Mining License Issued to Silver Bear
03 Septembre 2013 - 1:00PM
Marketwired
Silver Bear Resources Inc. ("Silver Bear" or the "Company")
(TSX:SBR) today announces a major step forward in the development
of the company's main project at its Mangazeisky property in
Russia. The Russian State Subsoil Agency ("Rosnedra"), in
co-operation with Yakutnedra (regional subsoil authority), has
granted the Company a mining license for the company's Vertikalny
Deposit on its Mangazeisky property in Russia. The mining license
is valid for a period of twenty years.
The mining license covers production from its Vertikalny deposit
and provides for a minimum production rate of 180,000 tonnes of ore
per year. Silver Bear believes this production target is reasonable
and achievable. Table 1 sets out the Company's mineral resource
estimate prepared in accordance with National Instrument 43-101
("NI 43-101") which shows a total ore tonnage of approximately 2.7
million tonnes of ore at the Vertikalny deposit. The Preliminary
Economic Assessment ("PEA") released in September, 2011 had a
production rate of approximately 340,000 tonnes of ore per year,
well within the mining license permission (see notes in relation to
the PEA below).
"This is a significant milestone for Silver Bear," said CEO Mark
Trevisiol. "Silver Bear is amongst a very select group of foreign
companies to have successfully negotiated the Russian licensing
process. It is a tribute to the team in place in Russia and in
Canada that we have achieved this result. This achievement now
opens the way for the next phase in the project's development.
Additionally, having the mining license in hand increases Silver
Bear's attraction to investors who have been closely following
developments of the project. I would also like to acknowledge the
support from both the Russian and Canadian governments and their
active participation in helping Silver Bear throughout the
licensing process. Few foreign companies have got this far in their
efforts, so this is not only positive for Silver Bear but for all
mining investment in Russia."
Further, the company has, through the summer of 2013, conducted
exploration on its Mangaziesky property and plans to provide an
update on its achievements in the coming weeks. CEO Mark Trevisiol
commented, "we are very satisfied with our operational progress
over this summer and look forward to updating the markets in due
course."
Table 1 - Summary of Mineral Resource Estimates Prepared in
Accordance with NI 43-101-
Prospect Area Indicated Resource Inferred Resource
------------------------------------------------------------
Tonnes (M) Ag (g/t) Oz (M)Tonnes (M) Ag (g/t) Oz (M)
----------------------------------------------------------------------------
Vertikalny
Central Zone 1.1 518.0 17.9 1.1 649.0 23.8
----------------------------------------------------------------------------
Vertikalny North
West Zone 0.5 379.0 6.6
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Nizhny Endybal 3.2 133 13.5
----------------------------------------------------------------------------
Total 1.1 518 17.9 4.9 282 43.9
----------------------------------------------------------------------------
Notes to Table 1:
-- The effective date of the Vertikalny mineral resource estimate is
September 28, 2011 and the effective date of the Nizhny Endybal mineral
resource estimate is September 20, 2012.
-- 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 in Table 1.
-- Silver price used for the above mineral resource estimate is $22.50/oz,
cut-off grade used for Vertikalny mineral resource estimate is 180 g/t
Ag, cut off grade for Nizhny Endybal mineral resource estimate is 75 g/t
Ag. See technical report filed on SEDAR dated February 15, 2013.
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.
Silver Bear Resources Inc.
The primary business of the Company is the evaluation,
acquisition, exploration and development of silver properties in
the Russian Federation. The Company's principal focus is the
Mangazeisky exploration lease and the Vertikalny Deposit mining
license, over which Silver Bear has exclusive exploration/mining
rights. It is located approximately 400 kilometres north of Yakutsk
in the Republic of Sakha, Yakutia in the Russian Federation.
Silver Bear Resources Inc. is listed on the Toronto Stock
Exchange and its common shares trade under the ticker symbol "SBR".
Silver Bear has 62,149,949 issued and outstanding common shares.
Other information relating to Silver Bear is available on SEDAR at
www.sedar.com as well as on the Company's website at
www.silverbearresources.com.
CAUTIONARY NOTES
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. 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. The PEA is based on
mineral resources estimates published in March 2011, which do not
reflect exploration conducted since their effective date of
February 25, 2011, and the PEA does not reflect the latest inferred
mineral resource estimate on the Nyizhny Endybal Deposit published
by Silver Bear effective September 20, 2012. Certain assumptions
used in the PEA, some of which relate to the February 2011 mineral
resource estimate, may have changed from those used for the new
resource estimate, causing a variation of parameters. Moreover, the
updated mineral resource estimate on Nyizhny Endybal may have an
impact on Silver Bear's plans on how it intends to develop the
deposit. 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
www.silverbearresources.com Robin Birchall Executive Chairman +44
207 389 0907rbirchall@forbesmanhattan.com
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