Silver Bear Resources Inc. (TSX:SBR) announced that they have received a four year extension to the term for exploration at thier Mangazeisky Silver Property in Yakutia, Russia.
As quoted in the press release:
Prior to the extension, the company was permitted to explore on the property until December 31, 2012. The extension provides that the new licence term will run to December 31, 2016, allowing the Company to significantly extend its exploration activities on the property.
Silver Bear’s CEO, Mark Trevisiol, said:
This extension is an important achievement for the Company. It will allow us to maintain our focus on enlarging the mineral resource and prepare for production through continued exploration activities at the project site. The extension is also a testament to the active interest and support of both Russian and Canadian governments to promote license stability and encourage investment and cooperation in mining and natural resource development in Russia.