SBR sales 294569 oz silver in Q1

Yet a net assets deficit is of $24,286,842

Silver Bear Resources (SBR) announces interim financial results for the three-month period ended March 31, 2019 (Q1), including development highlights from its Mangazeisky silver project in Far East Russia. During the three-month period ended March 31, 2019 Silver Bear produced a total of 264,735 ounces of silver.

SBR sold a total of 294,569 ounces of silver for pre-commercial production revenue of US$ 4,574,793 for the three-month period & mined a total of 39,367 tonnes of ore at an average grade of 545 g/t of silver for the three-month period ending March 31, 2019.

The Group has reported a total comprehensive profit for the three-month period of $5,645,183 and an accumulated deficit of $164,283,488. The net assets have turned to a deficit of $24,286,842. 

The Group is secured an additional reduction in the Facilities Agreement interest rate from 10% to 9% per annum from the Company's major shareholders; and continued to implement cost reductions in the Group's corporate structure and services, reagent consumption and fuel and energy costs at its Mangazeisky Silver Project.

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