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Unless otherwise stated, the information that follows relating to the Avlayakan Project is derived from, and in some instances is an extract from, the amended technical report dated December 7, 2007 (the "Avlayakan Technical Report") authored by William J. Lewis P. Geo and Richard Gowans P. Eng. of Micon in respect of the Avlayakan Project. At the time of the preparation of the Avlayakan Technical Report, each of the individuals who contributed to the Avlayakan Technical Report was independent of the Company and was, or was supervised by, a "Qualified Person", as that term is defined in NI 43-101.
Portions of the following information are based on assumptions, qualifications and procedures which are not fully described herein. Reference should be made to the full text of the Avlayakan Technical Report which has been filed with certain Canadian securities regulatory authorities pursuant to NI 43-101 and is available for review at www.sedar.com. Alternatively, a copy of the Technical Report may be inspected during distribution of the Shares being offered under this Prospectus and for 30 days thereafter during normal business hours at Silver Bear's head office and at the offices of Silver Bear's legal counsel, Cassels Brock & Blackwell LLP.
The Company acquired a 70% equity interest in the Avlayakan Project pursuant to an equity purchase agreement in Avlayakan in June, 2006, with the remaining 30% being held by Silver Bear's joint venture partner Vostok. To date Silver Bear has paid U.S.$5.1 million towards the purchase of its interest in the Avlayakan Project. A remaining installment of U.S.$1.1 million is payable if and when the Mayvachan Kundumi license area achieves commercial production.
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