SBR Silver Bear Resources Inc New

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES

Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased
to announce that it intends to complete a private placement financing of up to
16,666,666 units ("Units") at a price of $0.18 per Unit for gross proceeds in
the amount of up to $3,000,000 (the "Offering"). Each Unit shall consist of one
common share of the Company (a "Common Share") and one-half of one common share
purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle
the holder thereof to acquire a Common Share at the exercise price of $0.33 per
share for a period of up to 36 months following the closing of the Offering. 


The Company intends to use the gross proceeds of the Offering to finance its
exploration program and Feasibility Study for the Mangazeisky Silver Project, to
repay debt and supplement general working capital. 


Pursuant to Section 607(g)(i) of the TSX Company Manual, the TSX will require
the Company to obtain security holder approval for the Offering in the event
that the aggregate number of common shares issuable pursuant to the Offering is
greater than 25% of the number of common shares of the Company which will be
outstanding, on a non-diluted basis, prior to the date of closing of the
Financing. Accordingly, in the event that the Company enters into subscription
agreements for more than 8,977,717 Units, it is anticipated that the Offering
will close in two tranches with the second tranche, being those subscriptions in
excess of 8,977,717 units completed by way of a subscription receipt financing.


The Common Shares, the Warrants, and the shares issuable upon the exercise of
the Warrants, are subject to statutory resale restrictions for a period of four
months and one day following closing of the Offering. Closing of the Offering is
expected to occur on or about May 17, 2013 and remains subject to receipt of
regulatory approval, including final approval of the TSX and shareholder
approval, as applicable with respect to any portion in excess of 25% of the
current issued and outstanding shares of the Company on a non-diluted basis.


Project Update

Focus for the summer exploration program will be drilling and trenching
high-grade near-surface Silver mineralization on the company's Mangazeisky
property in Yakutia, Russia. At its Vertikalny deposit, the company plans infill
diamond drilling of its existing near-surface resource estimate prepared in
accordance with NI 43-101 with the intention of generating additional indicated
resources for feasibility study purposes (see latest Technical Report dated
January 14, 2013 filed on Sedar). Figure 1 is a long section of the Vertikalny
deposit which shows blocks of ore with Silver grades above 1000 g/t Ag (shown in
Red). From the figure it is evident that a number of high-grade zones exist
near-surface. The total length of the ore section stretches approximately 1.7 km
along strike. The company plans similar work at 2 other prospects within its
Mangazeisky license area. Total amount of drilling will be approximately 3000 to
4000 meters and total trenching is expected in the 5000 cubic meter range. The
company aims to achieve 10 million ounces of high-grade near-surface indicated
resources from this summer's program. 


Silver Bear is focused on proving up these near-surface resources to support an
"early start" production option. The company's high-grade near-surface silver
veins provide Silver Bear an "early start" opportunity to produce 2 million
ounces/yr of Silver production using cost-effective open pit mining methods(i). 


The company continues to work with Russian authorities on receiving its Mining
license on its Vertikalny prospect. The license application has received a
technical review within Rosnedra (Russian Federal Regulator of Natural
Resources), and discussions are continuing. Granting of a mining license will be
a major achievement for Silver Bear and a significant step towards building a
mining and processing plant at site. The company expects to receive its mining
license in the second half of this year. 


During the first quarter, Silver Bear management accompanied Canadian Ambassador
John Sloan and met with Yakutian President Egor Borisov in Yakutsk, Russia for
face-to-face discussions on the project. The Yakutian government has been openly
supportive of Silver Bear's project. Discussions continue with the Yakutian
government on such items as infrastructure support (roads, power, airport)
which, if improved, would benefit both the local community and Silver Bear. 


To view Figure 1, please visit
http://media3.marketwire.com/docs/Figure-1_Long-Section.pdf.


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 53,866,307
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.


Mark Trevisiol P.Eng, President and CEO of Silver Bear and a qualified person
under National Instrument 43-101 and has reviewed and approved the content of
this press release.


Cautionary Notes 

(i)The ability of the Company to produce two million ounces of silver per year
has not been the subject of a feasibility study and there is no certainty that
the production rate or any proposed expansion will be economically viable. 


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. 


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "1933 Act"), or any state securities laws and may not be offered
or sold within the United States or to, or for the account or benefit of U.S.
persons (as defined in Regulation S under the 1933 Act) absent such registration
or an applicable exemption from such registration requirements.


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

FOR FURTHER INFORMATION PLEASE CONTACT: 
Silver Bear Resources Inc.
Mark Trevisiol
President and Chief Executive Officer
+1-416-861-5893
mtrevisiol@silverbearresources.com


Silver Bear Resources Inc.
Robin Birchall
Executive Chairman
+44 771 131 3019
www.silverbearresources.com

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