he is made a party by reason of his being or having been one of our directors or officer.




Volatility of Stock Price.




Our common shares are not currently publicly traded.  In the future, the trading price of our common shares may be subject to wide fluctuations.  Trading prices of the common shares may fluctuate in response to a number of factors, many of which will be beyond our control.  In addition, the stock market in
general, and the market for software technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of such companies.  Market and industry factors may adversely affect the market price of the common shares, regardless of our operating performance.


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In the past, following periods of volatility in the market price of a company's securities, securities class-action litigation has often been instituted.  Such litigation, if instituted, could result in substantial costs and a diversion of management's attention and resources.




Item 2.  Description of Property.




Our administrative mailing office is located at 110 S. Fairfax Ave. Suite 11A-168 Los Angeles, California and our telephone number is (310) 623-7483.




We will be engaged in the acquisition, and exploration of mineral properties with a view to exploiting any mineral deposits we discover that demonstrate economic feasibility.   We do not currently hold title to any mineral properties




Item 3.  Legal Proceedings.




We know of no material, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation.  There are no proceedings in which any of our directors, officer or affiliates, or any registered beneficial shareholder are an adverse party or has a material interest adverse
to us.




Item 4.  Submissions of Matters to a Vote of Security Holders.




There were no matters submitted to a vote of our security holders either through solicitation of proxies or otherwise in the fourth quarter of the fiscal year ended December 31,2008 .




PART II




Item 5.  Market for Common Equity and Related Stockholder Matters.




Our common stock is quoted for trading on the Over-the Counter Bulletin Board under the symbol “BGBR”.  To date there has been no trading activity of our common stock.




As of December 31, 2008 there were 39 shareholders and 2,779,000 shares outstanding.




There are no outstanding options or warrants to purchase, or securities convertible into, our common shares.  All of our issued and outstanding shares can be sold pursuant to Rule 144 of the Securities Act of 1933.




We have not declared any dividends since incorporation and does not anticipate that we will do so in the foreseeable future.  Although there are no restrictions that limit the ability to pay dividends on our common shares, our intention is to retain future earnings for use in our operations and the expansion of our business.




Recent Sales of Unregistered Securities




None.




Equity Compensation Plan Information




We currently do not have any stock option or equity plans.


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Item 6.  Selected Financial Data.




Not applicable to smaller reporting companies.




Item 7.  Management's Discussion and Analysis or Plan of Operation.




Overview




You should read the following discussion of our financial condition and results of operations together with the consolidated audited financial statements and the notes to consolidated audited financial statements included elsewhere in this filing prepared in accordance with accounting principles generally accepted in the United States.  This
discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those anticipated in these forward-looking statements.




Plan of Operations




Cash Requirements




For the next 12 months we plan to expend a total of approximately $100,000 in respect of our mineral properties.  We currently have enough to complete Phase 1 of our exploration program.




We estimate that we will expend approximately $10,000 on general and administrative expenses over the next 12 months generated from our allotted working capital of approximately $10,000.




Based on our current plan of operations, we have sufficient funds for the next 6 months, after which time we will require additional funds to continue our exploration operations. In the event that we are unable to raise additional financing in the next 6 months, and fail to generate any cash flow, we may modify our operations plan accordingly.
These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. There is still no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment in our common stock. Further, we may continue to be unprofitable.




Over the next twelve months we intend to use all available funds to expand on the exploration and development of our mineral properties, as follows:




Estimated Funding Required During the Next Twelve Months


OperationsWorking Capital

$
10,000Future property acquisitions


100,000General and Administrative


10,000Total


$
120,000




Financial Condition, Liquidity and Capital Resources




Since inception on April 14, 2005, we have been engaged in exploration and acquisition of mineral properties. Our principal capital resources have been acquired through  the issuance of common stock.




At December 31, 2008 we had a working capital of $5,124.


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At December 31, 2008 our total assets of $7,869 which consists of only cash. This compares with our assets at December 31, 2007 of $19,635 which consisted of cash.




At December 31,2008, our total liabilities were $2,745, compared to our liabilities of $995 as at December 31, 2007.




We have had no revenues since inception. We currently have sufficient funding to complete Phase 1 of our exploration program. We will require an additional $80,000 to complete Phase 2 of our proposed exploration program.




