Q3 2021 HIGHLIGHTS
During the three and nine-month period ended
Exploration program 2021 is underway. During the year the Company is planning to drill appx. 10,000 meters and complete about 2,400 meters of trenching on the flanks of Vertikalny and other surrounding mineralized areas with high exploration potential, with the goal to increase resources for the processing plant on Vertikalny. Drilling was carried out at Porfirovy, SE flank of Vertikalny, Mukhalkan and Mangazeysky North sites. There have been 6,763 meters drilled during the period during the 9 months of the year. Aerogeophysical survey (by drones) has been performed on the South part of Endybal area (151 sq.km). Stream Sediments Sampling was carried out on streams Porfirovy 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.
Development & Operational Activities
During the third quarter 2021, the Group mined 23% more ore compared to the same quarter in 2020. Mining head grade reduced from third quarter 2020 to third quarter in 2021 by 7%, recoveries reduced by 12% due to amount of silver in circuit at processing plant at the at end of third quarter. Overall recovery for nine months remains steady as a result of several factors notably the full year of operating the Merrill Crowe process and improved cake washing technics at the end of the technological processing circuit, as well as other operational efficiencies implemented during the year. The 50% decrease in the silver production in the third quarter 2021 over 2020, is primarily due to volume of processed oxide ore and head grade. As it moves deeper down the open pit the Company started incurring primary ore which is being stockpiled for future processing once the flotation facility is constructed and in production (expected mid-2023). For the three-months ended
The construction of the flotation is underway. The foundation and the steel frame of the building have been completed, the walls and the roofing being put in place. To optimize the cashflows during the current year winter road season it was decided to defer the finalization of the construction to the beginning of 2023. This should not affect the production schedule as the Company will have enough oxide ore (not requiring flotation) to process during 2022.
As of the date of this report there are approximately 237 Prognoz employees at site. There are also 55 contractors, namely catering, process consultants, and construction workers. As of
In light of the
About Silver Bear
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.
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