TORONTO, ONTARIO--(Marketwired - July 16, 2015) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce that an order has been placed with CITIC Heavy Industries Co. Ltd. for a 500 kW (ø3.0 x 3.7 m EGL) ball mill for the Mangazeisky Silver Project. This is the first of the long lead process equipment items bought by Silver Bear's Russian subsidiary, ZAO Prognoz, and represents an important step toward silver production in 2016.
The mill has a nominal capacity of 110 kt/a, with spare capacity to increase throughput by 30% without loss in grind quality. The spare mill capacity mitigates the risk of a restricted production rate during periods in which particularly hard run of mine ore is processed. In line with Silver Bear's development strategy, the selected mill offers the opportunity to expand the process plant to accept additional ore feed from satellite deposits.
The mill will be designed in Australia, manufactured in CITIC's Chinese works in Luoyang and imported via Vladivostok in time to be shipped to site on the 2015/16 winter road.
Silver Bear has embarked on an aggressive project implementation program this summer and has already erected an 80 man dormitory, workshop and warehouse in the camp area on site. Preparation for the process plant foundation construction is underway and it is expected that the building footings and mill foundation will be complete before the end of the 2015 construction season.
Silver Bear's CEO, Graham Hill commented: "We are excited to be moving the Mangazeisky Silver Project forward and ordering the ball mill, a key long-lead item, is a significant milestone in the projects development. At this time the accelerated construction and mine plan for the Vertikalny deposit is progressing well and we are confident that the Company is in the position to meet its target of commissioning silver production by the second half of 2016."
Mr. Jacques du Toit, Pr.Eng., MSc.Eng., PMP of Tetra Tech are Qualified Persons under National Instrument 43-101 and have reviewed the scientific and technical information in this release.
Silver Bear Resources 2015 Annual General Meeting
The Company invites you to attend its Annual General Meeting of Shareholders to be held at the offices of Stikeman Elliott LLP, 53rd Floor, 199 Bay Street, Commerce Court West, Toronto Ontario, M5L 1B9 on Thursday, the 16th day of July, 2015 at 10:00 am (Toronto time). Following the formal meeting, Mr. Graham Hill, President and CEO of the Company will be presenting an update of Silver Bear's operations and activities, Mr. Hill's presentation will be available on the Company's website after the meeting at www.silverbearresources.com.
About Silver Bear
Silver Bear (TSX:SBR) is focused on the development of its wholly-owned Mangazeisky Silver Project, covering a licence area of ~570 sq. km 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 completed a Preliminary Economic Assessment in February 2014. The Feasibility Study, scheduled for completion in 2H 2015, is contracted to Tetra Tech in the UK with SRK and ERM as subcontractors for the mining and environmental studies respectively. Other information relating to Silver Bear is 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, 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.