Results of Operations.




We posted losses of $13,516 for the year ending December 31, 2008, losses of $9,803 for the year ended December 31, 2007, and losses of $39,676 since inception to December 31, 2008. The principal component of the loss was  general and administrative expenses.




Product Research and Development




Our business plan is focused on the long-term exploration and development of our mineral properties.




Purchase of Significant Equipment




We do not intend to purchase any significant equipment over the twelve months ending December 31, 2009.




Employees




Currently there are no full time or part-time employees of our company (other than our directors and officer who, at present, have not signed employment or consulting agreements with us). We do not expect any material changes in the number of employees over the next 12 month period (although we may enter into employment or consulting agreements
with our officer or directors). We do and will continue to outsource contract employment as needed. However, if we are successful in our initial and any subsequent drilling programs we may retain additional employees.




Going Concern




Due to our being an exploration stage company and not having generated revenues, in the financial statements for the year ended December 31, 2008, our independent auditors included an explanatory paragraph regarding concerns about our ability to continue as a going concern.  Our  financial statements contain additional
note disclosures describing the circumstances that lead to this disclosure.




The continuation of our business is dependent upon us raising additional financial support.  The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders.  Obtaining commercial loans, assuming those loans would be available, will increase our
liabilities and future cash commitments.




Recently Issued Accounting Standards





Big Bear does not expect the adoption of recently issued accounting pronouncements to have a significant impact on Big Bear's results of operations, financial position or cash flow.


-13-


APPLICATION OF CRITICAL ACCOUNTING POLICIES




Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States.  Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions
are affected by management's application of accounting policies.  We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our consolidated financial statements is critical to an understanding of our financials.




We have historically incurred losses, and through December 31, 2008  have incurred losses of $39,676 from our inception.   During  this period, we have successfully raised $44,800 from our  SB-2 offering. Because of these historical losses, we will require additional working capital to develop our
business operations.




We intend to raise additional working capital through a private placement.  We are quoted on the Over-the-Counter Bulletin Board under the symbol “BGBR”.




There are no assurances that we will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing  and/or bank financing necessary to support our working capital requirements. To the extent that funds generated from operations, our SB-2 public offerings
and/or bank financing are insufficient, we will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to us. If adequate working capital is not available we may not increase or sustain our operations.




These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should we be unable to continue as a going concern.




Item 8.  Financial Statements.




Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.




The following consolidated financial statements are filed as part of this annual report:




Report of Independent Registered Public Accounting Firm, dated March 18, 2009




Balance Sheets as at December 31, 2008 and 2007




Statements of Operations for each of the years ended December 31, 2008 and 2007 and for the period from April 14, 2005 (inception) through December 31, 2008.




Statements of  Stockholders' Equity for the period from April 14, 2005 (inception) through December 31, 2008.




Statements of Cash Flows for each of the years ended December 31, 2008 and 2007 and for the period from April 14, 2005 (inception) through December 31, 2008.




Notes to the Financial Statements


-14-


Report of Independent Registered Public Accounting Firm





To the Board of Directors of


Big Bear Mining Corporation


(An Exploration Stage Company)


Los Angeles, California








We have audited the accompanying balance sheets of Big Bear Mining Corporation (the “Company”) as of December 31, 2008 and 2007, and the related statements of operations, stockholders' equity and cash flows for the years then ended and for the period from April 14, 2005 (inception) through December 31, 2008. These financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.





We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.





In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Big Bear Mining Corporation as of December 31, 2008 and 2007, and the results of its operations and its cash flows for the years then ended, and for the period from April 14, 2005 (inception) through December 31,
2008 in conformity with accounting principles generally accepted in the United States of America.





As discussed in Note 2 to the financial statements, the Company's absence of significant revenues, recurring losses from operations, and its need for additional financing in order to fund its projected loss in 2009 raise substantial doubt about its ability to continue as a going concern. The 2008 financial statements do not include any
adjustments that might result from the outcome of this uncertainty.




