Silver Bear Resources Inc. (“Silver Bear” or the “Company”) is listed on the Toronto Stock Exchange under the ticker symbol "SBR". The primary business of the Company is the acquisition, exploration, evaluation and development of silver properties in the Russian Federation. The Company's principal focus is the Mangazeisky exploration licence and the Vertikalny Deposit, over which Silver Bear has exclusive exploration and mining rights. The project is located approximately 400 km north of Yakutsk in the Republic of Sakha (Yakutia), Russian Federation.
In September 2013, the Company was granted a 20-year mining licence for the Vertikalny deposit, subsequently in February 2014 the Company announced the positive results of its Preliminary Economic Assessment. As of April 2016, the Company's most recent NI 43-101 mineral resource estimate included an indicated mineral resource of 1.1 Mt averaging 831 g/t Ag totaling 29.5 million ounces of silver, and an additional Inferred mineral resource of 1.9 Mt averaging 466 g/t Ag, totaling 27.8 million ounces of Silver. Refer to Projects / Resource and Reserves section for full details.
The updated Indicated mineral resource estimate will be incorporated into the on-going NI 43-101 Feasibility Study, which is scheduled for completion in the second half of 2016.
The Company’s committed to the development of the Mangazeisky project, and to that end, during 2015 Silver Bear completed Phase I construction at site which included, building 80 man permanent dormitory with bath, medical and laundry facilities; water drinking and septic, electrical and heating systems, garage and storage facilities; internal camp roads; and construction of plant foundations. In addition, during 2015 the Company placed orders for vital long-lead items namely processing equipment and ball mill; and awarded procurement services contract with PT Mining of Russia. Since January 2016 the company has transported construction materials, fuel and mine supplies over the winter road, in addition to mobilizing contractors to site for installation and building of the fuel storage area. It is the Company’s priority to monitor Phase II construction to ensure accelerated development timeline remains on-track for silver commissioning in late 2016.