Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce that it has obtained its Certificate of First Discovery from the Federal Russian Authorities. This is a significant milestone for the Company, as receipt of the Certificate allows Silver Bear to now file a formal application for a mining license on its Vertikalny deposit located in Yakutia, Russia. As set out in the National Instrument 43-101 compliant technical report dated September 2011, the Vertikalny deposit contains a 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 (See Press Release dated September 28, 2011). This technical report is available on the Company's SEDAR profile at www.sedar.com.

The Company will be making application for its Mining License in the coming days. In addition, the Company has made an application for an exploration licence extension for the prospective areas outside of the Vertikalny resource (See Press Release dated August 8, 2012). Currently, this licence is set to expire on December 31, 2012 and the Company will seek the necessary extension to continue exploration on these prospective areas outside of the defined resource area.

Commenting on this latest milestone achievement, Mark Trevisiol, President and CEO said, "This represents a significant move forward on our licensing efforts in Russia and reflects the dedicated efforts of our team in Russia and Toronto to secure this positive outcome. The granting of the certificate further supports efforts with Russian authorities to approve our exploration license extension for the areas outside of the Vertikalny resource. Management of the Company believes that these developments build significant momentum for Silver Bear on the licensing front."

Net Loss

Silver Bear incurred a net loss for the six-month period ended June 30, 2012 of $6.44 million, or $0.14 per share. This compares to a loss of $2.01 million or $0.05 per share for the six-month period ended June 30, 2011.

As previously discussed, exploration costs were $4.38 million in the six-month period ended June 30, 2012 compared with $0.78 million for six-months period ended June 30, 2011, as a result of preparation for the summer drilling program. General and administrative expenses for the six-month period ended June 30, 2012 were $1.29 million compared with $0.75 million in the prior year, as the Company expands its management team and investor relations activities. Non-cash items for the six-month period ended June 30, 2012 were $0.67 million compared with $0.54 million in six months ended June 30, 2011. Interest income for the six-month period ended June 30, 2012 was $0.01 million compared with $0.06 million in the prior year.

Silver Bear incurred a net loss for the three-month period ended June 30, 2012 of $4.11 million, or $0.08 per share. This compares to a loss of $1.16 million or $0.03 per share for the three-month period ended June 30, 2011.

Exploration costs were $3.00 million in the three-month period ended June 30, 2012 compared with $0.48 million for three-months ended June 30, 2011, as a result of the summer drilling program. General and administrative expenses for the three-month period ended June 30, 2012 were $0.64 million compared with $0.44 million in the prior year, as the Company expands its management team and investor relations activities. Non-cash items for the three-month period ended June 30, 2012 were $0.38 million compared with $0.28 million in three months ended June 30, 2011. Interest income for the three-month period ended June 30, 2012 was insignificant compared with $0.03 million in the prior year.

Liquidity and Capital Resources

At June 30, 2012, Silver Bear had cash and cash equivalents of $0.84 million. The Company has total obligations of $0.57 million under a three year finance lease of exploration equipment. Additional funding is expected to be required.


Silver Bear Resources Inc.                                                  
Condensed Consolidated Interim Statement of Financial Position              
(Canadian dollars)                                                          
(Unaudited)                                                                 
                                                                            
                                        June 30, 2012     December 31, 2011 
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ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                     839,440             4,282,883 
Receivable                                    882,345               714,033 
Inventories                                 1,836,611               573,727 
Prepaid expenses                              343,030               210,433 
----------------------------------------------------------------------------
Total current assets                        3,901,426             5,781,076 
----------------------------------------------------------------------------
Non-current assets                                                          
Mineral property                            1,206,823             1,212,964 
Property, plant and equipment               2,105,838               636,008 
----------------------------------------------------------------------------
Total assets                                7,214,087             7,630,048 
----------------------------------------------------------------------------
LIABILITIES                                                                 
Current liabilities                                                         
Accounts payable and accrued                                                
 liabilities                                1,010,469               617,446 
Finance lease                                 226,592                     - 
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Total current liabilities                   1,237,061               617,446 
----------------------------------------------------------------------------
Non-current liabilities                                                     
Asset retirement obligation                   576,363               579,478 
Finance lease                                 339,177                     - 
----------------------------------------------------------------------------
Total liabilities                           2,152,601             1,196,924 
----------------------------------------------------------------------------
EQUITY                                                                      
Equity attributable to owners of                                            
 Silver Bear Resources Inc.                                                 
Capital Stock                              83,135,711            78,730,574 
Contributed surplus                        10,901,960            10,081,156 
Accumulated other comprehensive                                             
 loss                                        (656,704)             (497,307)
Deficit                                   (88,319,481)          (81,881,299)
----------------------------------------------------------------------------
Total equity                                5,061,486             6,433,124 
----------------------------------------------------------------------------
Total liabilities and                                                       
 shareholders' equity                       7,214,087             7,630,048 
----------------------------------------------------------------------------
                                                                            