LBB & Associates Ltd., LLP





Houston, Texas


March 18, 2009


F-1


BIG BEAR MINING CORP.(AN EXPLORATION STAGE COMPANY)BALANCE SHEETS





ASSETSDecember 31,


December 31,2008


2007Current assets:Cash

$
7,869


$
19,635Total current assets


7,869



19,635Total assets

$
7,869


$
19,635LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable

$
2,250


$
500Shareholder advance


495



495Total current liabilities


2,745



995Total liabilities


2,745



995STOCKHOLDERS' EQUITYCommon stock, $.001 par value, 30,000,000 shares authorized, 2,779,000


2,779



2,779shares issued and outstandingAdditional paid-in-capital


42,021



42,021Deficit accumulated during the exploration stage


(39,676
)


(26,160
)Total stockholders' equity


5,124



18,640TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$
7,869


$
19,635




See accompanying notes to financial statements


F-2


BIG BEAR MINING CORP.
(AN EXPLORATION STAGE COMPANY)STATEMENTS OF OPERATIONSYears  Ended December 31, 2008 and 2007and Period from April 14, 2005 (Inception) through December 31, 2008





Year Ended
December 31, 2008


Year Ended
December 31,
2007


Inception through
December 31, 2008Expenses:General and administrative

$
13,516


$
9,803


$
39,676Net loss

$
(13,516
)

$
(9,803
)

$
(39,676
)Net loss per share:Basic and diluted

$
(0.00
)

$
(0.00
)Weighted average shares outstanding:Basic and diluted


2,779,000



2,779,000




See accompanying notes to financial statements


F-3


BIG BEAR MINING CORP.(AN EXPLORATION STAGE COMPANY)STATEMENTS OF STOCKHOLDERS' EQUITYPeriod from April 14, 2005 (Inception) through December 31, 2008








Common stock








DeficitShares


Amount


Additional paid in capital


Subscription receivable


accumulated during the exploration stage


TotalIssuance of common stock for cash


2,779,000


$
2,779


$
42,021


$
(2,000
)

$
-


$
42,800Net loss


-



-



-



-



(234
)


(234
)Balance, December 31, 2005


2,779,000



2,779



42,021



(2,000
)


(234
)


42,566Subscriptions received


-



-



-



2,000



-



2,000Net loss


-



-



-



-



(16,123
)


(16,123
)Balance, December 31, 2006


2,779,000



2,779



42,021



-



(16,357
)


28,443Net loss


-



-



-



-



(9,803
)


(9,803
)Balance, December 31, 2007


2,779,000



2,779



42,021



-



(26,160
)


18,640Net loss


-



-



-



-



(13,516
)


(13,516
)Balance, December 31, 2008


2,779,000


$
2,779


$
42,021


$
-


$
(39,676
)

$
5,124





See accompanying notes to financial statements


F-4


BIG BEAR MINING CORP.(AN EXPLORATION STAGE COMPANY)STATEMENTS OF CASH FLOWSYears Ended December 31, 2008 and 2007and Period from April 14, 2005 (Inception) through December 31, 2008





Year Ended


Year Ended


Inception throughDecember 31,
2008


December 31,
2007


December 31,
2008CASH FLOWS FROM OPERATING ACTIVITIES:Net loss

$
(13,516
)

$
(9,803
)

$
(39,676
)Adjustments to reconcile net deficit to cash usedby operating activities:Accounts payable


1,750



(150
)


2,250CASH FLOWS USED IN OPERATING ACTIVITIES


(11,766
)


(9,953
)


(37,426
)CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from shareholder advance


-



-



495Issuance of common stock


-



-



44,800CASH FLOWS PROVIDED BY FINANCING ACTIVITIES


-



-



45,295NET INCREASE (DECREASE) IN CASH


(11,766
)


(9,953
)


7,869Cash, beginning of period


19,635



29,588



-Cash, end of period

$
7,869


$
19,635


$
7,869SUPPLEMENTAL CASH FLOW INFORMATIONInterest paid

$
-


$
-


$
-Income taxes paid

$
-


$
-


$
-




See accompanying notes to financial statements


F-5


BIG BEAR MINING CORP.(AN EXPLORATION STAGE COMPANY)NOTES TO THE FINANCIAL STATEMENTSDECEMBER 31, 2008




NOTE 1 - SUMMARY OF ACCOUNTING POLICIES




Nature of Business




Big Bear Mining Corp. ("Big Bear" or the “Company”) was incorporated in Nevada on April 14, 2005. Big Bear engages in the acquisition and exploration of gold claims in the province of British Columbia, Canada. In British Columbia, Big Bear is registered under the name Big Thunder Mining Corp. The gold exploration is to determine
the economic viability of the gold reserve recovery. If the gold reserve deemed to be valuable, Big Bear may seek assistance of other mining companies to mine the gold reserve.




