TORONTO, ONTARIO -- (Marketwire) -- 12/05/11 -- Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX: SBR) is pleased to announce the first drill results of its 2011 diamond drilling program on the Mangazeisky Silver Property in Yakutia, Russia. As shown in Figure 1, the property hosts more than 100 silver occurrences in a major north-northwest trending mineralized structure that stretches along a 35 kilometre corridor. Drilling has confirmed management's belief in the potential to grow the current NI 43-101 compliant resource of 17.9 million ounces silver at 518 Ag/t of indicated mineralization and 30.5 million ounces silver at 562 Ag/t of inferred mineralization. The overall Mangazeisky property license covers 570 square kilometres. Figure 1 highlights that the area containing Silver Bear's NI 43-101 mineral resource estimate (Vertikalny) represents a very small land tenure in this total license area.
To view "Figure 1: Mangazeisky License Showing Vertikalny Resource and Historical Intercepts", please visit the following link: http://media3.marketwire.com/docs/sbr_fig1.pdf.
Highlights of the current drilling program include:
- 1,090 g Ag/t over 1.0m in Hole V11-161 in the Northwest Zone, Vertikalny - 354 g Ag/t over 3.4m including 589 g Ag/t over 1.4m in Hole V11-162C in the Central Zone, Vertikalny - 493 g Ag/t over 0.5m in Hole V11-182 in the Central Zone, Vertikalny - Regional Prospects - Nizhny Endybal - potential new inferred resource Mineralisation has been intersected in four holes drilled during 2011 at Nizhny Endybal, which is approximately three kilometres southeast of Vertikalny. Several diamond drill holes were drilled in this area in 2005 that showed three zones of mineralisation within a veined stock work. Historical results are variable but several intersections of silver values exceeding 400 g/t Ag over sampled intervals exceeding ten metres are recorded. The 2011 intersects help to link the known mineralisation at surface to a potential extension at depth. Assays are pending.
The 2011 diamond drilling program is focussed on testing potential extensions of the mineral resources in the Central, Northwest, and Southeast zones within Vertikalny, as well as testing regional targets which are outside of the mineral resource area. Approximately 50 holes totalling 9100 metres have been completed. Early drill results and locations are shown in Table 1 and on Figure 2 and 3, respectively.
Silver Bear's Vice President of Exploration, Nick Fox, commented: "Drilling over the last few months has confirmed management's belief in the potential to grow our existing mineral resource; the intersections at depth in the Central zone have been especially rewarding. The new intercepts at Nizhny Endybal, linking previously isolated high grade silver occurrences into a coherent structural geometry hold great promise."
Mark Trevisiol, President & CEO of Silver Bear said: "Our Preliminary Economic Analysis (PEA) released in Q3 (See September 28, 2011 announcement) excludes any mineral resource potentially delineated by the 2011 drilling program. Management believes the 2011 drill program has the potential to increase mineral resources and add to Silver Bear's already strong economic story to build a mine and processing facility at site. Silver Bear expects further drilling results as well as an updated NI 43-101 compliant mineral resource estimate to be released in Q1, 2012."
