Mining License Issued to Silver Bear

September 03, 2013

TORONTO, ONTARIO--(Marketwired - Sept. 3, 2013) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) today announces a major step forward in the development of the company's main project at its Mangazeisky property in Russia. The Russian State Subsoil Agency ("Rosnedra"), in co-operation with Yakutnedra (regional subsoil authority), has granted the Company a mining license for the company's Vertikalny Deposit on its Mangazeisky property in Russia. The mining license is valid for a period of twenty years.

The mining license covers production from its Vertikalny deposit and provides for a minimum production rate of 180,000 tonnes of ore per year. Silver Bear believes this production target is reasonable and achievable. Table 1 sets out the Company's mineral resource estimate prepared in accordance with National Instrument 43-101 ("NI 43-101") which shows a total ore tonnage of approximately 2.7 million tonnes of ore at the Vertikalny deposit. The Preliminary Economic Assessment ("PEA") released in September, 2011 had a production rate of approximately 340,000 tonnes of ore per year, well within the mining license permission (see notes in relation to the PEA below).

"This is a significant milestone for Silver Bear," said CEO Mark Trevisiol. "Silver Bear is amongst a very select group of foreign companies to have successfully negotiated the Russian licensing process. It is a tribute to the team in place in Russia and in Canada that we have achieved this result. This achievement now opens the way for the next phase in the project's development. Additionally, having the mining license in hand increases Silver Bear's attraction to investors who have been closely following developments of the project. I would also like to acknowledge the support from both the Russian and Canadian governments and their active participation in helping Silver Bear throughout the licensing process. Few foreign companies have got this far in their efforts, so this is not only positive for Silver Bear but for all mining investment in Russia."

Further, the company has, through the summer of 2013, conducted exploration on its Mangaziesky property and plans to provide an update on its achievements in the coming weeks. CEO Mark Trevisiol commented, "we are very satisfied with our operational progress over this summer and look forward to updating the markets in due course."

Table 1 - Summary of Mineral Resource Estimates Prepared in Accordance with NI 43-101-

Prospect Area Indicated Resource Inferred Resource
Tonnes (M) Ag (g/t) Oz (M) Tonnes (M) Ag (g/t) Oz (M)
Vertikalny Central Zone 1.1 518.0 17.9 1.1 649.0 23.8
Vertikalny North West Zone 0.5 379.0 6.6
Nizhny Endybal 3.2 133 13.5
Total 1.1 518 17.9 4.9 282 43.9

Notes to Table 1:

  • The effective date of the Vertikalny mineral resource estimate is September 28, 2011 and the effective date of the Nizhny Endybal mineral resource estimate is September 20, 2012.
  • Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves.
  • 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 1.
  • Silver price used for the above mineral resource estimate is $22.50/oz, cut-off grade used for Vertikalny mineral resource estimate is 180 g/t Ag, cut off grade for Nizhny Endybal mineral resource estimate is 75 g/t Ag. See technical report filed on SEDAR dated February 15, 2013.

Mark Trevisiol P.Eng, President and CEO of Silver Bear and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

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 and the Vertikalny Deposit mining license, over which Silver Bear has exclusive exploration/mining 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 ticker symbol "SBR". Silver Bear has 62,149,949 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


PEA report

The Preliminary Economic Assessment report was prepared by Wardrop under the supervision of Mr. P. Gribble, FIMMM C.Eng., who is an independent qualified person as defined in National Instrument 43-101. 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. The PEA is based on mineral resources estimates published in March 2011, which do not reflect exploration conducted since their effective date of February 25, 2011, and the PEA does not reflect the latest inferred mineral resource estimate on the Nyizhny Endybal Deposit published by Silver Bear effective September 20, 2012. Certain assumptions used in the PEA, some of which relate to the February 2011 mineral resource estimate, may have changed from those used for the new resource estimate, causing a variation of parameters. Moreover, the updated mineral resource estimate on Nyizhny Endybal may have an impact on Silver Bear's plans on how it intends to develop the deposit. 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.

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 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.

Contact Information:

Silver Bear Resources Inc.

Mark Trevisiol

President and Chief Executive Officer


Robin Birchall

Executive Chairman

+44 207 389 0907