Cash and Cash Equivalents




The Company considers all highly liquid investments with original maturity of three months or less to be cash equivalents.




Use of Estimates




The preparation of financial statements in conformity generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount
of revenue and expenses during the period. Actual results may differ from those estimates.




Basic Loss per Share




Basic loss per share has been calculated based on the weighted average number of shares of common stock outstanding during the period.




Foreign Currency Translation




Foreign currency transaction gains and losses are included in operations.




Income Taxes




The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.




Financial Instruments




Big Bear's financial instruments consist of cash. Unless otherwise noted, it is management's opinion that Big Bear is not exposed to significant interest, currency or credit risks arising from its financial instrument.




Recent Accounting Pronouncements




Big Bear does not expect the adoption of recently issued accounting pronouncements to have a significant impact on Big Bear's results of operations, financial position or cash flow.




NOTE 2 - GOING CONCERN




Big Bear's financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Big Bear has incurred net losses of $39,676 since inception. This condition raises substantial doubt about Big Bear's
ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties.


F-6


Big Bear is working to secure additional financing to fund its mineral exploration and development activities and to meet its obligations and working capital requirements over the next twelve months.




There are no assurances that Big Bear will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support Big Bear's working capital requirements. To the extent that
funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, Big Bear will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to Big Bear. If adequate working capital is not available Big Bear may be required to curtail its operations.




NOTE 3 - COMMON STOCK




The Company’s authorized capital is 30,000,000 common shares at a par value of $0.001.




As of December 31, 2008 and 2007 the Company has 2,779,000 common shares issued and outstanding.




NOTE 4 - INCOME TAXES




Big Bear follows Statement of Financial Accounting Standards Number 109 (SFAS 109), "Accounting for Income Taxes." Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating
loss carryforwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward has been recognized, as it is not deemed likely to be realized.




The provision for refundable Federal income tax consists of the following:




December 31,


December 31,2008


2007Refundable Federal income tax attributable to:Current Operations

$
4,595


$
3,300Less, Change in valuation allowance


(4,595
)


(3,300
)Net refundable amount

$
-


$
-




The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:




December 31, 2008


December 31, 2007Deferred tax asset attributable to:Net operating loss carryover

$
13,295


$
8,700Less, valuation allowance


(13,295
)


(8,700
)Net deferred tax asset

$
-



-




At December 31, 2008, Big Bear had an unused net operating loss carryover approximating $40,000 that is available to offset future taxable income  which expires beginning in 2025.




NOTE 5 - SHAREHOLDER ADVANCES




During the period ending December 31, 2005 a shareholder of the Company advanced the company $495. As of December 31, 2008 the amount is still outstanding, is unsecured, bears no interest and is due on demand.




The Company neither owns nor leases any real or personal property, an officer has provided office services without charge. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.


F-7


Item 9.  Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.




None.




Item 9A.  Controls and Procedures




Management’s Annual Report on Internal Control over Financial Reporting




Internal control over financial reporting refers to the process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:




(1)  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;




(2)  Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorization of our management and directors; and




(3)  Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisitions, use or disposition of our assets that could have a material effect on the financial statements.




Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal
control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Management is responsible for establishing
and maintaining adequate internal control over financial reporting for the Company.




Management has used the framework set forth in the report entitled Internal Control-Integrated Frameworkpublished by the Committee of Sponsoring Organizations of the Treadway Commission, known as COSO, to evaluate the effectiveness of our internal control over financial reporting. Based
on this assessment, management has concluded that our internal control over financial reporting was effective as of December 31, 2008.




Management has evaluated our disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in annual and quarterly reports in the reports is recorded, processed, summarized and reported, within the required times. Based on this assessment, management has concluded that
our controls and procedures were  effective as of December 31, 2008.




