TORONTO – (COMMERCIAL THREAD) – Silver Bear Resources Plc (“Silver bear“or the”Society“) (TSX: SBR) announces that following a review by staff of the Ontario Securities Commission, the Company is issuing the following press release regarding its current technical report on the Mangazeisky Silver project and at the same time as the publication of this press release files certain important contracts previously entered into by the Company.
OSC staff noted that the technical report titled “Mangazeisky Silver project ERM update and strategy reassessment, Republic of Sakha (Yakutia), Russian Federation” (the “Technical report“) filed on March 30, 2021 does not comply with certain technical requirements of National Instrument 43-101 – Disclosure standards for mineral products (“Regulation 43-101“) and form 43-101A1 Technical report (“Form 43-101A1Specifically, OSC staff identified deficiencies in the technical report, including the qualification of a QP and their responsibility for certain sections and elements of the technical report, certain content requirements of Form 43-101A1 , the requirement for a current personal inspection, and the inclusion of a mineral inventory not categorized as a mineral resource No issues were identified by OSC staff with respect to the disclosed mineral resources or with the economic analysis of the Mangazeisky silver project.
Following the review, the Company will have prepared and file an amended technical report addressing each of the concerns raised by OSC Staff (the “”Modified technical report“) no later than October 29, 2021.
The Company will issue a subsequent press release when the amended technical report is filed on the Company’s SEDAR profile. In conjunction with the filing of the amended technical report, the Company will also file an amended and updated annual information form for the fiscal year ended December 31, 2020 (the “amended annual information form“). The amended annual information form will make reference to the amended technical report and correct certain important contractual information contained therein. In addition, in conjunction with the issuance of this press release, Silver Bear is filing certain amendments to its Amended and Restated Facility Agreement dated March 27, 2017 and to its Loan Agreement with SKA Assets Management Limited, including material contracts should have been filed with an earlier date.
About the silver bear
Silver Bear (TSX: SBR) focuses on the development of its wholly owned Mangazeisky Silver project, covering a license area of approximately 570 km2 which includes the high-grade Vertikalny deposit (among the richest silver deposits in the world), located 400 km north of Yakutsk in the Republic of Sakha within the Russian Federation. In April 2018, the Group reached first silver production following commissioning activities and on July 1, 2019, the Group reached full commercial production. Additional information relating to Silver Bear is available on SEDAR at www.sedar.com and on the Group’s website at www.silverbearresources.com.