You are on page 1of 2

UK: +44 (0)1202 770386

NA: +1 646 896 3065
AU +61 2 9222 2832

Silver Bear Resources
Feb 27th 2014

Silver Bear Resources rallies
economics at Mangazeisky





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.


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

Share Information

Platinum & Precious


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.

Deborah Bacal


"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.

United Kingdom

North America




Proactive Investors Ltd

44A Shelbourne Road

Bournemouth, BH8 8QY

United Kingdom Company No. 05639690

VAT No. 87207082

However. the Company. Group VAT registration number 872070825 FSA Registration number www. www. Contact us +44 (0)1202 770386 action@proactiveinvestors. potential. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature. appropriate disclosure is made. You understand and agree that no content published constitutes a recommendation that any particular security. and that those opinions may be different from those obtained by using another product related to the Company. investment strategy. In cases where the position is held at the time of publication and such position is known to the Company. advisability.proactiveinvestors. previously published information and data may not be current and should not be relied upon. may reference only a portion of an article or recommendation. or other matter. or investment strategy is suitable or advisable for any specific person. is authorised and regulated by the Financial Services Authority. trading as "Proactiveinvestors United Kingdom". www. one or more contributors may have a position in the securities written about. 87207082 . and that neither such data nor such calculations are guaranteed by these private client brokers. reference may be made in our marketing materials to prior articles and opinions we have published. Registered in England with Company Registration number 05639690. fund managers and international investor www. You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products. value or suitability of any particular security. You understand and agree that contributors may write about securities in which they or their firms have a position.Proactive Investors facilitate the largest global investor network across 4 continents in 4 languages.proactiveinvestors. including company related www. portfolio of United Kingdom North America Australia Germany China Proactive Investors Ltd 44A Shelbourne Road Bournemouth. BH8 8QY United Kingdom Company No. and may not be complete or accurate. portfolio of securities. transaction. These references may be selective. As markets change continuously.proactiveinvestors. From time to and that they may trade such securities for their own account. You understand that price and other data is supplied by sources believed to be reliable. and are likely not to be current. you understand and agree that at the time of any transaction that you make. 05639690 VAT No. the information providers or any other person or entity. With a team of analysts journalists & professional investors Proactive produce independent coverage on 1000's of companies across every sector for private investors. that the calculations herein are made using such No investment advice Proactive Investors UK Limited.