Silver Bear Resources Announces 2011 Annual Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/28/12 -- Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX: SBR) announces today its financial results for the year ended December 31, 2011, prepared in accordance with International Financial Reporting Standards ("IFRS"). All dollar amounts are stated in Canadian dollars unless otherwise indicated.
Silver Bear is an exploration company with its principal property being its Mangazeisky lease located within Yakutia, Russia. The property, which covers 570 square kilometres, hosts more than 100 silver occurrences in a major north-northwest trending mineralized structure that extends along a 35 kilometre corridor within its lease. Drilling by Silver Bear has delineated a National Instrument 43-101 (NI 43-101) indicated mineral resource of 1.1 million tonnes averaging 514 grams per tonne of silver totaling 18 million ounces, and an additional inferred mineral resource of 1.7 million tonnes averaging 554 grams per tonne of silver totaling 31 million ounces of silver (see press release March 28, 2011).
Financial Results
Silver Bear incurred a net loss for the year ended December 31, 2011 of $12.52 million, or $0.30 per share. This compares to a net loss of $2.29 million or $0.06 per share for the year ended December 31, 2010.
Exploration costs were $9.03 million in the year ended December 31, 2011 compared with $1.48 million for the year ended December 31, 2010. General and administrative expenses for the year ended December 31, 2011 were $2.40 million compared with $1.57 million in the prior year. Non-cash items for the year ended December 31, 2011 were $1.25 million compared with $0.74 million in the year ended December 31, 2010. Interest income for the year ended December 31, 2011 was $0.12 million compared with $0.07 in the prior year. Other income related to a VAT refund from prior years of $1.43 million was recorded in the year ended December 31, 2010.
Silver Bear incurred a net loss for the three months ended December 31, 2011 of $5.51 million, or $0.12 per share. This compares to a net loss of $0.87 million or $0.02 per share for the same period ended December 31, 2010.
In general, most cost categories have increased during the year ended December 31, 2011 when compared to the prior year, as a result of the increased exploration activity and more active investor relations activities in order to increase the Company profile.
Liquidity and Capital Resources
At December 31, 2011, Silver Bear had cash and cash equivalents of $4.28 million. The Company has no debt outstanding. Silver Bear anticipates that it has a sufficient amount of cash and cash equivalents to meet its short term objectives. Additional funding may be required in the longer term. Silver Bear budgeted for a 5,000 cubic metre trenching program in 2011 at a cost of $1.60 million with an additional $1.40 million of corporate costs. Silver Bear expanded its 2011 exploration program to include a drilling program. A planned drilling program of 15,000 metres was not achieved last year. Silver Bear completed 9,100 meters of drilling in 2011. Variances between drill metres achieved and those budgeted were mainly due to later than expected commencement of drilling, which occurred in late July, rather than late June as anticipated. Later drilling was due primarily to delays from the transport of drilling equipment to site. As well, certain unfavorable ground conditions and equipment breakdowns affected targeted drilling performance.
Subsequent to the end of the year, as previously announced, on March 16, 2012 the Company completed a non-brokered private placement financing of 4,375,000 common shares of the Company (the "Common Shares") at an issue price of $0.80 for gross proceeds in the amount of $3,500,000 (the "Private Placement").
Tabac Ventures Limited ("Tabac"), a company affiliated with Aterra Capital, (an investment fund established by Alexey Mordashov), acquired all of the Common Shares issued in connection with the Private Placement. In connection with the terms of the share purchase agreement entered into between the Company and Tabac, it is anticipated that a nominee of Tabac will be appointed to the Board of Directors of the Company. The Company intends to use the net proceeds of the Private Placement to fund exploration activities and improve infrastructure at the Company's Mangazeisky property in Yakutia, Russia.
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, over which Silver Bear has exclusive exploration 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 symbol "SBR". Silver Bear has 48,578,902 issued and outstanding common shares. Other information relating to Silver Bear is available on SEDAR at as well as on the Company's website at .
Forward-Looking Information
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.
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Contacts:
Silver Bear Resources Inc.
Dominic Vaillancourt
Manager Investor Relations
416 309 4397
Silver Bear Resources Inc.
Mark Trevisiol
President and Chief Executive Officer
416-309-2131
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Datum: 28.03.2012 - 21:00 Uhr
Sprache: Deutsch
News-ID 129647
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Mining & Metals
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