Table 1 |
Prospect Area | Indicated Resource | Inferred Resource | ||||||||||
Tonnes (M) | Ag (g/t) | Oz (M) | Tonnes (M) | Ag (g/t) | Oz (M) | |||||||
Vertikalny Central Zone |
|
1.1 |
|
518.2 |
|
17.9 |
|
1.1 |
|
649.3 |
|
23.8 |
Vertikalny North West Zone |
|
Nil |
|
|
|
|
|
0.5 |
|
379.4 |
|
6.6 |
Nizhny Endybal | Nil | 3.2 | 133 | 13.5 | ||||||||
Total Indicated | Total Inferred | |||||||||||
Total | Tonnes (M) | Ag (g/t) | Oz (M) | Tonnes (M) | Ag (g/t) | Oz (M) | ||||||
1.1 | 518 | 17.9 | 4.9 | 282 | 43.9 |
This year the Company completed over 3,000 meters of
drilling on its property, and in doing so, expanded its inferred mineral
resource estimate by 13.5 million ounces of Silver through delineating
known mineralization on its Nizhny Endybal prospect area (see above
Table 1 and announcement
Further, after receipt of its Certificate of First Discovery (see announcement
Financial Results
Net Loss
Silver Bear incurred a net loss for the nine-month period ended
Exploration costs were
Silver Bear incurred a net loss for the three-month period ended
Exploration costs were
Liquidity and Capital Resources
At
Silver Bear Resources Inc. |
Condensed Consolidated Interim Statement of Financial Position |
(Canadian dollars) | |||||
(Unaudited) | |||||
September 30, | December 31, | ||||
2012 | 2011 | ||||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 732,794 | 4,282,883 | |||
Receivable | 469,610 | 714,033 | |||
Inventories | 1,752,368 | 573,727 | |||
Prepaid expenses | 197,581 | 210,433 | |||
Total current assets | 3,152,353 | 5,781,076 | |||
Non-current assets | |||||
Mineral property | 1,209,153 | 1,212,964 | |||
Property, plant and equipment | 2,068,530 | 636,008 | |||
Total assets | 6,430,036 | 7,630,048 | |||
LIABILITIES | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | 1,023,113 | 617,446 | |||
Finance lease | 218,721 | - | |||
Total current liabilities | 1,241,834 | 617,446 | |||
Non-current liabilities | |||||
Asset retirement obligation | 577,645 | 579,478 | |||
Finance lease | 284,542 | - | |||
Total liabilities | 2,104,021 | 1,196,924 | |||
EQUITY | |||||
Equity attributable to owners of Silver Bear Resources Inc. | |||||
Capital Stock | 83,580,384 | 78,730,574 | |||
Contributed surplus | 11,318,054 | 10,081,156 | |||
Accumulated other comprehensive loss | (646,753 | ) | (497,307 | ) | |
Deficit | (89,925,670 | ) | (81,881,299 | ) | |
Total equity | 4,326,015 | 6,433,124 | |||
Total liabilities and shareholders' equity | 6,430,036 | 7,630,048 |
Silver Bear Resources Inc. | ||||||||||
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss | ||||||||||
For the three and nine months ended September 30, 2012 and 2011 | ||||||||||
(Canadian dollars) | ||||||||||
(Unaudited) | ||||||||||
For the three months ended | For the nine months ended | |||||||||
September 30, | September 30, | September 30, | September 30, | |||||||
2012 | 2011 | 2012 | 2011 | |||||||
Income | ||||||||||
Interest income | 1,941 | 39,424 | 10,242 | 96,547 | ||||||
1,941 | 39,424 | 10,242 | 96,547 | |||||||
Expenses | ||||||||||
Exploration costs | 877,740 | 3,792,524 | 5,256,570 | 4,573,847 | ||||||
General and administrative | 458,657 | 897,726 | 1,753,255 | 1,645,227 | ||||||
