Silver Bear Intersects 114 Meters of 97 g/t of Silver Near Surface, Includes 37 Meters of 200 g/t of Silver Containing 8 Meters of 602 g/t of Silver
TORONTO, ONTARIO -- (Marketwire) -- 08/08/12 -- Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX: SBR) is pleased to announce early drill results from its 2012 drill program on its Mangazeisky silver property located in Yakutia, Russia (the "Property"). As shown in Figure 3, the Property hosts more than 100 silver occurrences in a major North-Northwest trending mineralized structure that stretches along a 35 kilometre corridor. Drilling has confirmed management's belief in the potential to increase the current NI 43-101 compliant mineral resource estimate of 1.1 million tonnes containing 17.9 million ounces silver at 518 g/t Ag of 'Indicated' mineralization and 1.7 million tonnes containing 30.5 million ounces silver at 562 g/t Ag of 'Inferred' mineralization, as set out in its technical report dated September, 2011 (see Press Release, September 28, 2012).
As part of the 2012 exploration program, a follow-up on a prospective area called Nizhny Endybal was planned. Approximately 2,500 meters of drilling have been completed this year in this area and roughly 1,000 meters more in 2011, the last two drill seasons on this prospect. Silver Bear has now received some of the early assay results with more pending laboratory completion. Highlights of early drill core assays include:
-- 114 meters @ 97 g/t of Silver, hole End-25
-- Includes 37 meters of 200 g/t of Silver
-- The above 37 meters Includes 8 meters of 602 g/t of Silver
-- 12 meters @236 g/t of Silver, hole End-22
-- Includes 4 meters of 526 g/t of Silver
-- 10 meters @ 218 g/t of Silver, hole End-20
-- Includes 4 meters of 498 g/t of Silver
All above quoted drill core measurements are drill intersection lengths. See Table 1 for all current drill results.
Commenting on the early results, Mark Trevisiol, President and CEO of Silver Bear said, "We believe these results enhance our potential to expand our current Silver resources and reinforces management's belief that there are potentially numerous "satellite" deposits to augment our existing feed supply from our defined Vertikalny resource area. This extra potential feed source is currently outside of the Preliminary Economic Assessment ("PEA") released last year."
Table 1 - Drill Assays
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Drill Depth Depth (i)Intercept Silver
Zone Hole From (m) To (m) Width (m) g/t
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Nizhny Endybal END-20 76 113 37 133
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incl. 76 79 3 195
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and incl. 78 79 1 506
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incl. 84 99 15 138
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incl. 103 113 10 218
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and incl. 112 113 1 1680
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END-21 nsv
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END-22 107 119 12 236
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incl. 107 111 4 526
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END-23 118 157 39 60
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incl. 118 119 1 742
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incl. 131 134 3 92
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incl. 139 143 4 151
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and incl. 142 143 1 292
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incl. 150 157 7 67
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END-24 124.5 137.5 13 77
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incl. 128.5 130.5 2 240
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and incl. 128.5 129.5 1 315
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incl. 136.5 137.5 1 134
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END-25 33 147 114 97
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incl. 33 50 20 93
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and incl. 33 36 3 251
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incl. 75 82 7 126
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incl. 92 129 37 200
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and incl. 121 129 8 602
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and incl 121 122 1 4425
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incl. 128 129 1 300
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incl. 142 149 7 75
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and incl. 148 149 1 289
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incl. 155 157 2 43
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incl. 163 165 2 41
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END-26 85 88 3 62
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incl. 87 88 1 136
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END-26 125 194 69 55
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incl. 138 157 19 64
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and incl. 143 144 1 310
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and incl. 155 156 1 261
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incl. 163 170 7 83
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incl. 178 194 16 73
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and incl. 189 190 1 228
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END-27 7 10 3 47
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END-27 138 168 30 80
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incl. 138 154 16 82
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and incl. 147 148 1 279
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incl. 158 168 10 103
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and incl. 164 166 2 194
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END-29 95 99.9 3.8 46
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incl. 97.7 98.8 1.1 96
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END-30 87 88 1 106
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END-30 115 120 5 41
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incl. 115 116 1 56
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incl. 119 120 1 141
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Note: True Width is roughly 60% of Intercept Width.
Nizhny Endybal, is located approximately 3 kilometres from the Vertikalny deposit (see figure 3). Interpretation of assay results from the drill-core is ongoing. The area remains open to the North East and to the South West. The mineralization is exposed in the cliff face and drilling has identified additional mineralization. Figures 1 and 2 identify the volume of mineralization (shapes in yellow) as interpreted to date.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/sbr0808fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/sbr0808fig2.pdf.
Silver Bear also completed an airborne geophysics study covering approximately 300 square kilometres. The results are currently being compiled and analyzed. The Company expects a final report from its Geophysics contractor within the next month.
Recently, the Company has received acceptance of its resource calculation at its Vertikalny Resource by Russian Federal authorities. This calculation was part of the Russian Prefeasibility Study ("TEO") submitted in December 2011 to Russian authorities. This is a milestone for Silver Bear as it represents another step towards receipt of a mining license for its Vertikalny resource. In parallel, for the prospective areas outside of the Vertikalny resource, Silver Bear has made application for an exploration license extension. Silver Bear expects results on this extension by Q4.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/sbr0808fig3.pdf.
Geological Sampling Procedures
A Quality Assurance/Quality Control program is part of the drilling program on the Mangazeisky deposits. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling. Prior to 2011 analysis was carried out at Russian certified laboratories in Yakutsk and Aldan. Analysis for 2012 was completed by ALS Chemex in Chita, Russia.
Mr. P. Gribble, FIMMM C.Eng, of Tetra Tech (formerly Wardrop), is the independent qualified person who prepared the mineral resource estimates disclosed herein, and has reviewed the scientific and technical information contained in this news release. Tetra Tech completed a NI 43-101 Technical Report supporting the mineral resource estimate. Tetra Tech also completed the preliminary economic assessment ("PEA") discussed in this news release, released by Silver Bear September 28, 2011.
Mark Trevisiol, P.Eng, President and CEO of Silver Bear is the Company's designated qualified person under National Instrument 43-101 and has reviewed and approved the information in this press release.
Forward-Looking Information
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. 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. The head office of Silver Bear Resources is located at:
65 Queen Street West
Suite 805, P.O. Box 71
Toronto, ON M5H 2M5
For further details, please visit www.silverbearresources.com.
Contacts:
Silver Bear Resources Inc.
Dominique Vaillancourt
Manager, Investor Relations
(416) 309-4397
dvaillancourt@silverbearresources.com
Silver Bear Resources Inc.
Mark Trevisiol
President and Chief Executive Officer
(416) 861-5893
www.silverbearresources.com