SBR Produced first silver from Mangazeisky project
Silver Bear Resources (SBR) announces it has produced first silver from its operations at its Mangazeisky silver project in Far East Russia. Following the initial commissioning activities, silver has been produced since April and commissioning has continued through the second quarter.
Up to mid-June this year, the Company has mined 13,436 tonnes and milled 9,545 tonnes of ore for a total of approximately 41,500 ounces silver contained in dry powder. To date the Company has sold approximately 13,300 ounces of silver at a realized price of US$16.39 Ag/oz. At this time the Company is milling lower grade material for commissioning purposes. Current and ongoing metallurgical test work at Vertikalny confirms the mining grade average of 963 g/t Ag.
During Q1 and Q2 2018, installation of four additional fuel tanks, two additional leaching tanks, a sixth power generator and an additional crusher was completed. In addition, the installation and commissioning of a reverse osmosis potable water treatment plant has been completed. The balance of essential construction is expected to be completed over the summer months.
Graham Hill, President and Chief Executive Officer, commented: “The Prognoz team continues to advance commissioning with continued ramp-up of the processing facility’s performance. I am happy to report that in April the Company produced first silver, within the project development budget. During this early commissioning phase, the Company is utilizing lower grade material for processing and will be feeding higher grade ore as commissioning progresses.
We look forward to growing Vertikalny in the coming months in terms of Reserves and production throughput.”
