Silver Bear Resources Inc.: Silver Metallurgical Recoveries Range From 88% to 93% in Preliminary Testing
16 June 2014 - 9:00PM
Marketwired Canada
Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) has
completed primary leach optimisation tests on milled ore from its 100% owned
Vertikalny Deposit in Yakutia in the Russian Federation.
Highlights of the milled ore sample results are listed in Table 1 below. Testing
was carried out from 400 kilograms of drill core extracted from the Vertikalny
deposit. The head assay ranged from 1020 grams/tonne of silver to 1150
grams/tonne of silver with an average of 1112.5 grams/tonne of silver. Silver
was recovered following gravity concentration of Silver and Cyanide leaching of
Silver in the gravity tailing. A silver recovery of 88.3% was achieved with a
practical leach retention time of 72 hours. A silver recovery of 93.3% was
achieved at a leach retention time of 144 hours, indicating potential for
further optimisation. Samples were tested at various concentrations of Sodium
Cyanide solution (NaCN) and various time frames as shown. Testing was conducted
at SGS Metallurgical & Geochemical Laboratory in Chita, Russia.
Mark Trevisiol, President and CEO of Silver Bear, commented, "This represents
another positive step for our silver project. Having a high grade silver deposit
with open pit access for mining, combined with metal recoveries as demonstrated,
solidifies the strong economics in our Preliminary Economic Assessment released
earlier this year. We will use these very encouraging results to complete
further testing to optimize our processing plant design as we move to full
feasibility."
Table 1 - Metallurgical Test Results
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Cyanide
Concentration
Test Ag Recovery, % Test Time (hours) (g/L)
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Diagnostic Leach Test 89.6 Not Applicable Not Applicable
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Gravity Concentration &
leach test 89.2 72 5
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Gravity Concentration &
leach test 88.3 72 2
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Gravity Concentration &
leach test 93.30 144 2
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Gravity Concentration &
leach test 81.8 96 1
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(i)Notes: All samples were crushed to 0.075 mm passing 80%.
Silver Bear has a National Instrument 43-101 ("NI 43-101") compliant resource
estimate on its Vertikalny Deposit (Table 2) and a mining licence on the Deposit
to the year 2033. The Deposit is contained within the Mangazeisky exploration
property of which Silver Bear holds an exploration licence.
Table 2 -Estimated Mineral Resources Prepared In Accordance With NI 43-101
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Cut-Off
Area Grade (g/t) Indicated Inferred
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Tonnes Ag Ag Tonnes Ag Ag
(Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
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Vertikalny
Deposit,
Central Zone 180 1.1 518 17.9 1.1 649 23.8
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Vertikalny
Deposit,
Northwest Zone 180 0 0 0 0.5 379 6.6
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Nizhny Endybal
Deposit 75 0 0 0 3.2 133 13.5
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Total - 1.1 518 17.9 4.8 282 43.9
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-- Notes: 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. Mr.Rob
Davies, CGeol.,EurGeol.,PMP Eur.Ing. of Tetra Tech, is an independent
qualified person pursuant to NI 43-101 who has verified the mineral
resource estimates originally signed-off in 2011 and 2013 as current.
The mineral resource estimates are disclosed above in Table 2. Cut-off
grades for the Vertikalny resource and Nizhny Endybal resource are 180
g/t Ag and 75 g/t Ag respectively. Other notes:
-- Vertikalny - to be operatied initially as open pit then an
underground mine with 1.2 m minimum mining width, in-situ density of
3.45 t/m3 for mineralized material, long term Silver price of
$22.74/ounce Ag. The effective date of the estimated Vertikalny
mineral resource is February 23, 2011.
-- Nizhny Endybal - to be operated by open pit methods, in-situ density
of 2.9 t/m3 for mineralized material, long term silver price of
$22.0/oz. The effective date of Nizhny Endybal estimated mineral
resource is September 20, 2012.
-- Mineral resources may be subject to legal, political, environmental,
social and other risks that may significantly affect the potential
development of the mineral resources. See Cautionary Notes set out
below.
-- Please refer to the technical report titled "Technical Report on the
Mangazeisky Property" dated February 15, 2013 prepared by Andy
Carter, B.Sc., C.Eng., MIMM, MASIMM, SME, Paul Gribble, FIMMM,
C.Eng., Paul Daigle, P. Geo. and Jonathan Gideon, C. Eng. FIMMM the
"Mangazeisky Technical Report", filed under the Company's profile on
SEDAR.
-- For additional information pertaining to the results of the
Company's preliminary economic assessment, readers should also refer
to the PEA, titled "Preliminary Economic Assessment on the
Mangazeisky Silver Project, Russia" dated February 27, 2014 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. (the "PEA"),
which is discussed in the Company's Annual Information Form and
available under the Company's profile on SEDAR.
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 119,456,550
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 metallurgical leaching tests were performed at SGS Metallurgical &
Geochemical Laboratory in Chita, Russia. The Chita Lab is accredited under
Certificate POCCRU.001.214U28, August 2, 2011. The tests have been reviewed and
approved by Andy Carter C Eng., MIMMM of Tetra Tech and the work has been
completed under the supervision of Mike Hallewell C Eng., FIMMM, FSAIMM, FMES,
of SGS Labs, both individuals are independent of Silver Bear and are qualified
persons under NI 43-101 standards. 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. As the President and CEO of Silver Bear, Mr. Trevisiol is not
considered independent.
Cautionary Notes
The preliminary economic assessment ("PEA") 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 metallurgical recoveries from the primary leach
optimisation tests, 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.
For further details, please visit www.silverbearresources.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Mark Trevisiol, President and Chief Executive Officer
Silver Bear Resources Inc.
65 Queen Street West, Suite 825, P.O. Box 71
Toronto ON, M5H 2M5
+1-416-861-5893
mtrevisiol@silverbearresources.com
Robin Birchall
Executive Chairman
Silver Bear Resources Inc.
1 Adam Street
London, WC2N 6LE
UK+44 771 131 3019
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