Silver Bear Files Its Mangazeisky Preliminary Economic Assessment Technical Report
31 March 2014 - 10:08PM
Marketwired
Silver Bear Files Its Mangazeisky Preliminary Economic Assessment
Technical Report
TORONTO, ONTARIO--(Marketwired - Mar 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.
QUALIFIED
PERSON
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.
Cautionary
Notes
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 Russia, 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
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(1) |
Cash cost per ounce of silver constitutes a non-GAAP
measure. See Cautionary Notes. |
Mark Trevisiol, President and Chief Executive OfficerSilver Bear
Resources Inc.65 Queen Street West, Suite 825, P.O. Box 71Toronto
ON, M5H 2M5+1-416-861-5893mtrevisiol@silverbearresources.comRobin
Birchall, Executive ChairmanSilver Bear Resources Inc.1 Adam
StreetLondon, WC2N 6LEUK+44 771 131 3019
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