Silver Bear Resources Inc. (“Silver Bear” or the “Company”) is listed on the Toronto Stock Exchange under the ticker symbol "SBR". The primary business of the Company is the acquisition, exploration, evaluation and development of silver properties in the Russian Federation. The Company's principal focus is the Mangazeisky exploration licence and the Vertikalny Deposit, over which Silver Bear has exclusive exploration and mining rights. The project is located approximately 400 km north of Yakutsk in the Republic of Sakha (Yakutia), Russian Federation.
In September 2013, the Company was granted a 20-year Mining Licence for the Vertikalny deposit. In September 2016, the Company was granted a seven-year extension to the term of its wholly-owned Exploration Licence, which now contains no requirements for minimum work on drilling and trenching.
In June 2016, the Company announced the positive results of NI 43-101 Feasibility Study for the Vertikalny deposit, subsequently on July 5, 2016 the Company filed the Technical Report on SEDAR. In August 2016, the Company initiated an update on the mine plan and feasibility study following the resource update at the Vertikalny deposit. In October 2016, the Company announced the results of the Updated Feasibility Study which included significant improvements in the NPV and IRR with only a nominal increase in the capital costs. The Updated Feasibility Study NI 43-101 Technical Report was filed on SEDAR in November 2016
As of October 2016, the Company's most recent NI 43-101 mineral reserve and resource estimates included a Reserve of 822 kt averaging 852 g/t Ag totaling 22.5 million ounces of Silver, an Indicated mineral resource of 1.0 Mt averaging 1,045 g/t Ag totaling 33.8 million ounces of Silver, and an additional Inferred mineral resource of 1.5 Mt averaging 511 g/t Ag, totaling 24.2 million ounces of Silver. Refer to Projects / Resource and Reserves section for full details.
In November 2016, the Company released an update on the mine development at its Vertikalny deposit. Notably the construction at that time was approximately 60% complete, with project expenditure to date approximately US$30 million of the proposed US$49.9 million budget. In addition, the Company announced a short delay in starting production ramp-up which was expected to be in the first quarter of 2017 with full production expected in the first half of 2017.