Silver Bear Announces the Filing of its Financial Results for the Year Ended December 31, 2014
TORONTO, ONTARIO--(Marketwired - Mar 31, 2015) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) announced the filing of its Financial results for the fourth quarter and the year ended December 31, 2014, effective March 30, 2015.
President and CEO, Graham Hill commented, "We believe that 2015 will be a transformational year for the Company as it progresses its Mangazeisky project towards development and ultimately production. We are on schedule to deliver both a comprehensive NI 43-101 Feasibility Study and the Russian Feasibility Study during the second half of this year that we believe will further demonstrate the excellent potential of the Mangazeisky high-grade silver project. The Company is assessing start-up opportunities that could see utilizing the existing fleet of equipment on-site for a small initial open pit operation, with the ability to stock-pile ore, during the construction phase that could potentially fast-track the Company towards production. Furthermore we will continue to work towards bringing other deposits to Mineral Resource Estimates to ensure the longer term evolution and success of the Company." Mr. Hill added, "The announcement of the US$7 million promissory note financing in March of this year will also help to advance Silver Bear towards its objective of becoming a producer in the near future."
Executive Chairman, Robin Birchall commented, "I am very pleased with the progress that Graham has made in the past few months since joining Silver Bear. The Company has very rapidly and successfully transitioned under his leadership and we now have a line of site on a number of very large and important initiatives. Graham has executed extremely well on a number of operational matters and challenges, in particular delivering equipment and supplies up the winter road in what has been a shortened winter supply season due to warmer than usual climactic conditions. Silver Bear is now well placed to execute on his further plans to move rapidly to developing the deposit."
Highlights - 2014 and Subsequent to Year End
- March 2, 2015 - the Company announced that it has entered into unsecured non-convertible promissory notes with its major shareholders for a total of US$7 million. Proceeds of the financing will include the completion of the NI 43-101 Feasibility Study, Environmental and Social Impact Assessment Study and Russian Feasibility Study, a key component of the Russian design and permitting process, in addition for general working capital purposes. Amounts outstanding under the promissory notes will incur interest at a rate of 15% per year and the principal and interest payable thereon will mature on June 27, 2015.
- February 26, 2015 - the Company announced a NI 43-101 compliant updated Mineral Resource estimate at its Vertikalny deposit located within the Mangazeisky project. The updated Mineral Resources include a 31% increase in contained silver (Ag) troy ounces in the Indicated Mineral Resources category, in addition to a 75% increase in the Indicated Mineral Resource category grade, up from 518 g/t Ag to 909 g/t Ag.
- November 18, 2014 - the Company announced the appointment of Mr. Graham Hill as President, Chief Executive Officer ("CEO") and director of the Company effective November 17, 2014. Mr. Hill is a qualified mechanical engineer who has over 25 years of experience building and operating gold, silver, coal and mineral sand mines internationally.
- June 16, 2014 - the Company announced the results of its primary leach optimization tests on milled ore from its Vertikalny deposit in the Mangazeisky project. Testing resulted in a silver recovery of 88.3%, which was achieved with a practical leach retention time of 72 hours and a silver recovery of 93.3% was achieved at a leach retention time of 144 hours, indicating potential for further optimization.
- April 2, 2014 - The Company announced a private placement financing for gross proceeds of up to $11 million. On May 21, 2014, the Company closed the first tranche of the private placement by issuing 23,700,000 common shares at a price of $0.17 per common share. On August 18, 2014, Silver Bear closed the second and final tranche of the private placement for gross proceeds of $10,951,000.
- February 27, 2014 - Silver Bear announces the robust results of its updated Preliminary Economic Assessment ("PEA"), of which the technical report supporting the PEA was filed on SEDAR on March 31, 2014.
For full December 31, 2014 year-end financial statements and Management's Discussion and Analysis, please refer to the Company website at www.silverbearresources.com and under the Company's profile at the SEDAR website at www.sedar.com.
Jacques du Toit, Pr.Eng., MSc.Eng., PMP and Robert Davies, B.Sc. (Hons), CGeol., EurGeol., PMP Eur.Ing. of Tetra Tech are Qualified Persons under National Instrument 43-101 and have reviewed the scientific and technical information in this release.
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 TSX and its common shares trade under the ticker symbol "SBR". Silver Bear has 161,327,017 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.
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.
Contact
Silver Bear Resources Inc.
Graham Hill
President and Chief Executive Officer
UK+44 755 2524 982
info@silverbearresources.com
Silver Bear Resources Inc.
Robin Birchall
Executive Chairman
UK+44 771 131 3019
rbirchall@silverbearresources.com
Silver Bear Resources Inc.
Judith Webster
Investor Relations Manager
+416 453 8818
jwebster@silverbearresources.com
www.silverbearresources.com