🕐20.09.12 - 16:54 Uhr

SILVER BEAR EXPANDS INFERRED SILVER RESOURCE BY 13.5 MILLION OUNCES OF SILVER ON
ITS MANGAZEISKY PROPERTY. ONLY 5,500 METERS OF DRILLING DELINEATES THIS NEW INFERRED RESOURCE



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Breaking News Release

Silver Bear Expands Inferred Silver Resource by 13.5 Million Ounces of Silver on Its Mangazeisky Property. Only 5,500 Meters of Drilling Delineates This New Inferred Resource

TORONTO, ONTARIO--(Sept. 20, 2012) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce that it has received a National Instrument 43-101 ("NI 43-101") compliant Inferred mineral resource estimate on its Nizhny Endybal prospect area. It is located roughly three kilometers from the current NI 43-101 resource area at Vertikalny on the Mangazeisky property (see figure 1). Silver Bear has delineated a new and additional Inferred resource of 13.5 million ounces of Silver at a grade of 133g/t Ag there. Now, the Companys total NI 43-101 compliant resources on its Mangazeisky property are 1.1 million tonnes containing 17.9 million ounces silver at 518 Ag/t of Indicated mineralization and 4.3 million tonnes containing 43.5 million ounces silver at 282 g/t Ag of Inferred mineralization (see table 2). This represents a 44% increase in Inferred resources over previous resource statements (see September 28, 2011 press release).

Table 1 highlights the details of the new Inferred Resource at Nizhny Endybal at various cut off grades. Table 2 the total resource on the Mangazeisky property and Table 3 the final drill results from the summer drilling program (see August 8, 2012 press release for earlier results).

Commenting on this latest achievement, Mark Trevisiol, President and CEO said, "We have only drilled about 5,500 meters on this prospect and have identified a substantial near surface resource, which is open along strike to the north and south (see figure 2). Also, we believe there is a high potential that most of the silver from this prospect can be mined using open pit methods. This new resource represents an addition to the resources used to calculate the project economics in our Preliminary Economic Assessment ("PEA") released last year in which the mine life was 8.4 years."

Key economic parameters taken from the 2011 PEA are set out in Table 4 (see September 28, 2011 press release). The PEA used a silver production rate of approximately 4 million ounces per year over a 8.4 year mine life. The Company anticipates that this updated mineral resource estimate will be filed on its SEDAR profile by November 4, 2012.

Table 1 - Nizhny Endybal Inferred Resource Cut off Grade Ag (g/t) Tonnes Ag (g/t) Ag (Total Ounces) >50 3,530,000 126 14,290,000 >75 * 3,170,000 133 13,490,000 >100 1,870,000 163 9,800,000 >125 850,000 225 6,130,000 >150 460,000 301 4,470,000 >175 370,000 335 4,000,000 >200 350,000 345 3,870,000 * 75 g/t Selected Cut off grade based on $US 22/ounce Silver price and assumed total operating cost of $US 50/tonne ore. � � Table 2 - Total ResourcesProspect Area Indicated ResourceInferred Resource � Tonnes (M) � Ag (g/t) � Oz (M) � Tonnes (M) � Ag (g/t) � Oz (M) � Vertikalny Central � � � � � � � � � � � � Zone 1.1 � 518.2 � 17.9 � 1.1 � 649.3 � 23.8 � � � � � � � � � � � � � � Vertikalny North � � � � � � � � � � � � West Zone Nil � � � � � 0.5 � 379.4 � 6.6 � � � � � � � � � � � � � � Nizhny Endybal � � � � � � � � � � � � � Nil � � � � � 3.2 � 133 � 13.5 � � � � � � � � � � � � � � Total Total IndicatedTotal Inferred � Tonnes (M) � Ag (g/t) � Oz (M) � Tonnes (M) � Ag (g/t) � Oz (M) � 1.1 � 518 � 17.9 � 4.9 � 282 � 43.9 � � Table 3 - Drill Assays - 2012 Drilling Zone Drill Hole Depth From � Depth To *Intercept Width (m) Silver g/t Nizhny Endybal END-31A 110 � 112 2 442 � incl. 110 � 111 1 821 � END-32 � � � � nsv Vertikalny North V12-193 171.9 � 176 4.1 257 West incl. 171.9 � 173 1.1 254 � incl. 174 � 176 2 364 �



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