TORONTO, ONTARIO--(Marketwired - Nov. 26, 2013) - Silver Bear Resources Inc.(TSX:SBR)
("Silver Bear" or the "Company") announces that it has identified three
prominent high grade silver zones averaging greater than 1000 g/t
Silver near surface on its Vertikalny deposit. Combined, the zones have a
total of approximately 5.7 million oz at 2041 g/t Ag of estimated
inferred mineral resources and 5.1 million oz at 1569 g/t Ag of
estimated indicated mineral resources, details are shown below in Table
1. The company's Vertikalny deposit is located within its Mangazeisky
License area in Yakutia,
Russia. In September of this year (see Sept. 3, 2013
press release), Silver Bear received its mining license for the
Vertikalny deposit from Russian authorities. Table 2 delineates the
Company's mineral resource estimate prepared in accordance with National
Instrument 43-101 covering the total license area.
"This information confirms the potential that these areas
could supply early high grade ore for processing using cost effective
open pit mining methods," said
President and CEO of Silver Bear. He added, "The identification of these
high grade silver zones is valuable on its own, having the
mineralization near surface just makes this project all that more
Figure 1 is a long section through the Vertikalny ore body.
The high grade zones near surface identified as Zone 1, Zone 2 and Zone 3
show the relative location of the areas where silver grades are at or
greater than 1000 g/t Ag.
Following up on this opportunity, Silver Bear has initiated
near surface drilling on its Vertikalny deposit. Drilling commenced in
October of this year with a total target of 3000 meters of drilling
planned. Good progress has been made with Silver Bear having drilled
approximately 1800 meters to date.
During this past summer, the Silver Bear team completed over
11,000 cubic meters of trenching. Trenching was focused in areas around
the Vertikalny prospect and in the Mangazeisky North zone within the
exploration license area. Mineralization was uncovered in all of the 25
trenches which were excavated. Of the 25 trenches completed, 5 trenches
were located in areas where no previous veins or mineralized zones had
been mapped. Within these 5 trenches, the mineralization appears to be
similar to those elsewhere on the property, which contain high levels of
galena minerals containing silver. These samples have typically
returned some of the highest concentrations of silver on the property.
More detailed mapping of the trenching is being prepared.
Assays are pending for both the current drill program and the trenching conducted through the summer.
To view Figure 1 accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/913762.png
Table 1 *- High Grade Estimated Silver Mineral Resources Prepared in Accordance with NI 43-101 effective as of September 28, 2011 - Zones 1,2 and 3 Vertikalny Central Zone, (see Figure 1)
||Contained Ag (oz)
*All estimated mineral resources set out in
Table 1 above are based upon estimated mineral resource calculation
prepared in accordance with NI 43-101 using a cut-off grade of 1000 g/t
These Zones form part of an overall NI
43-101 resource as detailed in Table 2 here in. Please refer to
cautionary note for Table 2 below.
Table 2 - Total Estimated Mineral Resources Prepared in Accordance with NI 43-101 - Total Mangazeisky License area
Area - Estimated mineral Resources
|Vertikalny Central Zone
|Vertikalny Northwest Zone
|Nizhny Endybal Deposit
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.
The effective date for the Vertikalny resource is September 28, 2011 while that of Nizhny Endybal is September 20, 2012.
Cut-off grades for the Vertikalny resource and
Nizhny Endybal resource are 181 g/t Ag and 75 g/t Ag respectively. All
in mining and processing costs for Vertikalny and Nizhny Endybal are
$106/tonne ore and $80/tonne ore respectively.
Mr. P. Gribble, FIMMM, C.Eng., formerly Sr. Geologist of Tetra Tech WE Inc., is the independent qualified person who prepared the mineral resource estimates disclosed above.
Paul Daigle, P.Geo., of Tetra Tech, is a qualified person and has reviewed the information in this press release.
Nick Vessenine (Ph.D. Mining, Moscow State University) has reviewed the technical information in this press release.
Mark Trevisiol, P.Eng., President and CEO
of Silver Bear, is a qualified person under National Instrument 43-101
and has reviewed and approved the content of this press release.
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 risks factors include but are not
limited to the uncertainties inherent to using historical exploration
information collected in accordance with Russian standards, the risks
inherent to conducting business in
and risks 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.
For further details, please visit www.silverbearresources.com.
President and Chief Executive Officer65 Queen Street West
, Suite 825Toronto, Ontario
Executive ChairmanSilver Bear Resources Inc.1 Adam StreetLondon
, WC2N 6LE
UK+44 771 131 3019