Silver Bear Resources Announces Updated Mineral Resource Estimate for the Mangazeisky Silver Project, Yakutia, Russia: Indicated Mineral Resource Increase by Over 30%
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/26/15 -- Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX: SBR) is pleased to announce that it has received an updated Mineral Resource estimate reported in accordance with the National Instrument 43-101 ("NI 43-101") from Tetra Tech for its Vertikalny prospect within the Mangazeisky property.
Highlights Include:
Silver Bear's CEO, Graham Hill commented: "We are extremely pleased with the increase in contained silver and silver grade of the new Vertikalny Indicated Mineral Resources. At an Indicated Resource grade of 909 g/t Ag, the Vertikalny mineralised system we believe, may be considered one of the higher grade silver deposits under development. Furthermore, the resource update demonstrates that the Vertikalny mineralisation now extends to surface and is coherent along the majority of its strike length. Based on these updated results, we look forward to the completion of our feasibility study which is currently underway."
Executive Chairman Robin Birchall said, "I am very pleased with the progress that the Company has made under the direction of our new CEO Graham Hill. Graham has, in a very short period of time, established his control over the operation and brought new working procedures to bear that have both implemented firm cost control and given new impetus to the Company as we pursue the goal of mine development at the Mangazeisky project."
Following the completion of a program of infill drilling, Tetra Tech has updated the Mineral Resource estimate for the Vertikalny Central and Northwest deposits from the February 2011 Report, as set out below in Table 1.
Table 1 Updated Mineral Resource Tabulation for the Vertikalny Deposits of the Mangazeisky Property
Tetra Tech has adopted the definition of Mineral Resources as outlined within the CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2010) in order to classify the resources.
The effective date of the updated Mineral Resource estimate is 10th February 2015. A technical report detailing the updated Mineral Resource estimate, in accordance with the NI 43-101, will be filed on SEDAR within 45 days of the issue of this announcement.
Mineral Resource Estimation Assumptions and Methods
Key Assumptions used to estimate the updated Mineral Resource estimate are:
The estimated silver grade distribution for Vertikalny Central zone is illustrated in Figure 1.
To view Figure 1 Vertikalny Central Silver Grade Distribution, please visit the following link: .
Grade Tonnage Sensitivity
The Vertikalny block model has been reported at a range of cut-off's to provide an indication of the grade tonnage sensitivity, Table 2.
Table 2 Grade Tonnage Sensitivity Tables
The Mangazeisky property contains a number of satellite deposits that are being explored by Silver Bear, one of which is Nizhny Endybal located some 3 km to the south east of Vertikalny. In September 2012 Tetra Tech estimated the Mineral Resource of the Nizhny Endybal deposit, which is shown along with Vertikalny Central and Vertikalny Northwest estimates in Table 3 as a summary of the total Mineral Resources for the Mangazeisky property.
Table 3 Total Resources for the Mangazeisky Property
Notes: The effective date of the Nizhny Endybal Mineral Resource is 11th September 2012. Nizhny Endybal Mineral Resource is reported at a 75 g/t cut-off grade based upon the following assumptions: Open pit mining, US $22 /oz silver price and assumed total operating cost of US $50 /t. 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 3 above.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Geological and 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, Russia. Analysis for 2012, 2013, 2014 and 2015 campaigns were completed by ALS Chemex in Chita, Russia.
Qualified Person
The updated Indicated and Inferred Mineral Resource estimate was prepared by Mr. Robert Davies, B.Sc., European Geologist (EurGeol) and Chartered Geologist (CGeol). Mr. Davies is Senior Resource Geologist at Tetra Tech and is a "qualified person" as such term is defined in NI 43-101. Mr. Davies has reviewed the technical and scientific information in this press release relating to the Mineral Resource estimates and has approved the use of the information contained herein. The updated Mineral Resource estimates were generated using the parameters set out above under Table 1.
About Silver Bear
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 km 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 161,089,517 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 .
Cautionary Notes
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 risk factors include but are not limited to risk 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.
Contacts:
Silver Bear Resources Inc.
Graham Hill
President and Chief Executive Officer
UK + 44 755 2524 982
Silver Bear Resources Inc.
Robin Birchall
Executive Chairman
UK + 44 771 131 3019
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Datum: 26.02.2015 - 14:11 Uhr
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