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Overview

The primary business of the Company is the evaluation, acquisition, exploration and development of silver properties in the Russian Federation. The exploration strategy of the Company is to focus on the discovery of silver and precious metal deposits in Russia. The Company has not yet earned revenue and is considered to be in the exploration stage. The Company's principal asset is the Mangazeisky Project, located approximately 400 kms north of Yakutsk in the Republic of Sakha, Yakutia, Russia. The Company was granted the exploration license for the Mangazeisky Project in September 2004 for an initial term of five years.

Silver Bear's corporate strategy is to identify and develop silver opportunities in Russia by exploration, acquisition, joint venture or otherwise. Silver Bear is focused on further delineating the high grade silver mineralization discovered in the Vertikalny vein of the Mangazeisky Project and the exploration of the 15 other known silver mineralized zones on the property. Based on the encouraging results from the drilling programs concluded in September 2007 and 2008, Silver Bear believes the Mangazeisky Project has the potential to become a world class silver deposit.
    Silver Bear has targeted the following key milestones for Silver Bear to achieve its strategy:

  • Complete exploration on the known extensions of the Vertikalny vein to demonstrate a potential of 200 to 250 Moz of silver(1).
  • Complete an NI 43-101 Technical Report due in Q1 2009.
  • Complete 10,000 metres of drilling during the 2009 field season.

    Silver Bear believes it can successfully implement its corporate strategy because of its unique strengths. These strengths include:

  • Its current project is located in a highly prospective region. The Mangazeisky Project is located in the Republic of Sakha, Yakutia, in the Russian Federation, 160 kilometres from High River Gold's high grade Prognoz silver deposit.
  • Encouraging exploration results at the Mangazeisky Project indicative of the potential for a high grade silver deposit.
  • Extensive management experience. Silver Bear's management team has considerable mining industry experience and is supported by an experienced technical and mining operations team, some of whom have had prior operating experience in Russia. See "Directors and Officers."

The Mangazeisky Project

The Mangazeisky Project consists of one exploration license covering 570 square kilometres which was acquired in September, 2004 for an initial term of five years. Upon discovering C1 and C2 Russian reserves and undertaking certain other steps as required by Russian law, a production license may be applied for and issued for the production life of the deposit based on technical and economic substantiation of the development of the deposit.

The Mangazeisky license requirements are outlined in details under "The Mangazeisky Project - Property Description and Location".

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  1.   The reader is cautioned that the targets expressed above and elsewhere in this prospectus are based on Silver Bear's assessment of the geological data currently available and are conceptual in nature. There has been insufficient exploration with respect to these targets to define any estimates of quantities. There is no guarantee that the targeted estimates will be delineated through additional exploration. These are objectives set by the Company and they are not estimates of quantities as contemplated by section 2.3 of NI 43 101. There is no assurance that these objectives will materialize.


For a complete listing of drill results please see our Technical Report and News Releases

Competitive Conditions

The Company's mineral exploration and development business is competitive with other entities engaged in the same business. The Company competes with a number of other entities in the search for and the acquisition of mineral properties. As a result of this competition, the majority of which is with companies with greater financial resources than the Company, the Company may be unable to acquire attractive properties in the future on terms it considers acceptable. The Company also competes for financing with other resource companies, many of whom have greater resources and/or more advanced properties. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company.

Environmental Protection

The current and future operations of the Company, including exploration activities on its properties or areas in which it has an interest, are subject to laws and regulations governing exploration, development, tenure, production, taxes, labour standards, occupational health, waste disposal, protection and remediation of the environment, reclamation, mine safety, toxic substances and other matters.

Employees

As at September 30, 2008, the Company had 113 employees, 9 of whom share their time working with Western Goldfields Inc ("Western Goldfields"). Silver Bear entered into a cost-sharing agreement with Western Goldfields in March 2006 under which the Company's office overhead costs are shared equally with Western Goldfields and salary and benefits are shared on the basis of the expected time commitment of the staff involved. All such costs are incurred by the Company and reimbursed by Western Goldfields. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Directors and Officers".  

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