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Breaking News Release
Silver Bear Expands Inferred Silver Resource by 13.5 Million Ounces of Silver on Its Mangazeisky Property. Only 5,500 Meters of Drilling Delineates This New Inferred Resource
TORONTO, ONTARIO--(Sept. 20, 2012) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce that it has received a National Instrument 43-101 ("NI 43-101") compliant Inferred mineral resource estimate on its Nizhny Endybal prospect area. It is located roughly three kilometers from the current NI 43-101 resource area at Vertikalny on the Mangazeisky property (see figure 1). Silver Bear has delineated a new and additional Inferred resource of 13.5 million ounces of Silver at a grade of 133g/t Ag there. Now, the Companys total NI 43-101 compliant resources on its Mangazeisky property are 1.1 million tonnes containing 17.9 million ounces silver at 518 Ag/t of Indicated mineralization and 4.3 million tonnes containing 43.5 million ounces silver at 282 g/t Ag of Inferred mineralization (see table 2). This represents a 44% increase in Inferred resources over previous resource statements (see September 28, 2011 press release).
Table 1 highlights the details of the new Inferred Resource at Nizhny Endybal at various cut off grades. Table 2 the total resource on the Mangazeisky property and Table 3 the final drill results from the summer drilling program (see August 8, 2012 press release for earlier results).
Commenting on this latest achievement, Mark Trevisiol, President and CEO said, "We have only drilled about 5,500 meters on this prospect and have identified a substantial near surface resource, which is open along strike to the north and south (see figure 2). Also, we believe there is a high potential that most of the silver from this prospect can be mined using open pit methods. This new resource represents an addition to the resources used to calculate the project economics in our Preliminary Economic Assessment ("PEA") released last year in which the mine life was 8.4 years."
Key economic parameters taken from the 2011 PEA are set out in Table 4 (see September 28, 2011 press release). The PEA used a silver production rate of approximately 4 million ounces per year over a 8.4 year mine life. The Company anticipates that this updated mineral resource estimate will be filed on its SEDAR profile by November 4, 2012.
Table 1 - Nizhny Endybal Inferred Resource
Cut off Grade Ag (g/t)
Tonnes
Ag (g/t)
Ag (Total Ounces)
>50
3,530,000
126
14,290,000
>75 *
3,170,000
133
13,490,000
>100
1,870,000
163
9,800,000
>125
850,000
225
6,130,000
>150
460,000
301
4,470,000
>175
370,000
335
4,000,000
>200
350,000
345
3,870,000
* 75 g/t Selected Cut off grade based on $US 22/ounce Silver price and assumed total operating cost of $US 50/tonne ore.
Table 2 - Total Resources
Prospect Area
Indicated Resource
Inferred Resource
Tonnes (M)
Ag (g/t)
Oz (M)
Tonnes (M)
Ag (g/t)
Oz (M)
Vertikalny Central
Zone
1.1
518.2
17.9
1.1
649.3
23.8
Vertikalny North
West Zone
Nil
0.5
379.4
6.6
Nizhny Endybal
Nil
3.2
133
13.5
Total
Total Indicated
Total Inferred
Tonnes (M)
Ag (g/t)
Oz (M)
Tonnes (M)
Ag (g/t)
Oz (M)
1.1
518
17.9
4.9
282
43.9
Table 3 - Drill Assays - 2012 Drilling
Zone
Drill Hole
Depth From
Depth To
*Intercept Width (m)
Silver g/t
Nizhny Endybal
END-31A
110
112
2
442
incl.
110
111
1
821
END-32
nsv
Vertikalny North
V12-193
171.9
176
4.1
257
West
incl.
171.9
173
1.1
254
incl.
174
176
2
364