Silver Bear Resources Appoints Vadim Ilchuk as Chief Executive Officer
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Silver Bear Resources has appointed Vadim Ilchuk as president and chief executive officer to lead the company through its next phase as a silver producer.
A Russian and U.S. national and seasoned international mining executive, Vadim Ilchuk has been with Silver Bear since July 2017 as the CFO and has been responsible for implementing many financial and operational controls positioning the company to become a successful silver producer. Ilchuk has 19 years of experience in the mining industry and natural resource investment business, with an extensive background in mine finance and accounting, financial reporting and cross-border M&A process, and integration. Ilchuk joined the company from RT-Business Development, Inc. where he was CFO. He also served several years in managerial roles in Kinross Gold Corporation in the United States and Russia.
“I congratulate Vadim on his appointment, confident that he will lead our team to optimize production, operational costs and technical performance at Mangazeisky and to enhance its profitability by taking advantage of favourable current developments, including major cost reductions in corporate structure and services, in debt interest rates, in reagent consumption and in fuel costs. Streamlined and strong, Silver Bear offers shareholders the opportunity of disciplined investment in Russian mining with able, proven partners and excellent relations with community and government officials,” said Chris Westdal, chairman of the board.
About Silver Bear Resources
Silver Bear is focused on the development of its wholly-owned Mangazeisky Silver Project, covering a licence area of approximately 570 km2 that includes the high-grade Vertikalny deposit (amongst the highest- grade silver deposits in the world), located 400 km north of Yakutsk in the Republic of Sakha within the Russian Federation. The company was granted a 20-year mining licence for the Vertikalny deposit in September 2013. With first silver production achieved in 2Q 2018, the company reached commercial production at the beginning of Q3 2018.
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