Silver Bear Resources Inc.
TSX : SBR

Silver Bear Resources Inc.

December 05, 2011 07:30 ET

Silver Bear Intersects 354 g/t Ag Over 3.4 Meters and 1090 g/t Ag Over 1 Meter

- Property Hosts Over 100 Silver Occurrences in Extremely Under Explored, Silver Rich Area

- Regional Drilling Identifies New Potential Inferred Resource Within 35 Kilometre Mineralized Corridor

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2011) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce the first drill results of its 2011 diamond drilling program on the Mangazeisky Silver Property in Yakutia, Russia. As shown in Figure 1, the property hosts more than 100 silver occurrences in a major north-northwest trending mineralized structure that stretches along a 35 kilometre corridor. Drilling has confirmed management's belief in the potential to grow the current NI 43-101 compliant resource of 17.9 million ounces silver at 518 Ag/t of indicated mineralization and 30.5 million ounces silver at 562 Ag/t of inferred mineralization. The overall Mangazeisky property license covers 570 square kilometres. Figure 1 highlights that the area containing Silver Bear's NI 43-101 mineral resource estimate (Vertikalny) represents a very small land tenure in this total license area.

To view "Figure 1: Mangazeisky License Showing Vertikalny Resource and Historical Intercepts", please visit the following link: http://media3.marketwire.com/docs/sbr_fig1.pdf.

Highlights of the current drilling program include:

1,090 g Ag/t over 1.0m in Hole V11-161 in the Northwest Zone, Vertikalny
354 g Ag/t over 3.4m including 589 g Ag/t over 1.4m in Hole V11-162C in the Central Zone, Vertikalny
493 g Ag/t over 0.5m in Hole V11-182 in the Central Zone, Vertikalny
Regional Prospects - Nizhny Endybal - potential new inferred resource
Mineralisation has been intersected in four holes drilled during 2011 at Nizhny Endybal, which is approximately three kilometres southeast of Vertikalny. Several diamond drill holes were drilled in this area in 2005 that showed three zones of mineralisation within a veined stock work. Historical results are variable but several intersections of silver values exceeding 400 g/t Ag over sampled intervals exceeding ten metres are recorded. The 2011 intersects help to link the known mineralisation at surface to a potential extension at depth. Assays are pending.

The 2011 diamond drilling program is focussed on testing potential extensions of the mineral resources in the Central, Northwest, and Southeast zones within Vertikalny, as well as testing regional targets which are outside of the mineral resource area. Approximately 50 holes totalling 9100 metres have been completed. Early drill results and locations are shown in Table 1 and on Figure 2 and 3, respectively.

Silver Bear's Vice President of Exploration, Nick Fox, commented: "Drilling over the last few months has confirmed management's belief in the potential to grow our existing mineral resource; the intersections at depth in the Central zone have been especially rewarding. The new intercepts at Nizhny Endybal, linking previously isolated high grade silver occurrences into a coherent structural geometry hold great promise."

Mark Trevisiol, President & CEO of Silver Bear said: "Our Preliminary Economic Analysis (PEA) released in Q3 (See September 28, 2011 announcement) excludes any mineral resource potentially delineated by the 2011 drilling program. Management believes the 2011 drill program has the potential to increase mineral resources and add to Silver Bear's already strong economic story to build a mine and processing facility at site. Silver Bear expects further drilling results as well as an updated NI 43-101 compliant mineral resource estimate to be released in Q1, 2012."

Table 1 - Significant Results from the 2011 drilling program as of November 15, 2011
Zone Drill
Hole
Depth
From
Depth
To
*Intercept
Width (m)
Silver
ppm
Included
Interval
Lead
%
Zinc
%
Core
Recovery
%
Northwest zone V11-161 147.5 148.5 1.00 134 2.50 1.68 92
V11-161 157.1 158.1 1.00 1090 16.40 18.10 100
V11-163 261.95 262.3 0.35 87.3 2.99 8.83 100
V11-164 nsv
V11-165 181.60 182.60 1.00 54 0.78 1.95 100
V11-165 215.20 216.20 1.00 54 0.80 9.04 70
V11-169 nsv
V11-186 awaited
Central Zone:
S-flank
V11-162C 76.80 80.20 3.40 354 incl. 1.4m at 589g/t 6.31 3.10 65
V11-162C 134.20 134.80 0.60 91 0.36 1.53 100
V11-168 81.25 82.30 1.05 84 2.07 0.71 100
V11-168 95.85 96.40 0.55 79 7.83 1.41 100
V11-171 41.60 42.20 0.60 92 1.49 4.05 100
V11-174 nsv
V11-176 nsv
V11-191 awaited
Central Deeps V11-177 427.40 428.50 0.90 246 5.15 2.05 100
V11-182 93.00 93.50 0.50 493 0.83 9.75 100
V11-182 347.45 348.70 1.25 230 5.87 1.00 83
V11-182 350.70 352.40 1.70 124 incl. 1.0m at 165g/t 1.52 0.65 83
V11-187B awaited
V11-189 awaited
V11-190 awaited
South East Extension V11-173 93.60 96.00 2.40 129 incl. 0.4m at 206g/t 0.77 0.24 100
V11-180 nsv
V11-183 nsv
V11-183B awaited
V11-184 nsv
Nizhniy Endybal Prospect END-14B awaited
END-15 awaited
END-16 awaited
END-17 awaited
END-18 awaited
* True width is approximately 60% of the quoted intercept width
nsv = no significant values (above 50g/t Ag);
Holes abandoned due to technical difficulties before reaching target depth: V11-162,V11-162A, V11-162B, V11-164, V11-166, V11-166A, V11-172, V11-174, V11-174A, V11-174B, V11-181, V11-181A, V11-183, V11-183A, V11-190
Twinned holes drilled on Central Zone for metallurgical testwork: V11-167, V11-170, V11-172, V11-175, not part of this programme
Holes not sampled owing to lack of visible mineralisation: V11-178, V11-179, V11-185, V11-188

To view "Figure 2: Location Plan of 2011 Exploration Drilling Activities", please visit the following link: http://media3.marketwire.com/docs/sbr_fig2.pdf.

To view "Figure 3: Longitudinal Section of Southern Portion of Central Zone, showing new drill Intersections extending NI 43-101 compliant mineral resource blocks below the February 2011 estimate", please visit the following link: http://media3.marketwire.com/docs/sbr_fig3.pdf.

Geological Sampling Procedures

A Quality Assurance/Quality Control program was part of the drilling program on the Mangazeisky deposits. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling. Prior to 2011 analysis was carried out at Russian certified laboratories in Yakutsk and Aldan. Analysis for 2011 is being carried out by ALS Chemex in Chita, Russia.

Mr. P. Gribble, FIMMM C.Eng, of Tetra Tech (formerly Wardrop), is the independent qualified person who prepared the mineral resource estimates disclosed herein and has reviewed the scientific and technical information contained in this news release. Tetra Tech completed a NI 43-101 Technical Report supporting the mineral resource estimate. Tetra Tech also completed the preliminary economic assessment ("PEA") discussed in this news release.

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

Forward-Looking Information

The PEA is preliminary in nature and is based on a number of assumptions that may be changed in the future as additional information becomes available. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

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. The head office of Silver Bear Resources is located at:

65 Queen Street West
Suite 805, P.O. Box 71
Toronto, ON M5H 2M5

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