Four year licence extension issued to Silver Bear
Thursday, Jan 10, 2013Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) today announces that the Russian State Subsoil Agency ("Rosnedra") has granted the Company a four year extension to the term of the exploration licence relating to Silver Bear's Mangazeisky Silver Property in Yakutia, Russia. Prior to the extension, the company was permitted to explore on the property until December 31, 2012. The extension provides that the new licence term will run to December 31, 2016, allowing the Company to significantly extend its exploration activities on the property.
"This is a significant milestone for Silver Bear," said CEO Mark Trevisiol. "This extension is an important achievement for the Company. It will allow us to maintain our focus on enlarging the mineral resource and prepare for production through continued exploration activities at the project site. The extension is also a testament to the active interest and support of both Russian and Canadian governments to promote license stability and encourage investment and cooperation in mining and natural resource development in Russia. This is a welcome message not only to Silver Bear, but to all mining investors in Russia."
Concurrently, the Company has also applied for a mining licence (production licence) on the Vertikalny portion of its territory and continues to discuss and consult with the Russian authorities on the best way to obtain mining rights for the largest possible mineral resource base.
Geological assessments on the property conducted under Russian resource categories have indicated an historic mineral resource estimate of up to 975 million ounces of Silver in Russian P1 and P2 resources (see Table 1 and note labelled "Historical Resources" in this announcement).