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Silver Bear Resources Plc
Summary
| Project: | Mangazeisky | |
|---|---|---|
| Deposit: | Mangazeisky North, Vertikalny | |
| Location: | Russia | |
| Commodities: | Silver | |
| Date: | 3/1/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Mine Development | |
| Report details: | 1-3-2017: Silver Bear Resources Plc announces a PEA report for its Mangazeisky North, Vertikalny deposit at the Mangazeisky project. Updated resources estimate + PEA results incl. post-tax NPV(5%) of $139.7M, LOM of 11yrs. Silver Bear Resources Inc. ("Sil | |
| Resources: | (Resource, Ind.): 1.034Mt @ 1.079g/t Ag for 35.95Moz Ag contained at project | |
| CP/QP: | [Resources]: Joseph Hirst (Tetra Tech/Coffey Mining Ltd.) | |
| ABSTRACT: | Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX: SBR) is pleased to announce the results of a resource update and a Preliminary Economic Assessment (“PEA”) for Mangazeisky North (“M North”) deposit within the Mangazeisky Silver Project (the “Project”) in the Republic of Sakha (Yakutia), Russia. The PEA investigates the integration of M North with the Vertikalny Central deposit as a single plant multi-pit operation. The NI 43-101 Technical Report will be filed on SEDAR within 45 days of this release. The Resource Update and PEA were prepared by independent mining consultants, Tetra Tech Canada Inc. ("Tetra Tech"). The M North PEA studied two options first, the integration of the M North mine plan into the Vertikalny Central mine schedule detailed in the 2016 Feasibility Study Update (“2016 FSU”), in which mining at M North will commence in Q3 2019, with first mineralised material processed through the Vertikalny Central mine in Q1 2020 (“PEA-Integrated”) and secondly a stand-alone option for M North (“PEA-Stand-alone”). For full details on the M North PEA and mineral resource update please refer to Appendix A in this press release. Graham Hill, President and Chief Executive Officer, commented: “I am very pleased with the outcome of the resource update and the PEA. The positive results support our goal of increasing resources and mine life by establishing a multi-pit single plant mining operation by integrating multiple satellite resources with the original Vertikalny Central mine development. The PEA demonstrates that the Mangazeisky North deposit merits implementation and integration into the Project adding significant value to the mine life and NPV when combined with the Vertikalny Central mine schedule. Importantly, it delays the requirement to go underground at Vertikalny Central with the resultant delay in underground development capital expenditure which, together with its extension to the life of mine of the overall Project, substantially benefits the mine’s NPV. Based on the positive PEA the Company will be initiating a feasibility study at M North during Q2 2017, as well as continuing its exploration and resource drilling campaign on a number of satellite resources and targets that surround the Vertikalny Central mine area.” | |
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