TORONTO, ONTARIO--(Marketwire - May 16, 2012) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) today provides an operational update and announces its financial results for the first quarter ended March 31, 2012.

Exploration crews arrived at site in April 2012 with commenced drilling in the last week of April 2012 on Silver Bear's Mangazeisky lease located in Yakutia, Russia (the "Property"). This year the drilling conducted was concentrated around the area called Nizhny Endybal within the Property. To date approximately 1000 meters have been drilled with mineralization being intersected in three of the five holes drilled. The mineralization is hosted within brecciation and stockwork development also seen in some of the nearby holes drilled in last year's exploration program. The lateral width of the mineralised zone within this area has not yet been precisely determined, however, estimates are approximately 50 metres.

A thick lower mineralized area at Nizhny Endybal has been the target of our drilling to date this year. Based on visual inspection the following drill sections contain well developed zones of mineralization containing relatively continuous galena and pyrargyrite/freibergite (silver-bearing phases) disseminations:

Current drilling activities are being completed in conjunction with and as a follow up to the results of the Company's 2011 drill program where mineralization was identified at Nizhny Endybal (see Press Release dated April 2, 2012). Drilling is expected to move to the main deposit area at Vertikalny in the coming weeks. Silver Bear will be providing updates as the assays become available. The reader is cautioned that the potential mineralization set out in the table above is conceptual in nature and that the interpretations noted above have not been subjected to the proper testing and or quality assurance/quality control procedures. However, future testing of these drill results will rely on such procedures as the Company will be sending the drill results to a Russian certified laboratory in Yakutsk and Aldan and that analysis will be completed by ALS Chemex in Chita, Russia.

In parallel with the above drill work, Silver Bear completed its first Airborne Geophysical survey over the Property in April 2012, well ahead of schedule. Data is currently being processed and interpreted with results expected within the next 60 days and field follow-up is planned from June to August 2012. The survey covered 310 square kilometers, includes the Vertikalny Deposit and a significant part of the Property to the north and south around the NI 43-101 mineral resource estimate. At Vertikalny Silver Bear has its National Instrument 43-101 compliant mineral resource estimate of 1.1 million tonnes containing 17.9 million ounces silver at 518 Ag/t of 'Indicated' mineralization and 1.7 million tonnes containing 30.5 million ounces silver at 562 g/t Ag of 'Inferred' mineralization, as set out in its Technical Report dated September 2011 and filed on SEDAR (see Press Release dated September 28, 2011).

Financial Results

Net Loss

Silver Bear incurred a net loss for the three-month period ended March 31, 2012 of $2.33 million, or $0.05 per share. This compares to a loss of $0.85 million or $0.02 per share for three-months ended March 31, 2011.

Exploration costs were $1.37 million in the three-month period ended March 31, 2012 compared with $0.31 million for three-months ended March 31, 2011, as a result of preparation for the summer drilling program. General and administrative expenses for the three-month period ended March 31, 2012 were $0.65 million compared with $0.31 million in the prior year, as the Company expanded its management team and investor relations activities. Non- cash items for the three-month period ended March 31, 2012 were $0.29 million compared with $0.26 million in the three-months ended March 31, 2011. Interest income for the three-month period ended March 31, 2012 was $0.01 million compared with $0.03 in the prior year.

Liquidity and Capital Resources

At March 31, 2012, Silver Bear had cash and cash equivalents of $2.02 million. The Company has total obligations of $0.59 million under a three year finance lease of exploration equipment. Additional funding is expected to be required to complete the 2012 exploration program.

On March 16, 2012 the Company completed a non-brokered private placement financing of 4,375,000 common shares of the Company (the "Common Shares") at an issue price of $0.80 for gross proceeds in the amount of $3,500,000 (the "Private Placement"). Tabac Ventures Limited ("Tabac"), a company affiliated with Aterra Capital, an investment fund established by Alexey Mordashov, acquired all of the Common Shares issued in connection with the Private Placement. Subsequent to March 31, 2012 a nominee of Tabac was appointed to the Board of Directors of the Company.

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.

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.

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 ticker symbol "SBR". Silver Bear has 48,578,902 issued and outstanding common shares. 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.

65 Queen Street West

Suite 805, P.O. Box 71

Toronto, ON M5H 2M5

For further details, please visit www.silverbearresources.com.

Contact: Dominique Vaillancourt
Company Name: Silver Bear Resources Inc.
Contact Title: Manager, Investor Relations
Phone: 416-309-4397
Other1: 65 Queen Street West, Suite 825, Toronto, Ontario, M5H 2M5
Other2: dvaillancourt@silverbearresources.com
Contact: Mark Trevisiol
Company Name: Silver Bear Resources Inc.
Contact Title: President and Chief Executive Officer
Phone: 416-309-2131
Other1: mtrevisiol@silverbearresources.com
Other2: www.silverbearresources.com