TORONTO, July 23, 2018 (GLOBE NEWSWIRE) -- 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.
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