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Mining License Issued to Silver Bear

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Mining License Issued to Silver Bear

 

 

 

 

 

 

 

Silver Bear Resources Inc. (TSX:SBR) today announces a major step forward in the development of the company’s main project at its Mangazeisky property in Russia. The Russian State Subsoil Agency in co-operation with Yakutnedra (regional subsoil authority), has granted the Company a mining license for the company’s Vertikalny Deposit on its Mangazeisky property in Russia. The mining license is valid for a period of twenty years.

 

The mining license covers production from its Vertikalny deposit and provides for a minimum production rate of 180,000 tonnes of ore per year. Silver Bear believes this production target is reasonable and achievable. Table 1 sets out the Company’s mineral resource estimate prepared in accordance with National Instrument 43-101 (“NI 43-101”) which shows a total ore tonnage of approximately 2.7 million tonnes of ore at the Vertikalny deposit. The Preliminary Economic Assessment released in September, 2011 had a production rate of approximately 340,000 tonnes of ore per year, well within the mining license permission (see notes in relation to the PEA below).

 

“This is a significant milestone for Silver Bear,” said CEO Mark Trevisiol. “Silver Bear is amongst a very select group of foreign companies to have successfully negotiated the Russian licensing process. It is a tribute to the team in place in Russia and in Canada that we have achieved this result. This achievement now opens the way for the next phase in the project’s development. Additionally, having the mining license in hand increases Silver Bear’s attraction to investors who have been closely following developments of the project. I would also like to acknowledge the support from both the Russian and Canadian governments and their active participation in helping Silver Bear throughout the licensing process. Few foreign companies have got this far in their efforts, so this is not only positive for Silver Bear but for all mining investment in Russia.”

 

Further, the company has, through the summer of 2013, conducted exploration on its Mangaziesky property and plans to provide an update on its achievements in the coming weeks. CEO Mark Trevisiol commented, “we are very satisfied with our operational progress over this summer and look forward to updating the markets in due course.”

 

Table 1 – Summary of Mineral Resource Estimates Prepared in Accordance with NI 43-101-

 



Prospect Area               Indicated Resource             Inferred Resource
                ------------------------------------------------------------
                Tonnes (M)  Ag (g/t)    Oz (M)Tonnes (M)  Ag (g/t)    Oz (M)
----------------------------------------------------------------------------
Vertikalny
 Central Zone          1.1     518.0      17.9       1.1     649.0      23.8
----------------------------------------------------------------------------
Vertikalny North
 West Zone                                           0.5     379.0       6.6
----------------------------------------------------------------------------
Nizhny Endybal                                       3.2       133      13.5
----------------------------------------------------------------------------
Total                  1.1       518      17.9       4.9       282      43.9
----------------------------------------------------------------------------
 

Notes to Table 1:



--  The effective date of the Vertikalny mineral resource estimate is
    September 28, 2011 and the effective date of the Nizhny Endybal mineral
    resource estimate is September 20, 2012.
--  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. P. Gribble, FIMMM C.Eng, of Tetra Tech Wardrop (formerly Wardrop
    Engineering), is the independent qualified person who prepared the
    mineral resource estimates disclosed in Table 1.
--  Silver price used for the above mineral resource estimate is $22.50/oz,
    cut-off grade used for Vertikalny mineral resource estimate is 180 g/t
    Ag, cut off grade for Nizhny Endybal mineral resource estimate is 75 g/t
    Ag. See technical report filed on SEDAR dated February 15, 2013.
 

 

 

Mark Trevisiol P.Eng, President and CEO of Silver Bear and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

 

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 mining license, 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 62,149,949 issued and outstanding common shares.

Posted September 3, 2013

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