164 0 Kommentare Silver Bear Files Second Quarter 2020 Financial Results

TORONTO, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Silver Bear Resources Plc (“Silver Bear” or the “Company”) (TSX: SBR) announces the filing its unaudited financial results for the three and six-month period ended 30 June 2020 today, including development highlights from its Mangazeisky silver project in Far East Russia.

For complete details of the unaudited Interim Consolidated Financial Statements and associated Management’s Discussion and Analysis please refer to the Company’s filings on SEDAR (www.sedar.com) or the Company’s website (www.silverbearresources.com).

Q2 2020 QUARTER HIGHLIGHTS

During the six-month period ended 30 June 2020 the Group production statistics included:

Mined a total of 75,415 tonnes of ore, processed 54,889 tonnes of ore at an average grade of 676.9 g/t of silver, producing a total of 1,034,282 ounces of silver;
Sold a total of 1,065,378 ounces of silver totalling production revenue of US$17,670,112 and reported a total comprehensive loss of $26,042,816 and an accumulated deficit of $204,957,472.
On 27 May 2020, the Group announced a further amendment to its Facilities Agreement with Inflection Management Corporation Limited (“Inflection”), a major shareholder of the Group, and Unifirm Limited (“Unifirm”), an affiliate of A.B. Aterra Resources Ltd. (“Aterra”), also a major shareholder of the Group, whereby the major shareholders agreed to a further reduction in interest payable on all funds drawn under the facilities agreement from 9% to 7% per annum (see full details below);
In late May 2020, the CEO stated that despite the initial delay in the final commissioning of the new X-Ray transmission (“XRT”) processing equipment due to government-mandated COVID-19 restrictions, the consultants, following a prescribed quarantine period, have completed the commissioning. The XRT equipment is now fully operational;
On 22 June 2020, the Group announced following the receipt of the draft Wardell Armstrong report (the “Draft WA Report”) based on the material change in the mineral resource estimates of both Vertikalny and Mangazeisky North deposits and scope of the project the August 2017 NI 43-101 technical report containing a resource update and accompanying Vertikalny feasibility study and Mangazeisky pre-feasibility study should no longer be relied upon and are withdrawn by the Group. In the statement, the Group stated that finalization of the Draft WA Report is dependent on Wardell Armstrong conducting a site visit to the its mining operations, owing to government mandated COVID-19 restrictions the site visit has been delayed for an indefinite period of time, (full details are described below); and
As of the date of this report, the Group confirms there have been no major disruptions at either sites or to the Group’s planned production and operations due to the COVID-19 pandemic.