Silver Bear Resources Inc.
TSX : SBR

August 02, 2011 07:00 ET

Silver Bear Announces Appointment of Vice President of Exploration and Provides Exploration Update

TORONTO, ONTARIO--(Marketwire - Aug. 2, 2011) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce that effective August 1, Mr. Nick Fox has been appointed Vice President, Exploration of Silver Bear. Mr. Fox was educated as a Geologist in South Africa and graduated from the University of Cape Town. He has spent most of his 28 year geological career with AngloGold Ashanti. Most recently, Nick spent the last five years in Russia, much involved in an AngloGold Ashanti Joint Venture with Polymetal in the role of Exploration Director. In this role Nick was responsible for:

  • providing technical support and control of the Russian exploration teams and drilling programmes;
  • business development and exploration growth strategies;
  • oversight of the exploration programmes on existing JV projects; and
  • creating and cultivating business relationships within the Russian mining community and government departments.

Nick can speak conversational Russian and currently resides in St. Petersburg, Russia.

Mr. Mark Trevisiol, President and C.E.O. of the Company, commented: "We are extremely pleased to have Nick join us at this time. Nick not only brings experience in executing exploration programs but also has extensive in-country knowledge which will help Silver Bear in reviewing growth opportunities within Russia."

As announced earlier this year (June 9, 2011), Silver Bear is pursuing an exploration program through the summer season at its Mangazeisky property lease. The program consists of 15,000 meters of drilling and 5,000 meters of trenching. Drills have been received at site with three drills currently operating. It is expected that an additional drill will be operating in August. Current drilling is targeting extensions to the existing Vertikalny resource, building on previous exploration where a high grade silver resource has been delineated. The Vertikalny resource has an inferred mineral resource of 31 million ounces of Silver at a grade of 554 g/tonne and an indicated mineral resource of 18 million ounces of Silver at a grade of 514 g/tonne. (National Instrument 43-101 compliant, see news release dated March 28, 2011).

Commenting on the exploration, Mark Trevisiol stated: "Within a very short time frame (approximately 10 weeks), the team in Yakutsk have moved to quickly establish a drilling exploration program, secure drilling contractors, and mobilize equipment to site. I compliment the team for these achievements and await the forthcoming drilling results."

Mark Trevisiol, P.Eng, President and CEO of the Company and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information in this press release.

Silver Bear Resources Inc.

The primary business of the Company is the evaluation, acquisition, exploration and development of silver properties in the Russian Federation. The Company's principal focus is the Mangazeisky exploration lease, over which Silver Bear has exclusive exploration rights. It is located approximately 400 kilometres north of Yakutsk in the Republic of Sakha, Yakutia in the Russian Federation.

Silver Bear Resources Inc. is listed on the Toronto Stock Exchange and its common shares trade under the symbol "SBR". Silver Bear has 44,203,902 common shares issued and outstanding. Other information relating to Silver Bear is available on SEDAR at www.sedar.com as well as on the Company's website at www.silverbearresources.com.

Forward-Looking Information

This release and subsequent oral statements made by and on behalf of the Company may contain forward-looking statements, which reflect management's expectations. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Silver Bear cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Such risks factors include but are not limited to risks factors identified by Silver Bear in its continuous disclosure filings filed from time to time on SEDAR. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause Silver Bear's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although Silver Bear has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this release, and Silver Bear assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.

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