TORONTO, ONTARIO -- (Marketwire) -- 01/15/13 -- Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX: SBR) announces results of its 2012 airborne geophysics program on its Mangazeisky property lease (see Figure 1). A significant magnetic high anomaly was observed only 500 meters from the company's Vertikalny Silver deposit (see Figure 2). This is in the same area where historical mineralization of gold, silver and copper has been identified (see Table 2).
In 2012, the Company conducted airborne geophysical surveys covering an area of 310 square kilometres on the property. Electromagnetic (EM) and Magnetic geophysical surveys were flown by helicopter along east-west lines, at a nominal line spacing of 100 metres (m), and at an average altitude of 15 m. Some results of the Magnetic survey are shown in Figure 2, including a significant magnetic high anomaly approximately 500 m east of the Vertikalny Silver deposit. Past geological work has identified porphyritic rock alterations in this area, specifically in rhyolite and plagiogranite samples taken from trenching excavations. The high magnetic response shown in Figure 2 supports these earlier interpretations of the geologic features of the area. Silver Bear has now termed this area of the property, the Porphyrovy prospect.
Several trenches (Figure 4) on the Porphyrovy prospect have revealed four quartz-carbonate-sulfide veins containing primarily gold and silver mineralization. Copper is also present in the veins with minor amounts of lead and zinc identified. Some of this exploration work was done prior to Silver Bear's acquisition of the property in 2004. Table 1 highlights some of the assay results from the trench work. The trenching and assays were performed between 1990 and 2006 mostly by Yangeologia - a regional government geological institution. Sampling was performed according to Russian sampling procedures. (As noted below in Table 1, these findings are considered to be historical information, see cautionary note herein).
"This is a significant step in our understanding and development of the property," said Mark Trevisiol, President and CEO of Silver Bear. "The abundance of surface gold- bearing veins containing silver and copper, the trench samples and this new geophysical data all reinforce our geological model that silver and gold mineralization were part of an epithermal geological system." He added: "We believe these latest results have the potential to greatly enhance the value of our property and will help us in defining our plans for 2013, exploring this gold mineralization right next door to our Silver deposit."
The Company's NI 43-101 compliant mineral resource estimates on its Mangazeisky property include 1.1 million tonnes of ore, containing 17.9 million ounces of silver at 518 g/t Ag, of Indicated resources; and 4.3 million tonnes of ore, containing 43.5 million ounces of silver at 282 g/t Ag, of Inferred resources (see Table 2).
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/silfig1.pdf
Note: Assays results in Figure 1 (beyond those listed in our NI 43-101 mineral resource estimate and current drilling or sampling), were collected in accordance with official Federal Russian Subsoil sampling standards, are considered to be historical in nature (and outside the current NI 43-101 sampling protocol.)
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/silfig2.pdf
Figure 3 shows a satellite photo and the proximity of the Porphyrovy prospect to the Vertikalny Silver deposit.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/silfig3.pdf
Eight trenches have identified four quartz-carbonate veins on the surface with gold-silver-copper mineralization (P1 -P4) that are highlighted in Figure 4. The veins have strike lengths of approximately 600 to 800 m. Details of the trench data are illustrated in Table 1.
To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/silfig4.pdf
To view Table 1, please visit the following link: http://media3.marketwire.com/docs/silt1.pdf
To view Detail Trench data, please visit the following link: http://media3.marketwire.com/docs/silfig5.pdf
To view Table 2, please visit the following link: http://media3.marketwire.com/docs/silt2.pdf
Mr. P. Gribble, FIMMM C.Eng, formerly Sr. Geologist of Tetra Tech WE Inc., is the independent qualified person who prepared the mineral resource estimates disclosed above in Table 2.
Nick Vessenine (PhD. Mining, Moscow State University) has reviewed the technical information in this press release.
Mark Trevisiol P.Eng, President and CEO of Silver Bear and a qualified person under National Instrument 43-101 and has reviewed and approved the content of this press release.
Note that the detail trench data (Table 1 plus Trench sections) is historical in nature and was not prepared in accordance with CIM and NI 43-101 standards and should not be relied upon. A qualified person under NI 43-101 has not done sufficient work to verify and classify the historical data in accordance with NI 43-101 and CIM standards.
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 the uncertainties inherent to using historical exploration information collected in accordance with Russian standards, the risks inherent to conducting business in Russia and 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 WestSuite 805, P.O. Box 71Toronto, ON M5H 2M5
Silver Bear Resources Inc.
President and Chief Executive Officer
65 Queen Street West, Suite 825
Toronto, Ontario, M5H 2M5