TORONTO, ONTARIO--(Marketwired - Sept. 21, 2016) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce that the Russian State Subsoil Agency ("Rosnedra") has granted a seven-year extension to the term of the Company's wholly-owned Exploration Licence relating to the Mangazeisky silver project, Republic of Sakha ("Yakutia") Russia. Prior to the extension, the Company was permitted to explore on the property until December 31, 2016. The extension provides that the new licence term will run to December 31, 2023, allowing the Company to significantly extend its exploration activities on the property.
Silver Bear's CEO, Graham Hill commented: "This extension goes further in showing the broad support of the project as the term is for a much longer period and contains no requirements for minimum work on drilling and trenching. Our efforts to move towards being a producing company in this region are being appreciated by the granting of more favourable terms in this extension than in previous extensions. Of great significance the licence boundaries remain intact and the small reduction in size, now 556.45 sq km, is due to the exclusion of our 20-year Vertikalny Mining Licence. The seven-year extension allows us to maintain our exploration focus on expanding resources along the mineralised corridor, and supports our goal of increasing reserves and mine life at the Vertikalny project by establishing a multi-pit single plant mining operation.
The progress of development at Vertikalny is very encouraging. With construction work progressing well, I am pleased to report we remain on schedule and within budget for silver commissioning by late 2016. In addition, the Company is in the process of incorporating the updated mineral resource at Vertikalny Central, announced on August 8, 2016, in the revised mine plan and feasibility study and expects to announce the results this quarter."
About Silver Bear
Silver Bear (TSX:SBR) 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, located 400 km north of Yakutsk in the Republic of Sakha (Yakutia) within the Russian Federation. The Company was granted a 20-year mining licence for the Vertikalny deposit in September 2013 and completed a Feasibility Study in Q2 2016. The Company is implementing a fast-track execution plan to complete major construction of the Mangazeisky Silver Project by the end of 2016, with steady state production planned to start in Q1 2017. 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.
This news release contains forward-looking statements and information within the meaning of applicable securities laws. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes", "plans" 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 or information. 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 or information. These forward-looking statements and information 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.