Silver Bear Resources has received the licence for usage and storage of hazardous chemical materials for its Mangazeisky silver project, Republic of Sakha (Yakutia), Russia. With the Licence in hand, it can now deliver all necessary reagents to site allowing it to begin final hot commissioning followed by first silver production during the first quarter of 2018.
Graham Hill, President and Chief Executive Officer, commented: “I am delighted to confirm that the granting of the Licence and the imminent official opening of the winter road later in January mean that we will be in a position to begin final hot commissioning leading to silver production in the very short term, in line with our plans. The Licence is an important milestone in the development of the Mangazeisky project, and I would like to thank our dedicated Prognoz team for their commitment and hard work. We are very grateful for the local Government’s ongoing strong support of this important silver project, which we expect will provide positive economic impact to the Republic of Sakha (Yakutia) and local communities. This is very good news for all stakeholders.”
Silver Bear is focused on the development of its wholly-owned Mangazeisky project, covering a licence area of approximately 570 km2 that includes the high-grade Vertikalny deposit (amongst the highest-grade, known silver deposits in the world), located 400 km north of Yakutsk in the Republic of Sakha within the Russian Federation. The company was granted a 20-year mining licence for the Vertikalny deposit in September 2013 and filed an updated feasibility study in August 2017.