Silver Bear Files Its Mangazeisky Preliminary Economic Assessment Technical Report

March 31, 2014

TORONTO, ONTARIO--(Marketwired - March 31, 2014) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) announces that it has filed a technical report prepared in accordance with National Instrument 43-101 entitled "Preliminary Economic Assessment on the Manganziesky Silver Project Russia" in support of its February 27, 2014 news release, which outlined the positive economic results of the Mangazeisky Silver Project in Yakutia, Russia.

Key Highlights of the PEA are as follows and include:

  • Internal Rate of Return (IRR) = 63% at $20/oz long term silver forecast price
  • Initial Project Capital US $39 Million
  • Sustaining Project Capital of US$51 million
  • Net present Value (NPV) at 5% discount of US $129.9 Million
  • In first 5 years of operation
    • Average Silver Grade processed = 911 g/tonne Silver
    • Recovered Silver Cash Cost for first five years(1) = $5.55/oz Silver (excludes by product credits)
    • Approximate mining processing rate rate per day = 300 tonnes per day (tpd)
    • Average Payable Silver per year = 2.6 Million oz/yr
  • 19 year mine life
    • Open pit mining method for first 10 years
    • Underground operation extends mine life to 19 years
  • All mineralised material is sourced from Silver Bear's Vertikalny deposit alone
  • Silver Bear expects construction of the facility to take approximately 18 to 24 months following the completion of a feasibility study and the receipt of required permits.

The Technical Report is available under the Company's profile on SEDAR at

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, 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 95,137,800 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


The PEA was prepared by Jacques du Toit, Pr.Eng., MSc.Eng., PMP, Robert Davies, B.Sc. (Hons), CGeol., EurGeol., PMP Eur.Ing. Andrew Carter, C.Eng., MIMMM, MSAIMM, SME, Anton Von Wielligh, B.Eng. (Hons), Pr.Eng. ECSA, SAIMM, Michael McLaughlin, P.Eng and Laszlo Bodi, P.Eng. from Tetra Tech, all of whom are independent qualified persons as defined in National Instrument 43-101. Mark Trevisiol P.Eng, President and CEO of Silver Bear is a qualified person under National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.

Cautionary Notes

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. 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.

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. Without limitation to the foregoing, the following are forward looking statements: the PEA, including without limitation projected initial capital, sustaining costs, IRR, NPV, average grade processed, mining rate, expected mine life, expected construction period, mineral resources and pay back period. 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 uncertainties inherent to preliminary economic assessments, which are based on many assumptions that might not be realized, risks with respect to operating in Russia, downward fluctuations in silver prices, regulatory risks, including with respect to obtaining all required permits, corruption and other 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.

Cash costs per ounce of silver are non-GAAP measures. Cash costs per ounce of silver presented do not have a standardized meaning prescribed under IFRS and may not be comparable to similar measures presented by other companies. This measure is presented to serve as a key indicator of a company's potential ability to generate revenue and cash flow from its mining operations. This measure should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of operating costs that would presented under IFRS.

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(1) Cash cost per ounce of silver constitutes a non-GAAP measure. See Cautionary Notes.

Contact Information:

Mark Trevisiol, President and Chief Executive Officer
Silver Bear Resources Inc.
65 Queen Street West, Suite 825, P.O. Box 71
Toronto ON, M5H 2M5

Robin Birchall, Executive Chairman
Silver Bear Resources Inc.
1 Adam Street
London, WC2N 6LE
UK+44 771 131 3019