TORONTO, ONTARIO--(Marketwired - Feb. 5, 2015) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to provide the following update with respect to the developments of its silver properties located in the Russian Federation.
In particular, the Company reports that positive steps have been taken
in the latter half of 2014 to progress the transition of the Company.
Building on the results from its previously announced preliminary
economic assessment and the completion of its private placement
financing which raised over
$10,000,000 (See Press Releases dated February 7, 2014, May 21, 2014 and August 18, 2014), the Company has:
- Successfully concluded the planned fieldwork
program for 2014, including exploration drilling and trenching,
geotechnical drilling, hydrogeological drilling, drilling of water and
geothermal monitoring holes.
- Made tangible progress toward development of the project through;
- The appointment of Tetra Tech (UK), SRK (UK) and ERM (UK)
to complete a NI 43-101 compliant Feasibility Study. Each of these
consultants will utilize Russian and international subsidiaries to
assist with the necessary work.
- Completion of the Environmental
and Social Impact Assessment, (ESIA), Scoping Study by ERM and holding
the initial Public Hearing. These are the initial steps in developing
the full ESIA as a part of the Feasibility Study.
- The appointment of TOMS Engineering LLC in St. Petersburg
to complete the "TEO Konditsy", the first part of the Russian
feasibility study, and a key component of the Russian design and
permitting process. TOMS have significant experience and bring an
excellent combination of technical skills, understanding of the
permitting requirements and an ability to work in conjunction with the
UK based teams who are working, in parallel, on the NI 43-101
- The appointment of TOMS Engineering LLC
metallurgical laboratory in Irkutsk to carry out the metallurgical
testwork and process flowsheet development. This forms part of the
Russian feasibility study, but incorporates additional testwork required
to complete the NI 43-101 feasibility study.
- Positive metallurgical test results that supports
original PEA assumptions and confirmed high recovery. This includes
confirmation of the applicability of direct electro winning following
excellent performance of this technology using
Electrometals' propriety EMEW equipment. This is a very important part of the process technology proposed to be used.
In addition, the Company announces that Mr. Boris Granovsky has been appointed to the Board of Directors of the Company, replacing Ms. Anastasia Gracheva. The Company would like to thank Ms. Gracheva for her continued support and wish her all the best in future endeavors.
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 161,089,517 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 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. 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 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.
Silver Bear Resources Inc.
, President and Chief Executive Officer
UK+44 755 2524 firstname.lastname@example.orgSilver Bear Resources Inc.
, Executive Chairman
UK+44 771 131 30191 Adam StreetLondon
, WC2N 6LEwww.silverbearresources.com