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Silver Bear Resources president/CEO resigns

Russia-focused silver producer Silver Bear Resources PLC said Nov. 12 that Graham Hill stepped down as president, CEO and a director to pursue other opportunities.

CFO Vadim Ilchuk will replace Hill in those roles. He will also serve as interim CFO during the search for his replacement.

Silver Bear, meanwhile, said it took part in a power generation incentive program offered by Russia to businesses located in its Far North region. The program will allow the company to slash generation costs by 67% to about 13 U.S. cents per kW/h from 40 cents per kW/h, which could translate to savings of up to US$3 million per year.

The company owns the Mangazeisky silver mine in Russia.