This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Our internal control over financial reporting was not subject to attestation by our independent registered public accounting firm pursuant to temporary rules of the SEC that permit
us to provide only management’s report in this Annual Report.




There has been no change in our internal controls over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.


Item 9B.Other Information




None.


F-8


PART III




Item 10.
Directors, Executive Officer, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act.




DIRECTORS AND EXECUTIVE OFFICER, PROMOTERS AND CONTROL PERSONS




As at December 31, 2008, our directors and executive officers and control persons, their ages, positions held, and duration of such, are as follows:




Name
Position Held with our Company
Age
Date First
Elected or AppointedAaron Hall
No position held.  Control person
31
Inception to September 9, 2008Dwayne Skellern
President , Secretary, Treasurer
30
September 9, 2008




Business Experience




The following is a brief account of the education and business experience during at least the past five years of each director, executive officer and key employee, indicating the principal occupation during that period, and the name and principal business of the organization in which such occupation and employment were carried out.




Dwayne Skellern




From 2003 to 2009 Mr. Skellern was a sales associate with Prudential Financial in Sherman Oaks California.




Mr. Skellern obtained his  Bachelors of Arts in Management from the University of Redlands School of Business  in Rancho Cucamonga, California in 1992.




Committees of the Board




Currently our company has the following committees:




·
Audit Committee;




·
Nominating and Corporate Governance Committee; and




·
Compensation Committee.




Our Audit Committee is currently made up of Dwayne Skellern.  The Audit Committee is governed by the Audit Committee Charter adopted by the board of directors on November 15, 2006.




Our Nominating and Corporate Governance Committee is currently made up of Dwayne Skellern.  The Nominating and Corporate Governance Committee is governed by the Nominating and Corporate Governance Committee Charter adopted by the board of directors on November 15, 2006.




Our Compensation Committee is currently made up of Dwayne Skellern.  The Compensation Committee is governed by the Compensation Committee Charter adopted by the board of directors on November 15, 2006.




Family Relationships




There are no family relationships between any of our directors or executive officer.




Involvement in Certain Legal Proceedings




Other than as discussed below, none of our directors, executive officer, promoters or control persons have been involved in any of the following events during the past five years:


-15-


1.  any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;




2.  any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offences);




3.  being subject to any order, judgement, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or




4.  being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgement has not been reversed, suspended, or vacated.




CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.




None of our directors, executive officer, future directors, 5% shareholders, or any members of the immediate families of the foregoing persons have been indebted to us during the last fiscal year or the current fiscal year in an amount exceeding $60,000.


None of the current directors or officer of our company are related by blood or marriage.





On April 14, 2005, we issued a total of 2,000,000 shares of restricted common stock to Mr. Hall, a  former officer and director of our company for a subscription receivable of $2,000, that was collected in 2006.




Section 16(a) Beneficial Ownership Compliance




Section 16(a) of the Securities Exchange Act requires our executive officer and directors, and persons who own more than 10% of our common stock, to file reports regarding ownership of, and transactions in, our securities with the Securities and Exchange Commission and to provide us with copies of those filings.  Based solely
on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended December 31, 2008 , all filing requirements applicable to its officer, directors and greater than ten percent beneficial owners were complied with.




Code of Ethics




Effective November 15, 2006, our company's board of directors adopted a Code of Business Conduct and Ethics that applies to, among other persons, our company's president (being our principal executive officer) and our company's secretary (being our principal financial and accounting officer and controller), as well as persons performing
similar functions.  As adopted, our Code of Business Conduct and Ethics sets forth written standards that are designed to deter wrongdoing and to promote:




(1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;




(2) full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission and in other public communications made by us;




(3) compliance with applicable governmental laws, rules and regulations;




(4) the prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person or persons identified in the Code of Business Conduct and Ethics; and




(5) accountability for adherence to the Code of Business Conduct and Ethics.




Our Code of Business Conduct and Ethics requires, among other things, that all of our company's personnel shall be accorded full access to our president and secretary with respect to any matter which may arise relating to the Code of Business Conduct and Ethics.  Further, all of our company's personnel are to be accorded full
access to our company's board of directors if any such matter involves an alleged breach of the Code of Business Conduct and Ethics by our president or secretary.


