Silver Bear Resources Inc. ("Silver Bear" or the "Company")
(TSX:SBR) today announces that the Russian State Subsoil Agency
("Rosnedra") has granted the Company a four year extension to the
term of the exploration licence relating to Silver Bear's
Mangazeisky Silver Property in Yakutia, Russia. Prior to the
extension, the company was permitted to explore on the property
until December 31, 2012. The extension provides that the new
licence term will run to December 31, 2016, allowing the Company to
significantly extend its exploration activities on the
property.
"This is a significant milestone for Silver Bear," said CEO Mark
Trevisiol. "This extension is an important achievement for the
Company. It will allow us to maintain our focus on enlarging the
mineral resource and prepare for production through continued
exploration activities at the project site. The extension is also a
testament to the active interest and support of both Russian and
Canadian governments to promote license stability and encourage
investment and cooperation in mining and natural resource
development in Russia. This is a welcome message not only to Silver
Bear, but to all mining investors in Russia."
Concurrently, the Company has also applied for a mining licence
(production licence) on the Vertikalny portion of its territory and
continues to discuss and consult with the Russian authorities on
the best way to obtain mining rights for the largest possible
mineral resource base.
Geological assessments on the property conducted under Russian
resource categories have indicated an historic mineral resource
estimate of up to 975 million ounces of Silver in Russian P1 and P2
resources (see Table 1 and note labelled "Historical Resources" in
this announcement).
Table 1 : Russian P Resources (i)
P1 Resources P2 Resources
Tonnes Ag Ore (x
1,000) 7,880 8,880
Grade g/t Ag 1,717 1,891
Tonnes Ag 13,529 16,799
Ounces Ag 435,016,077 540,160,772
(i)Note: These resources are considered historical in nature under NI 43-101
and are non-compliant to NI 43-101 standards. Information in this table has
been taken from Silver Bear's PEA document, Table 5.2, dated September 20,
2011 and available at www.sedar.com.
In conjunction with the extension of the Exploration Licence,
management believes the Company's progress in developing mining
operations at the project could be accelerated by the Company's
current re-assessment of a number of high grade near surface
mineralized lenses. The Company is investigating the potential to
extract the mineralization from these surface lenses through a
series of shallow "open pit" type mining methods. Management
believes this has the potential to decrease mine development time
and capital thereby accelerating the time to production. The
Company is currently studying the possibilities of defining an NI
43-101 compliant mineral reserve and resource estimate and Russian
C1 and C2 compliant mineral resource estimate that would allow the
Company to accelerate its development towards production. The
Company hopes to update the market in due course as to the results
of its internal work and work with external consultants.
The company has completed a Preliminary Economic Assessment in
2011 (see September 28, 2011 announcement). Highlights of the PEA
include:
-- Cash Costs
-- Base Case - U.S. $9.34/ounce of silver
-- Alternate Case - U.S. $7.90/ounce of silver
-- Alternate Case focuses on reducing operating costs by using lower
cost hydroelectric power versus that of diesel power generators
-- Production base of 1,000 tonnes per day of silver ore at a mined grade
of 419 grams of silver per tonne of ore, (13.5 ounces per tonne of ore)
-- Full annual production rate of 4.1 million ounces per year of
recoverable silver, 3.9 million ounces per year payable silver; mine
life of 8.4 years
-- Initial Capital
-- Base Case - U.S. $111.1 million
-- Alternate Case - U.S. $129.1 million
-- All ore is sourced from Silver Bear's Vertikalny deposit which is part
of Silver Bear's Mangazeisky exploration lease in Yakutia, Russia.
-- Note that at the time of this assessment the Nizhny Endybal resource
(see announcement September 20,2012 and resource in Table 1 below) was
not yet discovered. Any potential feed from this resource would
supplement mine life.
-- Silver Bear expects construction of the facility to take approximately
18 to 24 months after the Company completes a Feasibility Study and
Permitting.
Economic Highlights of the PEA:
Alternate
Base Case Scenario Hydro
Power Station
----------------------------------------------------------------------
Silver Price at $32/ounce (Approximate Spot Price)
NPV 8% $ 303,000,000 $ 317,000,000
NPV 10% $ 264,000,000 $ 276,000,000
Internal Rate of Return % 46.30% 44.80%
----------------------------------------------------------------------
----------------------------------------------------------------------
Silver Price at $22.74/ounce (Long term Price in Study)
NPV 8% $ 122,000,000 $ 136,000,000
NPV 10% $ 99,700,000 $ 111,000,000
Internal Rate of Return % 25.70% 25.90%
----------------------------------------------------------------------
----------------------------------------------------------------------
Initial Capital $ 111,110,000 $ 129,110,000
Sustaining Capital $ 19,750,000 $ 19,750,000
Op Cost (U.S. $/ounce)
Recoverable Silver $ 8.87 $ 7.51
Payable Silver $ 9.34 $ 7.90
----------------------------------------------------------------------
As shown in Figure 1, the exploration licence covers an area of
approximately 570 square kilometres. The property hosts more than
100 silver occurrences in a major north-northwest trending
mineralized structure that stretches along a 35 kilometre corridor.
