Silver Bear – Appointment of Deputy Chief Executive Officer and Financing Update
July 23 2018 - 02:27PM
Silver Bear Resources Plc (“Silver Bear” or the “Company”)
(TSX:SBR) is pleased to announce it has appointed Alexey Sotskov as
its Deputy Chief Executive Officer (“Deputy CEO”), effective today.
Mr. Sotskov has been a director of Silver Bear since August 2014
and is a representative of the Company’s major shareholder,
Inflection Management Corporation Limited (“Inflection”). Mr.
Sotskov continues to sit on the Company’s board of directors (the
"Board"). As Deputy CEO, Mr. Sotskov will share management of
the Mangazeisky silver project in Far East Russia with the
Company’s President and CEO, Mr. Graham Hill.
Mr. Christopher Westdal, Chairman of the Board,
noted: “During Alexey’s tenure as director he has provided
invaluable guidance to the Prognoz team in the development of the
project. We are delighted that he has agreed to devote more time to
help the team reach full commercial production. Alexey’s extensive
project management experience with Russian companies will bring
significant extra capacity to the Silver Bear leadership team
during this important phase of the Company’s growth.”
Mr. Sotskov has more than 15 years of project
management experience in the technology and business process
optimization sectors. Currently, he is the nominee of Inflection on
the Board. Previously, he was the Project Portfolio Manager of
Technonicol, a large Russian manufacturer and distributor of
construction materials. Prior to joining Technonicol, Mr. Sotskov
led certain business optimization and ERP implementation programs
for TNK-BP, a major vertically integrated Russian oil company
headquartered in Moscow, and for Kinross Gold. Mr. Sotskov holds a
Master's Degree in Science and Applied Mathematics from the Moscow
Institute of Physics and Technology.
In addition, Silver Bear and its major
shareholder, Inflection, have agreed in principle to increase the
previously provided project facilities by potentially a further
US$10 million (the “Facilities Agreement Increase”). The Facilities
Agreement Increase would provide the Company with financial
flexibility as it works towards full commercial production. The
Facilities Agreement Increase is subject to negotiation and
execution of a definitive agreement and Toronto Stock Exchange
approval.
Mr. Graham Hill, President and CEO, commented:
“I would like to extend my appreciation to our major shareholders,
in particular to Inflection for their unwavering support of the
project and also to Alexey for his further commitment to the
team. Over the next few months, our mandate will be to
complete plant commissioning and troubleshoot, and rectify any
issues that might arise as we work towards strengthening our
balance sheet and reaching full commercial production to ensure the
long-term success of our Company.”
About Silver Bear Silver Bear
(TSX:SBR) is focused on the development of its wholly-owned
Mangazeisky Silver Project, covering a licence area of
approximately 570 km2 that includes the high-grade Vertikalny
deposit (amongst the highest- grade 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. Project construction and
permitting is advancing with first silver production having
commenced in late 2Q 2018. Other information relating to Silver
Bear are available on SEDAR at www.sedar.com as well as on the
Company's website at www.silverbearresources.com.
Cautionary Notes
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, the Company 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 risk factors include, but are not
limited, to the risk factors identified by the Company 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 the Company's actual results, events, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Although the Company 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 the Company assumes no obligation to update or revise
them to reflect new events or circumstances, unless otherwise
required by law.
Contact Information:
Graham HillPresident and Chief Executive OfficerT: +7 916 731
5673info@silverbearresources.com |
Judith WebsterInvestor Relations Manager & Corporate
SecretaryT: +416 453
8818jwebster@silverbearresources.com |
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Buchanan UK Bobby Morse T: + 44 (0) 20 7466
5000 |
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