Silver Bear's Metallurgical Test Hole Delivers 29 Meters of 1,960 g/t Silver Containing 12 Meters of 3,802 g/t Silver, Drilling Down Dip in Vertikalny Ore Body
TORONTO, ONTARIO -- (Marketwire) -- 09/06/12 -- Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX: SBR) is pleased to announce further drill results from its 2012 drill program on its Mangazeisky silver property located in Yakutia, Russia (the "Property"). As shown in Figure 1 set out below, the Property hosts more than 100 silver occurrences in a major North-Northwest trending mineralized structure stretching along a 35 kilometre corridor. Silver Bear has on its Mangazeisky property delineated a 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 (see Press Releases dated, September 28, 2011 and August 8, 2012).
As part of the 2012 exploration program, two metallurgical test holes were completed and drilled down dip in the Vertikalny resource area. Highlights of the holes are shown in Table 1 set out below, demonstrating encouraging results. These holes were primarily drilled to capture several tonnes of mineralization for laboratory metallurgical testing and were located to drill down dip of the ore body. There were a total of four metallurgical holes drilled with two having stopped early due to drilling issues. Location of drill holes are shown on Figure 2 below.
Commenting on the results of the intersections, Mark Trevisiol, President and CEO of the Company said, "this demonstrates the significant grades which Management believes our Mangazeisky property is capable of delivering and is additionally encouraging given that these results were obtained within 74 meters of surface. We will re-examine our resource model to determine if this intersection represents a change to our overall resource in Vertikalny."
Early drilling results from another prospective area close to the Vertikalny resource - Nizhny Endybal- also within the Company's Mangazeisky property were earlier released (see August 8, 2012 Press Release). Further results are pending and the company is investigating a potential Inferred resource on this prospect.
Table 1 - Metallurgical Drill Hole Assays
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)Intercept
Zone Drill Hole Depth From Depth To Width (m) Silver g/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Vertikalny Central V12-198A surface 45 nsv nsv
----------------------------------------------------------
45 74.2 29.2 1960
----------------------------------------------------------
includes 50 66 16 3247
----------------------------------------------------------
includes 54 66 12 3802
----------------------------------------------------------
includes 56 58 2 6394
----------------------------------------------------------
----------------------------------------------------------
----------------------------------------------------------
----------------------------------------------------------
V12-192A surface 6.3 6.3 nsv
----------------------------------------------------------
6.3 34 27.7 477
----------------------------------------------------------
includes 7.7 14 6.3 1006
----------------------------------------------------------
includes 30 34 4 945
----------------------------------------------------------
34 41 13 nsv
----------------------------------------------------------
41 60 19 638
----------------------------------------------------------
includes 47 56 9 1164
----------------------------------------------------------
60 75 15 nsv
----------------------------------------------------------
----------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Drilled lengths, drilling on the dip of the structure.
True widths of the structure in the area of these two holes are
estimated at between 2.5m and 2.6m
nsv = no significant values
To view the figures associated with this press release, please visit the following links:
Figure 1: http://media3.marketwire.com/docs/SBRFigure195.pdf
Figure 2: http://media3.marketwire.com/docs/SBRFigure295.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 Wardrop (formerly Wardrop Engineering), 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 (see September 28, 2011 news release).
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 scientific and technical content of 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
65 Queen Street West, Suite 825
Toronto ON
dvaillancourt@silverbearresources.com
Silver Bear Resources Inc.
Mark Trevisiol
President and Chief Executive Officer
65 Queen Street West, Suite 825
Toronto, Ontario, M5H 2M5
www.silverbearresources.com