TORONTO, ONTARIO--(Marketwired - July 16, 2015) -
Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce that an order has been placed with CITIC Heavy Industries Co. Ltd. for a 500 kW (ø3.0 x 3.7 m EGL) ball mill for the Mangazeisky Silver Project.
This is the first of the long lead process equipment items bought by
Silver Bear's Russian subsidiary, ZAO Prognoz, and represents an
important step toward silver production in 2016.
The mill has a nominal capacity of 110 kt/a, with
spare capacity to increase throughput by 30% without loss in grind
quality. The spare mill capacity mitigates the risk of a restricted
production rate during periods in which particularly hard run of mine
ore is processed. In line with Silver Bear's development strategy, the
selected mill offers the opportunity to expand the process plant to
accept additional ore feed from satellite deposits.
The mill will be designed in Australia, manufactured in CITIC's Chinese works in Luoyang and imported via Vladivostok in time to be shipped to site on the 2015/16 winter road.
Silver Bear has embarked on an aggressive project
implementation program this summer and has already erected an 80 man
dormitory, workshop and warehouse in the camp area on site. Preparation
for the process plant foundation construction is underway and it is
expected that the building footings and mill foundation will be complete
before the end of the 2015 construction season.
Silver Bear's CEO, Graham Hill commented: "We are excited to be moving the Mangazeisky Silver Project
forward and ordering the ball mill, a key long-lead item, is a
significant milestone in the projects development. At this time the
accelerated construction and mine plan for the Vertikalny deposit is
progressing well and we are confident that the Company is in the
position to meet its target of commissioning silver production by the
second half of 2016."
Mr. Jacques du Toit, Pr.Eng., MSc.Eng., PMP of Tetra
Tech are Qualified Persons under National Instrument 43-101 and have
reviewed the scientific and technical information in this release.
Silver Bear Resources 2015 Annual General Meeting
The Company invites you to attend its Annual General Meeting of Shareholders to be held at the offices of Stikeman Elliott LLP, 53rd Floor, 199 Bay Street, Commerce Court West, Toronto Ontario, M5L 1B9 on Thursday, the 16th day of July, 2015 at 10:00 am (Toronto time). Following the formal meeting, Mr. Graham Hill,
President and CEO of the Company will be presenting an update of Silver
Bear's operations and activities, Mr. Hill's presentation will be
available on the Company's website after the meeting at
About Silver Bear
Silver Bear (TSX:SBR) is focused on the development of its wholly-owned Mangazeisky Silver Project,
covering a licence area of ~570 sq. km that includes the high grade
Vertikalny deposit (amongst the highest grade silver deposits in the
world) located 400 km north of Yakutsk in the
Republic of Sakha within the Russian Federation. The Company was granted a 20-year mining licence for the Vertikalny deposit in September 2013 and completed a Preliminary Economic Assessment in February 2014. The Feasibility Study, scheduled for completion in 2H 2015, is contracted to Tetra Tech in the UK
with SRK and ERM as subcontractors for the mining and environmental
studies respectively. 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.
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 risk 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.
Silver Bear Resources Inc.
President and Chief Executive Officer
UK+44 755 2524 firstname.lastname@example.org
Silver Bear Resources Inc.
UK+44 771 131 email@example.com
Silver Bear Resources Inc.
Investor Relations Manager
+416 453 firstname.lastname@example.org