Table 1 - Significant Results from the 2011 drilling program as of November
15, 2011
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Drill Depth Depth (i)Intercept Silver
Zone Hole From To Width (m) ppm
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Northwest zone V11-161 147.5 148.5 1.00 134
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V11-161 157.1 158.1 1.00 1090
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V11-163 261.95 262.3 0.35 87.3
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V11-164 nsv
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V11-165 181.60 182.60 1.00 54
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V11-165 215.20 216.20 1.00 54
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V11-169 nsv
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V11-186 awaited
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Central Zone:
S-flank V11-162C 76.80 80.20 3.40 354
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V11-162C 134.20 134.80 0.60 91
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V11-168 81.25 82.30 1.05 84
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V11-168 95.85 96.40 0.55 79
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V11-171 41.60 42.20 0.60 92
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V11-174 nsv
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V11-176 nsv
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V11-191 awaited
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Central Deeps V11-177 427.40 428.50 0.90 246
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V11-182 93.00 93.50 0.50 493
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V11-182 347.45 348.70 1.25 230
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V11-182 350.70 352.40 1.70 124
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V11-187B awaited
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V11-189 awaited
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V11-190 awaited
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South East Extension V11-173 93.60 96.00 2.40 129
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V11-180 nsv
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V11-183 nsv
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V11-183B awaited
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V11-184 nsv
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Nizhniy Endybal
Prospect END-14B awaited
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END-15 awaited
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END-16 awaited
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END-17 awaited
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END-18 awaited
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Core
Drill Included Lead Zinc Recovery
Zone Hole Interval % % %
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Northwest zone V11-161 2.50 1.68 92
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V11-161 16.40 18.10 100
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V11-163 2.99 8.83 100
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V11-164
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V11-165 0.78 1.95 100
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V11-165 0.80 9.04 70
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V11-169
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V11-186
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Central Zone: incl. 1.4m
S-flank V11-162C at 589g/t 6.31 3.10 65
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V11-162C 0.36 1.53 100
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V11-168 2.07 0.71 100
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V11-168 7.83 1.41 100
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V11-171 1.49 4.05 100
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V11-174
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V11-176
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V11-191
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Central Deeps V11-177 5.15 2.05 100
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V11-182 0.83 9.75 100
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V11-182 5.87 1.00 83
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incl. 1.0m
V11-182 at 165g/t 1.52 0.65 83
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V11-187B
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V11-189
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V11-190
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South East Extension incl. 0.4m
V11-173 at 206g/t 0.77 0.24 100
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V11-180
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V11-183
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V11-183B
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V11-184
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Nizhniy Endybal
Prospect END-14B
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END-15
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END-16
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END-17
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END-18
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(i) True width is approximately 60% of the quoted intercept width
nsv = no significant values (above 50g/t Ag);
Holes abandoned due to technical difficulties before reaching target depth:
V11-162,V11-162A, V11-162B, V11-164, V11-166, V11-166A, V11-172, V11-174,
V11-174A, V11-174B, V11-181, V11-181A, V11-183, V11-183A, V11-190
Twinned holes drilled on Central Zone for metallurgical testwork: V11-167,
V11-170, V11-172, V11-175, not part of this programme
Holes not sampled owing to lack of visible mineralisation: V11-178, V11-179,
V11-185, V11-188
To view "Figure 2: Location Plan of 2011 Exploration Drilling Activities", please visit the following link: http://media3.marketwire.com/docs/sbr_fig2.pdf.
To view "Figure 3: Longitudinal Section of Southern Portion of Central Zone, showing new drill Intersections extending NI 43-101 compliant mineral resource blocks below the February 2011 estimate", please visit the following link: http://media3.marketwire.com/docs/sbr_fig3.pdf.
Geological Sampling Procedures
A Quality Assurance/Quality Control program was part of the drilling program on the Mangazeisky deposits. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling. Prior to 2011 analysis was carried out at Russian certified laboratories in Yakutsk and Aldan. Analysis for 2011 is being carried out by ALS Chemex in Chita, Russia.
Mr. P. Gribble, FIMMM C.Eng, of Tetra Tech (formerly Wardrop), is the independent qualified person who prepared the mineral resource estimates disclosed herein and has reviewed the scientific and technical information contained in this news release. Tetra Tech completed a NI 43-101 Technical Report supporting the mineral resource estimate. Tetra Tech also completed the preliminary economic assessment ("PEA") discussed in this news release.
Mark Trevisiol P.Eng, President and CEO of Silver Bear is the Company's designated qualified person under National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
Forward-Looking Information
The PEA is preliminary in nature and is based on a number of assumptions that may be changed in the future as additional information becomes available. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
This release and subsequent oral statements made by and on behalf of the Company may contain forward-looking statements, which reflect management's expectations. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Silver Bear cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Such risks factors include but are not limited to risks factors identified by Silver Bear in its continuous disclosure filings filed from time to time on SEDAR. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause Silver Bear's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although Silver Bear has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this release, and Silver Bear assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. The head office of Silver Bear Resources is located at:
65 Queen Street West Suite 805, P.O. Box 71 Toronto, ON M5H 2M5
Contacts:
Silver Bear Resources Inc.
Bulgan Orgilsaikhan
Manager, Investor Relations
416-309-2895
borgilsaikhan@silverbearresources.com
Silver Bear Resources Inc.
Mark Trevisiol
President and Chief Executive Officer
416-861-5893
mtrevisiol@silverbearresources.com
www.silverbearresources.com
