TORONTO–(BUSINESS WIRE)–Silver Bear Assets Plc (“Silver Bear” or the “Firm”) (TSX: SBR) pronounces the submitting of its unaudited monetary outcomes for the three-month interval ended 31 March 2021 right this moment, together with improvement highlights from its Mangazeisky silver mission in Far East Russia.
For full particulars of the unaudited consolidated monetary statements (“Monetary Statements”) and related administration’s dialogue and evaluation (“MD&A”), please discuss with the Firm’s filings on SEDAR (www.sedar.com) or the Firm’s web site (www.silverbearresources.com).
Q1 2021 HIGHLIGHTS
In the course of the three-month interval ended 31 March 2021 the Group manufacturing statistics included:
- Mined a complete of 25,179 tonnes of ore, processed 23,825 tonnes of ore at a mean grade of 645 g/t of silver, producing a complete of 436,086 ounces of silver;
- Bought a complete of 495,230 ounces of silver totaling manufacturing income of US$13,123,020 and reported a complete complete lack of $9,088,515 and an gathered deficit of $228,374,679.
- Within the first quarter 2021, the Group entered right into a mortgage settlement with SKA ASSETS MANAGEMENT LIMITED, an organization below frequent management with Inflection, within the quantity of RUB 750,000,000 (equal to roughly C$12,000,000) with an rate of interest of 8.27% each year, which curiosity shall accrue on a month-to-month foundation. The Principal shall be due and payable on 31 December 2021.
- On 30 March 2021, the Group introduced the submitting of the ultimate WAI NI 43-101 technical report titled “Mangazeisky Silver Venture MRE Replace and Technique Re-assessment, Republic of Sakha (Yakutia), Russian Federation” (the “Closing WAI Report”). For full particulars on the Closing WAI Report please see the Operations part within the Q1 2021 MD&A.
- As of the date of this report, the Group confirms there have been no main disruptions on the mine web site or to the Group’s deliberate manufacturing and operations as a result of COVID-19 pandemic.
MANGAZEISKY SILVER PROJECT COMMERCIAL PRODUCTION
The desk under particulars the manufacturing highlights for three-month interval ended 31 March 2021 and 2020.
31 March 2021
31 March 2020
12 months ended
31 December 2020
Ore Mined (tonnes)
Ore processed (tonnes)
Head grade (g/t Ag)
Silver ounces produced
Silver ounces offered
Common realized value (US$/oz)
Manufacturing and pre-production revenues (US$)
Improvement & Operational Actions
In the course of the first quarter 2021, the Group mined 29% much less ore in comparison with the identical quarter in 2020, because it moved deeper into Vertikalny open pit and additional open pit extension required. Mining head grade lowered from first quarter 2020 to first quarter in 2021 by 9%, nonetheless recoveries elevated by 12% because of a number of elements notably the complete 12 months of working the Merrill Crowe course of (a separation approach) on the finish of the technological processing circuit and the operational efficiencies carried out in the course of the 12 months. The 5% lower within the silver manufacturing within the first quarter 2021 over 2020, is primarily because of quantity of processed ore and head grade. The Group’s first quarter 2021 revenues elevated by 65% in comparison with first quarter 2020, because of elevated silver restoration and the advance of the typical value of silver within the first quarter of 2021.
In the course of the 2021 winter street procurement and transportation marketing campaign the corporate delivered roughly 14,000 tonnes of dry cargo and gas, together with common operation provides in addition to building supplies for the flotation facility at the moment being constructed.
The development of the flotation facility is underway. In the course of the first quarter of 2021 the development of the muse was considerably accomplished. The plan is to compete the development and put the power into manufacturing by finish of Q2 2022.
As of the date of this report there are roughly 236 Prognoz workers at web site. There are additionally 59 contractors, particularly catering, course of consultants, and building staff. As of 31 March 2021, there was no misplaced time recorded accident at web site.
In mild of the World Well being Group (“WHO”) declaring COVID-19 a worldwide pandemic in March of this 12 months, the Group has developed and carried out a response and mitigation plan for each its Yakutsk head workplace and Mangazeisky mine web site. On the date of this report the Group has had no main disruptions at both websites or to our deliberate manufacturing and operations, nonetheless we proceed to watch the scenario guaranteeing we hold the security of our work drive our major precedence.
About Silver Bear
Silver Bear (TSX: SBR) is concentrated on the event of its wholly-owned Mangazeisky Silver Venture, overlaying a licence space of roughly 570 km2 that features the high-grade Vertikalny deposit (amongst the highest- grade silver deposits on the earth), positioned 400 km north of Yakutsk within the Republic of Sakha throughout the Russian Federation. As of April 2018, the Firm attained first silver manufacturing because of commissioning actions and on 1 July 2019 the Firm achieved full industrial manufacturing. Different info regarding Silver Bear is out there on SEDAR at www.sedar.com in addition to on the Firm’s web site at www.silverbearresources.com.
This launch and subsequent oral statements made by and on behalf of the Firm might comprise forward-looking statements, which replicate administration’s expectations. Wherever attainable, phrases equivalent to “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes” and related expressions or statements that sure actions, occasions or outcomes “might”, “might”, “would”, “would possibly” or “will” be taken, happen or be achieved, have been used to establish these forward-looking statements. Though the forward-looking statements contained on this launch replicate administration’s present beliefs primarily based upon info at the moment accessible to administration and primarily based upon what administration believes to be affordable assumptions, the Firm can’t be sure that precise outcomes shall be in step with these forward-looking statements. Plenty of elements might trigger occasions and achievements to vary materially from the outcomes expressed or implied within the forward-looking statements. Such danger elements embody, however should not restricted, to the danger elements recognized by the Firm in its steady disclosure filings filed sometimes on SEDAR. These elements ought to be thought-about fastidiously and potential buyers shouldn’t place undue reliance on the forward-looking statements. Ahead-looking statements essentially contain important identified and unknown dangers, assumptions and uncertainties that will trigger the Firm’s precise outcomes, occasions, prospects and alternatives to vary materially from these expressed or implied by such forward-looking statements. Though the Firm has tried to establish vital dangers and elements that would trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different elements and dangers that trigger actions, occasions or outcomes to not be as anticipated, estimated or meant. There might be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, potential buyers shouldn’t place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this launch, and the Firm assumes no obligation to replace or revise them to replicate new occasions or circumstances, except in any other case required by legislation.