-16-


In addition, our Code of Business Conduct and Ethics emphasizes that all employees, and particularly managers and/or supervisors, have a responsibility for maintaining financial integrity within our company, consistent with generally accepted accounting principles, and federal, provincial and state securities laws. Any employee who becomes
aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident or being told of it, must report it to his or her immediate supervisor or to our company's president or secretary.  If the incident involves an alleged breach of the Code of Business Conduct and Ethics by the president or secretary, the incident must be reported to any member of our board of directors.  Any failure to report such inappropriate or irregular conduct
of others is to be treated as a severe disciplinary matter.  It is against our company policy to retaliate against any individual who reports in good faith the violation or potential violation of our company's Code of Business Conduct and Ethics by another.




Our Code of Business Conduct and Ethics is filed herewith with the Securities and Exchange Commission as Exhibit 14.1 to this annual report.  We will provide a copy of the Code of Business Conduct and Ethics to any person without charge, upon request.  Requests can be sent to: Big Bear Mining Corp, 110 South Fairfax
Ave. Suite 11a-168, Los Angeles, California 90036




Audit Committee Financial Expert




Our Board of Directors has determined that it does not have a member of its audit committee that qualifies as an "audit committee financial expert" as defined in Item 401(e) of Regulation S-B, and is "independent" as the term is used in Term 7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934, as amended.




We believe that the members of our Board of Directors are collectively capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting.  In addition, we believe that retaining an independent director who would qualify as an "audit committee financial expert"
would be overly costly and burdensome and is not warranted in our circumstances given the early stages of our development and the fact that we have not generated revenues to date.




Item 11.  Executive Compensation.




There has not been any compensation awarded to, earned by, or paid to our directors and executive officer for the last three completed financial years.




Employment/Consulting Agreements




There are no written employment or consulting agreements between us and any of our directors and executive officer.




Long-Term Incentive Plans




There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officer, except that our directors and executive officer may receive stock options at the discretion of our board of directors. We do not have any material bonus or profit sharing plans pursuant to which cash or non-cash
compensation is or may be paid to our directors or executive officer, except that stock options may be granted at the discretion of our board of directors.




We have no plans or arrangements in respect of remuneration received or that may be received by our executive officer to compensate such officer in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control, where the value of such compensation
exceeds $60,000 per executive officer.




Stock Option Plan




Currently, there are no stock option plans in favour of any officer, directors, consultants or employees of ours.


-17-


Stock Options/SAR Grants




There were no grants of stock options or stock appreciation rights to any officer, directors, consultants or employees of ours during the fiscal year ended December 31, 2008 .




Aggregated Option Exercises in Last Fiscal Year and Fiscal Year End Values




There were no stock options outstanding as at December 31,2008 .




Directors Compensation




We reimburse our directors for expenses incurred in connection with attending board meetings but did not pay director's fees or other cash compensation for services rendered as a director in the year ended December 31, 2008 .




We have no present formal plan for compensating our directors for their service in their capacity as directors, although in the future, such directors are expected to receive compensation and options to purchase shares of common stock as awarded by our board of directors or (as to future options) a compensation committee which may be established
in the future.  Directors are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of our board of directors.  The board of directors may award special remuneration to any director undertaking any special services on behalf of our company other than services ordinarily required of a director.  Other than indicated in this annual report, no director received and/or accrued any compensation for his or her
services as a director, including committee participation and/or special assignments.




Report on Executive Compensation




Our compensation program for our executive officer is administered and reviewed by our board of directors.  Historically, executive compensation consists of a combination of base salary and bonuses.  Individual compensation levels are designed to reflect individual responsibilities, performance and experience, as well as
the performance of our company.  The determination of discretionary bonuses is based on various factors, including implementation of our business plan, acquisition of assets, development of corporate opportunities and completion of financing.




Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.




The following table sets forth, as at December 31, 2008 certain information with respect to the beneficial ownership of our common stock by each shareholder known by us to be the beneficial owner of more than five percent (5%) of our common stock, and by each of our current directors and executive officer.  Each person has sole voting
and investment power with respect to the shares of common stock, except as otherwise indicated.  Beneficial ownership consists of a direct interest in the shares of common stock, except as otherwise indicated.




