Silver Bear Resources Inc.: Silver Metallurgical Recoveries Range
From 88% to 93% in Preliminary Testing
RECOVERIES SUPPORT PRELIMINARY ECONOMIC ASSESSMENT OF
PROJECT
TORONTO, ONTARIO--(Marketwired - Jun 16, 2014) - Silver Bear
Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) has
completed primary leach optimisation tests on milled ore from its
100% owned Vertikalny Deposit in Yakutia in the Russian
Federation.
Highlights of the milled ore sample results are listed in Table
1 below. Testing was carried out from 400 kilograms of drill core
extracted from the Vertikalny deposit. The head assay ranged from
1020 grams/tonne of silver to 1150 grams/tonne of silver with an
average of 1112.5 grams/tonne of silver. Silver was recovered
following gravity concentration of Silver and Cyanide leaching of
Silver in the gravity tailing. A silver recovery of 88.3% was
achieved with a practical leach retention time of 72 hours. A
silver recovery of 93.3% was achieved at a leach retention time of
144 hours, indicating potential for further optimisation. Samples
were tested at various concentrations of Sodium Cyanide solution
(NaCN) and various time frames as shown. Testing was conducted at
SGS Metallurgical & Geochemical Laboratory in Chita,
Russia.
Mark Trevisiol, President and CEO of Silver Bear, commented,
"This represents another positive step for our silver project.
Having a high grade silver deposit with open pit access for mining,
combined with metal recoveries as demonstrated, solidifies the
strong economics in our Preliminary Economic Assessment released
earlier this year. We will use these very encouraging results to
complete further testing to optimize our processing plant design as
we move to full feasibility."
Table 1 - Metallurgical Test Results
Test |
Ag Recovery, % |
Test Time (hours) |
Cyanide Concentration (g/L) |
Diagnostic Leach Test |
89.6 |
Not Applicable |
Not Applicable |
Gravity Concentration & leach test |
89.2 |
72 |
5 |
Gravity Concentration & leach test |
88.3 |
72 |
2 |
Gravity Concentration & leach test |
93.30 |
144 |
2 |
Gravity Concentration & leach test |
81.8 |
96 |
1 |
*Notes: All samples were crushed to 0.075 mm passing
80%. |
Silver Bear has a National Instrument 43-101 ("NI 43-101")
compliant resource estimate on its Vertikalny Deposit (Table 2) and
a mining licence on the Deposit to the year 2033. The Deposit is
contained within the Mangazeisky exploration property of which
Silver Bear holds an exploration licence.
Table 2 -Estimated Mineral Resources Prepared In Accordance With
NI 43-101
|
|
|
|
Area |
Cut-Off Grade (g/t) |
Indicated |
Inferred |
Tonnes (Mt) |
Ag (g/t) |
Ag (Moz) |
Tonnes (Mt) |
Ag (g/t) |
Ag (Moz) |
Vertikalny Deposit, Central Zone |
180 |
1.1 |
518 |
17.9 |
1.1 |
649 |
23.8 |
Vertikalny Deposit, Northwest Zone |
180 |
0 |
0 |
0 |
0.5 |
379 |
6.6 |
Nizhny Endybal Deposit |
75 |
0 |
0 |
0 |
3.2 |
133 |
13.5 |
Total |
- |
1.1 |
518 |
17.9 |
4.8 |
282 |
43.9 |
|
|
|
|
|
|
|
|
- Notes: Mineral resources that are not mineral reserves do
not have demonstrated economic viability. Due to the uncertainty of
measured, indicated or inferred mineral resources, these mineral
resources may never be upgraded to proven and probable mineral
reserves. Mr.Rob Davies, CGeol.,EurGeol.,PMP Eur.Ing. of Tetra
Tech, is an independent qualified person pursuant to NI 43-101 who
has verified the mineral resource estimates originally signed-off
in 2011 and 2013 as current. The mineral resource estimates are
disclosed above in Table 2. Cut-off grades for the Vertikalny
resource and Nizhny Endybal resource are 180 g/t Ag and 75 g/t Ag
respectively. Other notes:
- Vertikalny - to be operatied initially as open pit then an
underground mine with 1.2 m minimum mining width, in-situ density
of 3.45 t/m3 for mineralized material, long term Silver price of
$22.74/ounce Ag. The effective date of the estimated Vertikalny
mineral resource is February 23, 2011.
- Nizhny Endybal - to be operated by open pit methods,
in-situ density of 2.9 t/m3 for mineralized material, long term
silver price of $22.0/oz. The effective date of Nizhny Endybal
estimated mineral resource is September 20, 2012.
- Mineral resources may be subject to legal, political,
environmental, social and other risks that may significantly affect
the potential development of the mineral resources. See Cautionary
Notes set out below.
- Please refer to the technical report titled "Technical
Report on the Mangazeisky Property" dated February 15, 2013
prepared by Andy Carter, B.Sc., C.Eng., MIMM, MASIMM, SME, Paul
Gribble, FIMMM, C.Eng., Paul Daigle, P. Geo. and Jonathan Gideon,
C. Eng. FIMMM the "Mangazeisky Technical Report", filed under the
Company's profile on SEDAR.
- For additional information pertaining to the results of the
Company's preliminary economic assessment, readers should also
refer to the PEA, titled "Preliminary Economic Assessment on the
Mangazeisky Silver Project, Russia" dated February 27, 2014
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.
(the "PEA"), which is discussed in the Company's Annual Information
Form and available under the Company's profile on SEDAR.
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 119,456,550 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.
Qualified
Person
The metallurgical leaching tests were performed at SGS
Metallurgical & Geochemical Laboratory in Chita, Russia. The
Chita Lab is accredited under Certificate POCCRU.001.214U28, August
2, 2011. The tests have been reviewed and approved by Andy Carter C
Eng., MIMMM of Tetra Tech and the work has been completed under the
supervision of Mike Hallewell C Eng., FIMMM, FSAIMM, FMES, of SGS
Labs, both individuals are independent of Silver Bear and are
qualified persons under NI 43-101 standards. 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. As the
President and CEO of Silver Bear, Mr. Trevisiol is not considered
independent.
Cautionary
Notes
The preliminary economic assessment ("PEA") 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
metallurgical recoveries from the primary leach optimisation tests,
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.
For further details, please visit
www.silverbearresources.com
Mark Trevisiol, President and Chief Executive OfficerSilver Bear
Resources Inc.65 Queen Street West, Suite 825, P.O. Box 71Toronto
ON, M5H 2M5+1-416-861-5893mtrevisiol@silverbearresources.comRobin
BirchallExecutive ChairmanSilver Bear Resources Inc.1 Adam
StreetLondon, WC2N 6LEUK+44 771 131 3019
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