The Company's estimated total NI 43-101 compliant mineral resource
estimates on its Mangazeisky property are 1.1 million tonnes
containing 17.9 million ounces silver at 518 Ag/t of Indicated
mineralization and 4.9 million tonnes containing 43.9 million
ounces silver at 282 g/t Ag of total Inferred mineralization (see
table 2). Figure 1 highlights that the area containing Silver
Bear's NI 43-101 mineral resource estimate (Vertikalny + Nizhny
Endybal) represents a very small piece of the total licence
area.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/SBR0901_Figure1.pdf.
Table 2 - Summary of NI 43-101 Mineral Resource Estimates
effective as of September 20, 2012
----------------------------------------------------------------------------
Prospect Area Indicated Resource Inferred Resource
-----------------------------------------------------------
Tonnes (M) Ag (g/t) Oz (M) Tonnes (M) Ag (g/t) Oz (M)
----------------------------------------------------------------------------
-----------------------------------------------------------
Vertikalny 1.1 518.2 17.9 1.1 649.3 23.8
-----------------------------------------------------------
Central Zone
-----------------------------------------------------------
----------------------------------------------------------------------------
-----------------------------------------------------------
Vertikalny
-----------------------------------------------------------
North West Zone Nil 0.5 379.4 6.6
-----------------------------------------------------------
----------------------------------------------------------------------------
-----------------------------------------------------------
Nizhny Endybal Nil 3.2 133 13.5
-----------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Indicated Total Inferred
-----------------------------------------------------------
Total Tonnes (M) Ag (g/t) Oz (M) Tonnes (M) Ag (g/t) Oz (M)
-----------------------------------------------------------
1.1 518 17.9 4.9 282 43.9
----------------------------------------------------------------------------
Cautionary Note: Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Due to the uncertainty of measured,
indicated or inferred mineral resources, these mineral resources may never
be upgraded to proven and probable mineral reserves.
Mr. P. Gribble, FIMMM C.Eng, of Tetra Tech Wardrop (formerly
Wardrop Engineering), is the independent qualified person who
prepared the mineral resource estimates disclosed above in Table 2.
Mark Trevisiol P.Eng, President and CEO of Silver Bear and a
qualified person under National Instrument 43-101, has reviewed and
approved the scientific and technical information in this press
release.
CAUTIONARY NOTES
Historical Resources
Note that the mineral resource estimate (Table 1) is historical
in nature and does not use categories defined in NI 43-101 and thus
is not compliant with CIM and NI 43-101 standards. The exact date
of this estimate is unknown. Historical resource estimates are
based on Russian reserve system and based primarily on trench and
prospecting samples only. These resources are considered historical
in nature under NI 43-101 and a qualified person under 43-101 has
not done sufficient work to classify the historical estimate as
current mineral resources. The Company is not treating the
historical estimate as current mineral resources.
PEA report
The Preliminary Economic Assessment report was prepared by
Wardrop under the supervision of Mr. P. Gribble, FIMMM C.Eng., who
is an independent qualified person as defined in National
Instrument 43-101. Mark Trevisiol P.Eng, President and CEO of
Silver Bear is the Company's designated qualified person under
National Instrument 43-101 for the PEA and has reviewed and
approved the scientific and technical information in this press
release.
The PEA is preliminary in nature and is based on a number of
assumptions that may be changed in the future as additional
information becomes available. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. The
PEA includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the PEA will be
realized.
Forward-Looking Information
This release and subsequent oral statements made by and on
behalf of the Company may contain forward-looking statements, which
reflect management's expectations. Wherever possible, words such as
"intends", "expects", "scheduled", "estimates", "anticipates",
"believes" and similar expressions or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved, have been used to identify
these forward-looking statements. Although the forward-looking
statements contained in this release reflect management's current
beliefs based upon information currently available to management
and based upon what management believes to be reasonable
assumptions, Silver Bear cannot be certain that actual results will
be consistent with these forward-looking statements. A number of
factors could cause events and achievements to differ materially
from the results expressed or implied in the forward-looking
statements. Such risk factors include but are not limited to risk
factors identified by Silver Bear in its continuous disclosure
filings filed from time to time on SEDAR. These factors should be
considered carefully and prospective investors should not place
undue reliance on the forward-looking statements. Forward-looking
statements necessarily involve significant known and unknown risks,
assumptions and uncertainties that may cause Silver Bear's actual
results, events, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking statements.
Although Silver Bear has attempted to identify important risks and
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors and risks that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, prospective investors should not place undue reliance
on forward-looking statements. These forward- looking statements
are made as of the date of this release, and Silver Bear assumes no
obligation to update or revise them to reflect new events or
circumstances, unless otherwise required by law.
Contacts: Silver Bear Resources Inc. Mark Trevisiol President
and Chief Executive Officer
416-861-5893mtrevisiol@silverbearresources.com
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