September 08, 2008 Silver Bear Announces Additional Results at Mangazeisky Project and Selection of Russian Engineering Consultant
A total of 58 holes (9,374 metres) have been completed as of August 30, 2008, with assay results returned for 20 holes. Highlights from the eight most recent results received include:
Hole V08-040 returned 3,342 grams per tonne of silver over a 1.7 metre interval
Hole V08-032 returned 3,050 grams per tonne of silver over a 1.0 metre interval
Hole V08-035 returned 515 grams per tonne silver over a 3.0 metre interval
NBL Gold contracted to estimate Russian resources and reserves and complete TEO Conditions Study
Toronto, Canada, September 8, 2008 -- Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) today announced further positive results from exploration drilling at its 100% owned Mangazeisky silver project in Russia.
The Mangazeisky project consists of an exploration license covering an area of 570 km2, hosting 16 known silver anomalies located within the Republic of Sakha, Yakutia in the Russian Federation; approximately 400 kilometres north of the capital city Yakutsk in the Verhoyanskiy district. Silver Bear has focused its exploration on the Vertikalny vein, a high grade, sub vertical silver vein.
Exploration during 2007 identified high grade (+1,000 grams per tonne) silver mineralization at the Vertikalny vein. Drilling in 2008 is focusing on the Vertikalny vein to identify an inferred mineral resource ranging from 100 to 150 million ounces of silver(1).
The 2008 exploration drilling program commenced on May 26th, utilizing two Canadian drill rigs contracted from Boart Longyear Russia. As at August 30, 2008, the Company has completed 58 holes totaling 9,374 metres of drilling at Vertikalny. The majority of the holes have intersected the Vertikalny mineralized structure as planned, encountering favourable mineralization over core intervals ranging from less than one metre to greater than 11.0 metres.
Since the August 14, 2008 news release, results have been returned for an additional eight holes, with results still outstanding for 38 holes. Significant results from the eight most recently assayed holes include:
Hole V08-040 intersected 4.35 metres averaging 1,551 grams of silver per tonne including 1.7 metres averaging 3,342 grams of silver per tonne.
Hole V08-032 intersected 11.4 metres averaging 362 grams of silver per tonne, including 1.0 metre averaging 3,050 grams of silver per tonne.
Hole V08-035 intersected 3.0 metres averaging 515 grams of silver per tonne.
"Our exploration drilling continues to intersect high grade silver throughout the Vertikalny vein system," noted Mr. Raymond Threlkeld, Chief Operating Officer. "These latest results are consistent with the results of our earlier drilling and the Vertikalny vein has demonstrated excellent geometric continuity."
Further, the Company is pleased to announce that Joint Stock Company (JSC) Scientific Research and Design Centre of Precious Metals and Diamonds NBL Gold (NBL Gold) have been contracted to complete a Russian resource and reserve estimate for the project, including preparation of the Russian Tekniko Ekonomicheskoe Obosnovaniye -- Condicii (TEO - Conditions) Report.
"NBL Gold is a leading Russian engineering group with extensive experience in the estimation of resources and reserves for both Russian and Western clients. They have completed several estimates in Russia for a number of precious metal deposits and their experience and expertise provides us with vital technical support as we continue to develop the Mangazeisky Project," noted Mr. Threlkeld. "We look forward to a long and successful technical partnership with NBL Gold as we continue to develop Mangazeisky."
The following table outlines the results received since our previous August 14, 2008 release.
Hole ID
Profile
From
To
Length (m)
Silver (g/t)
V08-032
Incl
10600
123.6
124.6
135.0
125.6
11.4
1.0
362
3,050
V08-033
9900
105.4
110.7
5.3
120
V08-034
10600
255.5
256.2
0.7
236
V08-035
10650
3.0
25.7
27.3
6.0
26.7
28.0
3.0
1.0
0.7
515
338
105
V08-036
10650
133.4
140.0
134.1
140.9
0.7
0.9
457
237
V08-039
10100
23.0
24.0
1.0
28
V08-040
Incl
10250
161.0
161.6
165.35
163.3
4.35
1.7
1,552
3,342
V08-043
10100
115.5
117.5
2.0
134
The results contained herein have been reviewed by Vivian Park, P.Geo., Silver Bear's Qualified Person managing the exploration program on the Mangazeisky Project. Vivian Park is an employee of Silver Bear in the capacity of Director of Exploration.
Sample Collection and Preparation
Silver Bear's core sampling and preparation program is summarized as follows:
All core is 60.3 mm diameter. The core is placed in boxes at the drill site, complete with distance markers. On arrival at the core logging facility, the core boxes are opened and a geologist is responsible for organizing and photographing the core, completing a geotechnical log, and preparing the core for geological logging and sampling.
The core is logged for lithology, structure and mineralization. Intervals of interest are marked for sampling. Intervals deemed to be potentially anomalous in silver are cut using a diamond saw with one half of the core prepared as the sample and the other half retained in the core box and stored at site.
Samples are crushed to a nominal size of -1mm at an on-site preparation facility. A 500 gram split is shipped to the laboratory for pulverization and assay; a duplicate split is retained on site.
All fire assays for silver are completed at the Chemical Laboratory of the State Enterprise Aldangeologiya (Aldan Lab), located in Yakutia, Russia.
Silver Bear's quality control protocol includes the blind submission of certified standards (prepared by Geostats Pty Ltd of Australia), field blanks and field duplicates into the sample stream to monitor the accuracy and precision of the fire assay results.
Geological control samples comprise 15% of the total sample volume. It is standard practice that should the reported results exceed the permissible variance limits ascribed to said standards that the affected batches are re-analyzed. No such occurrences were noted in the results reported above.
An updated drill plan and longitudinal section demonstrating the hole locations is available on the Company's website at www.silverbearresources.com.
For additional technical information with respect to the Mangazeisky Project, reference is made to the Company's technical report with respect to the Mangazeisky Project available on SEDAR at www.sedar.com.
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 asset is its 100% owned Mangazeisky Project, 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 symbol "SBR". Silver Bear has 37,935,569 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 web site at www.silverbearresources.com.
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 with respect to the proposed transaction. 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 risks 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.
Raymond Threlkeld
Chief Operating Officer
(416) 324-6005
Brian Penny
Chief Financial Officer
(416) 324-6002
Hannes Portmann
Director, Corporate Development and Investor Relations
(416) 324-6014
(1) The reader is cautioned that the targets expressed above and elsewhere in this press release 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.
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