Depreciation | 41,172 | 28,959 | 157,982 | 296,974 | ||||||
Share-based payments | 286,813 | 357,845 | 843,363 | 622,558 | ||||||
Accretion expense | - | 2,230 | - | 6,766 | ||||||
Interest expense | 15,473 | - | 37,873 | - | ||||||
Foreign exchange (gain) loss | (71,725 | ) | (42,201 | ) | 5,570 | (37,907 | ) | |||
Expenses from operations | 1,608,130 | 5,037,083 | 8,054,613 | 7,107,465 | ||||||
Net loss for the period | (1,606,189 | ) | (4,997,659 | ) | (8,044,371 | ) | (7,010,918 | ) | ||
Other comprehensive income | ||||||||||
Exchange differences on translating foreign operations | 9,951 | - | (149,446 | ) | 135,370 | |||||
Comprehensive loss for the period | (1,596,238 | ) | (4,997,659 | ) | (8,193,817 | ) | (6,875,548 | ) | ||
Weighted average number of common shares outstanding | 53,576,090 | 44,203,214 | 49,353,671 | 40,552,736 | ||||||
Basic and diluted loss per share | (0.03 | ) | (0.11 | ) | (0.16 | ) | (0.17 | ) |
Silver Bear Resources Inc. | |||||||||||||||
Condensed Consolidated Interim Statement of Changes in Equity | |||||||||||||||
For the three and nine months ended September 30, 2012 and 2011 | |||||||||||||||
(Canadian dollars) | |||||||||||||||
(Unaudited) | |||||||||||||||
Attributable to equity owners of Silver Bear Resources Inc. | |||||||||||||||
Share capital |
Contributed surplus |
Accumulated other comprehensive loss |
Deficit | Total equity | |||||||||||
Balance - December 31, 2010 | 73,771,289 | 9,166,433 | (211,508 | ) | (69,356,972 | ) | 13,369,242 | ||||||||
Net loss for the period | - | - | - | (7,010,918 | ) | (7,010,918 | ) | ||||||||
Other comprehensive income (net of tax): | |||||||||||||||
Cumulative translation adjustment | - | - | (213,142 | ) | - | (213,142 | ) | ||||||||
Comprehensive income (loss) for the period | - | - | (213,142 | ) | (7,010,918 | ) | (7,224,060 | ) | |||||||
Share based payments | - | 622,558 | - | - | 622,558 | ||||||||||
Options exercised | 10,060 | (4,926 | ) | - | - | 5,134 | |||||||||
Net proceeds from issuance shares in private placement | 4,949,225 | - | - | - | 4,949,225 | ||||||||||
Balance - September 30, 2011 | 78,730,574 | 9,784,065 | (424,650 | ) | (76,367,890 | ) | 11,722,099 | ||||||||
Balance - December 31, 2011 | 78,730,574 | 10,081,156 | (497,307 | ) | (81,881,299 | ) | 6,433,124 | ||||||||
Net loss for the period | - | - | - | (8,044,371 | ) | (8,044,371 | ) | ||||||||
Other comprehensive income (net of tax): | |||||||||||||||
Cumulative translation adjustment | - | - | (149,446 | ) | - | (149,446 | ) | ||||||||
Comprehensive income (loss) for the period | - | - | (149,446 | ) | (8,044,371 | ) | (8,193,817 | ) | |||||||
Share based payments | - | 843,363 | - | - | 843,363 | ||||||||||
Options exercised | - | ||||||||||||||
Net proceeds from issuance shares in private placement | 4,849,810 | - | - | - | 4,849,810 | ||||||||||
Warrants | - | 393,535 | - | - | 393,535 | ||||||||||
Balance - September 30, 2012 | 83,580,384 | 11,318,054 | (646,753 | ) | (89,925,670 | ) | 4,326,015 |
The primary business of the Company is the evaluation, acquisition, exploration and development of silver properties in the
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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