TORONTO, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Silver Bear Resources Plc (“Silver Bear” or the “Company”) (SBR.TO) is pleased to announce the receipt of the licence for usage and storage of hazardous chemical materials (the “Licence”) for its Mangazeisky Silver Project, Republic of Sakha (Yakutia), Russia. With the Licence in hand, the Company can now deliver all necessary reagents to site allowing it to begin final hot commissioning followed by first silver production during the first quarter of 2018.
Graham Hill, President and Chief Executive Officer, commented: “I am delighted to confirm that the granting of the Licence and the imminent official opening of the winter road later in January mean that we will be in a position to begin final hot commissioning leading to silver production in the very short term, in line with our plans. The Licence is an important milestone in the development of the Mangazeisky project, and I would like to thank our dedicated Prognoz team for their commitment and hard work. We are very grateful for the local Government’s ongoing strong support of this important silver project, which we expect will provide positive economic impact to the Republic of Sakha (Yakutia) and local communities. This is very good news for all stakeholders.”
About Silver Bear
Silver Bear (SBR.TO) is focused on the development of its wholly-owned Mangazeisky Silver Project, covering a licence area of approximately 570 km2 that includes the high-grade Vertikalny deposit (amongst the highest- grade silver deposits in the world), located 400 km north of Yakutsk in the Republic of Sakha within the Russian Federation. The Company was granted a 20-year mining licence for the Vertikalny deposit in September 2013 and filed an updated Feasibility Study in August 2017. Project construction and permitting is advancing with first silver production targeted for 2018. Other information relating to Silver Bear are available on SEDAR at www.sedar.com as well as on the Company's website at www.silverbearresources.com.
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, the Company 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 the risk factors identified by the Company 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 the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company 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 the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.