Silver Bear appoint Dy CEO
New appointment at Silver Bear
Silver Bear Resources appointed Alexey Sotskov as its Deputy Chief Executive Officer (Deputy CEO), from immediate effective. 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.
Mr. Sotskov continues to sit on the Company’s board of directors. 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.”
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 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.”
Key: gold mining, bullion, mining management