Name and Address of Beneficial Owner
Amount and Nature of
Beneficial Ownership(1)
Percentage
of Class(1)Aaron Hall
Suite 8-1728 Homer Street
Vancouver, BC, V6K 3E9
2,000,000 common shares
72%Directors and Executive Officer as a Group
0
0%




(1)
Based on 2,779,000 shares of common stock issued and outstanding as of December 31, 2008.  Except as otherwise indicated, we believe that the beneficial owners of the common stock listed above, based on information furnished by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where applicable.  Beneficial ownership is determined
in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities.  Shares of common stock subject to options or warrants currently exercisable, or exercisable within 60 days, are deemed outstanding for purposes of computing the percentage ownership of the person holding such option or warrants, but are not deemed outstanding for purposes of computing the percentage ownership of any other person. Mr. Hall is a former director and officer


-18-


Future Changes in Control




We are unaware of any contract or other arrangement, the operation of which may, at a subsequent date, result in a change in control of our company.




Item 13.  Certain Relationships and Related Transactions.




Other than as described under the heading "Executive Compensation", or as set forth below, there are no material transactions with any of our directors, officer or control person that have occurred during the last fiscal year.




Item 14.  Principal Accountant Fees and Services




Audit Fees




The aggregate fees billed by LBB & Associates Ltd., LLP for professional services rendered for the audit of our annual financial statements included in our Annual Report on Form 10-K and 10-KSB for the fiscal years ended December 31, 2008 and 2007 were $5,500 and $3,500 respectively.




Audit Related Fees




For the fiscal year ended December 31, 2008 and 2007, the aggregate fees billed for assurance and related services by LBB & Associates Ltd., LLP relating to the performance of the audit of our financial statements which are not reported under the caption "Audit Fees" above, were $3,950 and $3,550, respectively.




Tax Fees




For the fiscal year ended December 31, 2008, the aggregate fees billed by LBB & Associates Ltd., LLP for other non-audit professional services, other than those services listed above, totalled $0.




We do not use LBB & Associates Ltd., LLP for financial information system design and implementation.  These services, which include designing or implementing a system that aggregates source data underlying the financial statements or generates information that is significant to our financial statements, are provided internally
or by other service providers.  We do not engage LBB & Associates Ltd., LLP to provide compliance outsourcing services.




Effective May 6, 2003, the Securities and Exchange Commission adopted rules that require that before LBB & Associates Ltd., LLP is engaged by us to render any auditing or permitted non-audit related service, the engagement be:




·
approved by our audit committee (which consists of entire Board of Directors); or




·
entered into pursuant to pre-approval policies and procedures established by the audit committee, provided the policies and procedures are detailed as to the particular service, the audit committee is informed of each service, and such policies and procedures do not include delegation of the audit committee's responsibilities to management.




The audit committee pre-approves all services provided by our independent auditors.  The pre-approval process has just been implemented in response to the new rules, and therefore, the audit committee does not have records of what percentage of the above fees were pre-approved.  However, all of the above services and fees
were reviewed and approved by the audit committee either before or after the respective services were rendered.




The audit committee has considered the nature and amount of fees billed by LBB & Associates Ltd., LLP and believes that the provision of services for activities unrelated to the audit is compatible with maintaining LBB & Associates Ltd., LLP's independence.


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Item 15.  Exhibits.




Exhibit Number and Exhibit Title




(3)
Charter and By-laws3.1
Articles of Incorporation (incorporated by reference from our  SB-2 Registration Statement filed March 17, 2006).3.2
Bylaws (incorporated by reference from our SB-2 Registration Statement filed March 17, 2006).(14)
Code of Ethics14.1
Code of Business Conduct and Ethics(31)
Section 302 Certification31.1
Certification of Dwayne Skellern(32)
Section 906 Certification32.1
Certification of Dwayne Skellern


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SIGNATURES




In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




Big Bear Mining Corp.






By: /s/ Dwayne Skellern


Dwayne Skellern, President, Secretary and Treasurer


(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)








Date:  August 31, 2009




In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.







Signature
Title
Date/s/ Dwayne SkellernDwayne Skellern
President, Secretary and Treasurer
August 31, 2009


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