TORONTO, ONTARIO--(Marketwired - March 31, 2014) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR)
announces that it has filed a technical report prepared in accordance
with National Instrument 43-101 entitled "Preliminary Economic
Assessment on the Manganziesky Silver Project Russia" in support of its
February 27, 2014 news release, which outlined the positive economic results of the Mangazeisky Silver Project in Yakutia, Russia.
Key Highlights of the PEA are as follows and include:
- Internal Rate of Return (IRR) = 63% at $20/oz long term silver forecast price
- Initial Project Capital US $39 Million
- Sustaining Project Capital of US$51 million
- Net present Value (NPV) at 5% discount of US $129.9 Million
- In first 5 years of operation
- Average Silver Grade processed = 911 g/tonne Silver
- Recovered Silver Cash Cost for first five years(1) = $5.55/oz Silver (excludes by product credits)
- Approximate mining processing rate rate per day = 300 tonnes per day (tpd)
- Average Payable Silver per year = 2.6 Million oz/yr
- 19 year mine life
- Open pit mining method for first 10 years
- Underground operation extends mine life to 19 years
- All mineralised material is sourced from Silver Bear's Vertikalny deposit alone
- Silver Bear expects construction of the facility
to take approximately 18 to 24 months following the completion of a
feasibility study and the receipt of required permits.
The Technical Report is available under the Company's profile 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 focus is the Mangazeisky exploration lease and
the Vertikalny Deposit, 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 95,137,800 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.
The PEA was prepared by Jacques du Toit, Pr.Eng., MSc.Eng., PMP, Robert Davies, B.Sc. (Hons), CGeol., EurGeol., PMP Eur.Ing. Andrew Carter, C.Eng., MIMMM, MSAIMM, SME, Anton Von Wielligh, B.Eng. (Hons), Pr.Eng. ECSA, SAIMM, Michael McLaughlin, P.Eng and Laszlo Bodi, P.Eng. from Tetra Tech, all of whom are independent qualified persons as defined in National Instrument 43-101. 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 scientific and
technical information in this press release.
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. 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.
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. Without limitation to the foregoing, the following are
forward looking statements: the PEA, including without limitation
projected initial capital, sustaining costs, IRR, NPV, average grade
processed, mining rate, expected mine life, expected construction
period, mineral resources and pay back period. 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 uncertainties inherent to
preliminary economic assessments, which are based on many assumptions
that might not be realized, risks with respect to operating in
downward fluctuations in silver prices, regulatory risks, including
with respect to obtaining all required permits, corruption and other
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.
Cash costs per ounce of silver are non-GAAP measures.
Cash costs per ounce of silver presented do not have a standardized
meaning prescribed under IFRS and may not be comparable to similar
measures presented by other companies. This measure is presented to
serve as a key indicator of a company's potential ability to generate
revenue and cash flow from its mining operations. This measure should
not be considered in isolation as a substitute for measures of
performance prepared in accordance with IFRS and is not necessarily
indicative of operating costs that would presented under IFRS.
For further details, please visit www.silverbearresources.com
||Cash cost per ounce of silver constitutes a non-GAAP measure. See Cautionary Notes.
, President and Chief Executive OfficerSilver Bear Resources Inc.65 Queen Street West
, Suite 825, P.O. Box 71
Toronto ON, M5H 2M5
, Executive ChairmanSilver Bear Resources Inc.1 Adam StreetLondon
, WC2N 6LE
UK+44 771 131 3019