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Silver Bear Resources
Feb 27th 2014

Silver Bear Resources rallies
economics at Mangazeisky

on

preliminary

Price:

C$0.1

Market Cap:

Shares of Silver Bear Resources (TSE:SBR) surged on Thursday after the
company updated its preliminary economic assessment on its Mangazeisky
silver project in Russia, showing an IRR of 63% after tax, and a base case net
present value of US$129.9 million.

C$16.08M

1 Year Share Price Graph

The company's report projects an initial capital cost of US$39 million for the
project, with sustaining capital pegged at US$51 million.
Cash costs are estimated at $5.55 per ounce of silver for the first five years,
excluding by-product credits, with average production expected at 2.6 million
ounces per year during the same period.
The projected average head grade for the first five years of operation is 911
grams per tonne (g/t) silver, Silver Bear said. The base case economics of the
report, which was completed y Tetra Tech in the UK, were calculated using a
$20 per ounce long-term forecast price for silver.
The project, which is anticipated to have a 19-year mine life, is to be an open
pit mine for the first 10 years taking advantage of the high grade silver zones
near surface, with an underground operation to extend the life for another nine
years.

Share Information
Code:
Listing:
Sector:

SBR
TSX
Platinum & Precious
Metals

Website:
www.silverbearresources.com/s/Home.asp

All mineralized material will be sourced from the company's Vertikalny deposit
alone, with a pegged mining processing rate of 300 tonnes per day.
"We are very excited about the preliminary results. We believe there are few
mining projects in the industry today that have the potential for such a quick
return to the investor," said president and CEO Mark Trevisiol.
Investors were also excited, pushing up the stock over 38% to 18 Canadian
cents in Toronto, stretching year-to-date gains to 125%.
"Preliminary numbers indicate the potential to start operations quickly and
expedite cash generation on a quality high grade Silver property like the
Mangazeisky project.

Company Synopsis:
Silver Bear Resources Inc. is a Canadian
listed and domiciled exploration company
currently engaged in the exploration of
prospective silver and other precious metal
properties in Russia. Silver Bear's principal
asset is its 100% owned Mangazeisky silver
project located in the Republic of Sakha,
Yakutia, in the Russian Federation.

Author:
Deborah Bacal

+44(0)1202770386

action@proactiveinvestors.com

"Further, we will continue to work to expand the mineral resource estimate and
increase projected production rates."
Indeed, the company is in the process of receiving assay results from its 2013 exploration program which it completed
last year, drilling over 3,000 metres. It expects to obtain all the results by the second quarter of this year, it said.
Last September, Silver Bear received its mining license at the Mangazeisky property for the Vertikalny deposit, with the
term spanning 20 years to 2033.
The silver exploration company said Thursday that it expects construction of the facility will take up to two years,
following the completion of a feasibility study and the receipt of required permits.

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