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Silver Bear Announces 2010 Second Quarter Results

^{Published on 2010-08-10 13:40:45 - Market Wire}
 

 Financial Results ----------------- Net Loss -------- 

 Liquidity and Capital Resources ------------------------------- 

 Mangazeisky Project ------------------- 

 Silver Bear Resources Inc. -------------------------- 

 Silver Bear Resources Inc. Consolidated Balance Sheets (Canadian dollars) (unaudited) June 30, December 31, ------------ ------------ 2010 2009 ASSETS Current assets Cash and cash equivalents 11,034,572 12,320,095 Receivables 486,306 355,438 Inventories 1,186,090 1,226,195 Prepaid expenses 24,533 90,677 ------------ ------------ 12,731,501 13,992,405 Capital assets Mineral property 1,265,117 1,265,117 Property, plant and equipment 1,578,648 1,969,181 ------------ ------------ 15,575,266 17,226,703 ------------ ------------ ------------ ------------ LIABILITIES Current liabilities Accounts payable and accrued liabilities 318,724 352,298 Long-term liabilities Asset retirement obligation 627,733 608,725 Shareholders' equity Capital Stock 73,771,289 73,771,289 Contributed surplus 9,041,160 8,975,687 Deficit (68,183,640) (66,481,296) ------------ ------------ 14,628,809 16,265,680 ------------ ------------ ------------ ------------ 15,575,266 17,226,703 ------------ ------------ ------------ ------------ Silver Bear Resources Inc. Consolidated Statements of Operations and Comprehensive Loss and Deficit (Canadian dollars) (unaudited) Three-month Six-month periods Ended periods Ended June 30, June 30, June 30, June 30, ------------ ------------ ------------ ------------ 2010 2009 2010 2009 Income Interest income 17,210 17,389 27,567 73,834 Other Income 502,453 - 502,453 - ------------ ------------ ------------ ------------ 519,663 17,389 530,020 73,834 ------------ ------------ ------------ ------------ Expenses Exploration costs 325,408 2,686,238 879,206 5,268,054 General and administrative 493,256 687,342 876,587 1,418,341 Stock option compensation 12,623 153,673 65,473 345,415 Amortization 202,209 194,267 390,533 374,586 Accretion expense 9,504 9,505 19,008 19,006 Gain on disposal of property, plant and equipment - 11,631 (1,922) 11,631 Foreign exchange loss (gain) 4,322 81,261 3,479 429,197 ------------ ------------ ------------ ------------ Expenses from operations 1,047,322 3,823,917 2,232,364 7,866,230 ------------ ------------ ------------ ------------ Loss and Comprehensive Loss for the period from operations (527,659) (3,806,528) (1,702,344) (7,792,396) ------------ ------------ ------------ ------------ Net Loss (527,659) (3,806,528) (1,702,344) (7,792,396) ------------ ------------ ------------ ------------ Deficit - Beginning of the period (67,655,981) (57,179,733) (66,481,296) (53,193,868) ------------ ------------ ------------ ------------ Deficit - End of the period (68,183,640) (60,986,261) (68,183,640) (60,986,264) ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Weighted average number of common shares outstanding 37,935,569 37,935,569 37,935,569 37,935,569 ------------ ------------ ------------ ------------ Loss per share (0.01) (0.10) (0.04) (0.21) ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Silver Bear Resources Inc. Consolidated Statements of Cash Flows (Canadian dollars) (unaudited) Three-month Six-month periods Ended periods Ended June 30, June 30, June 30, June 30, ------------ ------------ ------------ ------------ 2010 2009 2010 2009 Cash provided by (used in) Operating activities Net Loss from operations (527,659) (3,806,528) (1,702,344) (7,792,396) Items not affecting cash: Amortization 202,209 194,267 390,533 374,586 Accretion expense 9,504 9,505 19,008 19,006 Stock option compensation 12,623 153,673 65,473 345,415 Loss on disposal of property, plant and equipment - 11,631 (1,922) 11,631 Net change in non-cash working capital (353,258) 1,184,205 (58,193) 179,103 ------------ ------------ ------------ ------------ Net cash used in operations (656,581) (2,253,247) (1,287,445) (6,862,655) ------------ ------------ ------------ ------------ Investing activities Acquisition of property, plant and equipment - (17,093) - (230,560) Proceeds from sale of property, plant and equipment - - 1,922 - ------------ ------------ ------------ ------------ - (17,093) 1,922 (230,560) ------------ ------------ ------------ ------------ Decrease in cash and cash equivalents during the period (656,581) (2,270,340) (1,285,523) (7,093,215) Cash and cash equivalents - beginning of the period 11,691,153 19,347,148 12,320,095 24,170,023 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Cash and cash equivalents - end of the period 11,034,572 17,076,808 11,034,572 17,076,808 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Forward-Looking Information ---------------------------