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Silver Bear defers Mangazeisky commissioning, secures US$15M financing

Silver Bear Resources Inc. said Feb. 1 that it secured additional funding to enable the commissioning of the Mangazeisky silver project in Russia amid another delay in the project's commissioning.

The company pushed back the commissioning, from the fourth quarter of 2016 to mid-2017, to allow for the completion of final permitting and finalize outdoor construction.

Silver Bear reached an agreement with majority shareholders A.B. Aterra Resources Ltd. and Inflection Management Corp. Ltd. to increase funding by US$15 million to provide an additional working capital buffer to meet expenses during the rescheduled ramp-up and, if necessary, cost overruns.

The funding is in addition to a US$55 million loan secured in August 2016.

Major works in the project development of Mangazeisky have been completed, including the plant building completion, the commissioning of the heating system and first of the main generators, and final alignment checks of the ball mill before cold commissioning.

Meanwhile, Silver Bear said it has not extended the contract of CFO Derk Hartman by mutual agreement. The company also said Hartman will remain in his current role until June 30 to facilitate the transition to his successor.