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Silver Bear Announces Third Quarter 2012 Results
Published : November 12, 2012
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Keywords :   Reliance | Russia | Silver | Strategic | Total | X-ore |

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2012) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (News - Market indicators) today releases its third quarter results of 2012 for the period ending September 30, 2012. The Company is engaged in the exploration and development of its Mangazeisky Silver property located in Yakutia, Russia. As set out in its announcement of September 20, 2012, the Company's total NI 43-101 compliant resources on its Mangazeisky property are 1.1 million tonnes containing 17.9 million ounces silver at 518 Ag/t of Indicated mineralization and 4.9 million tonnes containing 43.9 million ounces silver at 282 g/t Ag of Inferred mineralization (see table 1).

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 September 20, 2012). During drilling this summer on its Vertikalny prospect, the company intersected 29 meters of 1960 g/t of Silver (see September 6, 2012 announcement). The orientation of this drill hole was down dip to the ore body in an effort to capture a metallurgical sample for further metallurgical testing. Additionally, the Company performed over 7,000 cubic meters of trenching and conducted the first airborne geophysical survey on the Mangazeisky property lease.

Further, after receipt of its Certificate of First Discovery (see announcement August 14, 2012), the Company has subsequently filed an application for its mining license on the property. The Company is also seeking to extend its exploration license which currently expires December 31, 2012. Discussions are continuing with Russian Authorities on both the mining and exploration license applications.

Financial Results

Net Loss

Silver Bear incurred a net loss for the nine-month period ended September 30, 2012 of $8.04 million, or $0.16 per share. This compares to a loss of $7.01 million or $0.17 per share for nine months ended September 30, 2011.

Exploration costs were $5.26 million in the nine-month period ended September 30, 2012 compared with $4.57 million for the nine-month period ended September 30, 2011, as a result of preparation for the summer drilling program in the beginning of the year. General and administrative expenses for the nine-month period ended September 30, 2012 were $1.75 million compared with $1.65 million in the prior year, as the Company expands its management team and investor relations activities. Non-cash items for the nine-month period ended September 30, 2012 were $1.0 million compared with $0.93 million for the nine months ended September 30, 2011. Interest income for the nine-month period ended September 30, 2012 was $0.01 million compared with $0.10 million in the prior year.

Silver Bear incurred a net loss for the three-month period ended September 30, 2012 of $1.61 million, or $0.03 per share. This compares to a loss of $5.0 million or $0.11 per share for the three-month period ended September 30, 2011.

Exploration costs were $0.88 million for the three-month period ended September 30, 2012 compared with $3.79 million for three-months ended September 30, 2011, as a result of the relative timing of the drill programs in 2012 and 2011. General and administrative expenses for the three-month period ended September 30, 2012 were $0.46 million compared with $0.90 million in the prior year, as the Company focused on evaluating strategic alternatives available and undertook several cost saving initiatives to reduce travel and investor relations expenses. Non-cash items for the three-month period ended September 30, 2012 were $0.33 million compared with $0.39 million for the three months ended September 30, 2011. Interest income for the three-month period ended September 30, 2012 was insignificant compared with $0.04 million in the prior year.

Liquidity and Capital Resources

At September 30, 2012, Silver Bear had cash and cash equivalents of $0.73 million. The Company has total obligations of $0.50 million under a three year finance lease of exploration equipment. The Company has total current assets of $3.2 million and total current liabilities of $1.2 million. Additional funding is expected to be required for the 2013 exploration program.

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  

Mark Trevisiol P.Eng, President and CEO of Silver Bear is the Company's designated qualified person under National Instrument 43‐101 and 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, over which Silver Bear has exclusive exploration 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 53,866,307 issued and outstanding common shares. 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.

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.

For further details, please visit www.silverbearresources.com.



Silver Bear Resources Inc.
Mark Trevisiol
President and Chief Executive Officer
65 Queen Street West, Suite 805, Toronto ON
mtrevisiol@silverbearresources.com
www.silverbearresources.com
Data and Statistics for these countries : Russia | All
Gold and Silver Prices for these countries : Russia | All
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Silver Bear Resources Inc.

EXPLORATION STAGE
CODE : SBR.TO
ISIN : CA82735N1096
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TORONTO (SBR.TO)
0.150-3.23%
TORONTO
CA$ 0.150
07/24 12:07 -0.010
-3.23%
Prev close Open
0.155 0.140
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0.130 0.150
Year l/h YTD var.
0.080 -  0.220 66.67%
52 week l/h 52 week var.
0.080 -  0.220 15.38%
Volume 1 month var.
16,000 7.14%
24hGold TrendPower© : -10
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