                                                                            
Silver Bear Resources Inc.                                                  
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss     
For the three and six months ended June 30, 2012 and 2011                   
(Canadian dollars)                                                          
(Unaudited)                                                                 
                                                                            
                               For the three months      For the six months 
                                              ended                   ended 
----------------------------------------------------------------------------
                               June 30,    June 30,    June 30,    June 30, 
                                   2012        2011        2012        2011 
----------------------------------------------------------------------------
                                                                            
Income                                                                      
  Interest income                 2,577      31,760       8,301      57,123 
----------------------------------------------------------------------------
                                  2,577      31,760       8,301      57,123 
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Exploration costs           3,005,295     475,504   4,378,830     781,323 
  General and administrative    644,140     441,724   1,294,598     747,501 
  Depreciation                   95,226     106,455     116,810     268,015 
  Share-based payments          287,913     167,809     556,550     264,713 
  Accretion expense                   -       2,297           -       4,536 
  Interest expense               22,400           -      22,400           - 
  Foreign exchange loss          58,723       2,023      77,295       4,294 
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Expenses from operations      4,113,697   1,195,812   6,446,483   2,070,382 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Net loss for the period      (4,111,120) (1,164,052) (6,438,182) (2,013,259)
----------------------------------------------------------------------------
                                                                            
Other comprehensive income                                                  
Exchange differences on                                                     
 translating foreign                                                        
 operations                    (445,765)    (36,990)   (159,397)    135,370 
                                                                            
----------------------------------------------------------------------------
Comprehensive loss for the                                                  
 period                      (4,556,885) (1,201,042) (6,597,579) (1,877,889)
----------------------------------------------------------------------------
                                                                            
Weighted average number of                                                  
 common shares outstanding   49,465,389  39,461,699  47,219,261  38,710,379 
                                                                            
----------------------------------------------------------------------------
Basic and diluted loss per                                                  
 share                            (0.08)      (0.03)      (0.14)      (0.05)
----------------------------------------------------------------------------
                                                                            
                                                                            
Silver Bear Resources Inc.                                                  
Condensed Consolidated Interim Statement of Changes in Equity               
For the three and six months ended June 30, 2012 and 2011                   
(Canadian dollars)                                                          
(Unaudited)                                                                 
                                                                            
                 Attributable to equity owners of Silver Bear Resources Inc.
                 -----------------------------------------------------------
                                           Accumu-                          
                                             lated                          
                                             other                          
                               Contri-     compre-                          
                      Share      buted     hensive                    Total 
                    capital    surplus        loss      Deficit      equity 
----------------------------------------------------------------------------
                                                                            
Balance -                                                                   
 December 31,                                                               
 2010            73,771,289  9,166,433    (211,508) (69,356,972) 13,369,242 
                                                                            
Net loss for the                                                            
 period                   -          -           -   (2,013,259) (2,013,259)
Other                                                                       
 comprehensive                                                              
 income (net of                                                             
 tax):                                                                      
Cumulative                                                                  
 translation                                                                
 adjustment               -          -     135,370            -     135,370 
----------------------------------------------------------------------------
Comprehensive                                                               
 income (loss)                                                              
 for the period           -          -     135,370   (2,013,259) (1,877,889)
                                                                            
Share based                                                                 
 payments                 -    264,713           -            -     264,713 
Options                                                                     
 exercised            8,234     (4,034)          -            -       4,200 
  Net proceeds                                                              
   from issuance                                                            
   shares in                                                                
   private                                                                  
   placement      4,949,225          -           -            -   4,949,225 
----------------------------------------------------------------------------
Balance - June                                                              
 30, 2011        78,728,748  9,427,112     (76,138) (71,370,231) 16,709,491 
----------------------------------------------------------------------------
                                                                            
Balance -                                                                   
 December 31,                                                               
 2011            78,730,574 10,081,156    (497,307) (81,881,299)  6,433,124 
                                                                            
Net loss for the                                                            
 period                   -          -           -   (6,438,182) (6,438,182)
Other                                                                       
 comprehensive                                                              
 income (net of                                                             
 tax):                                                                      
    Cumulative                                                              
     translation                                                            
     adjustment           -          -    (159,397)           -    (159,397)
----------------------------------------------------------------------------
Comprehensive                                                               
 income (loss)                                                              
 for the period           -          -    (159,397)  (6,438,182) (6,597,579)
                                                                            
Share based                                                                 
 payments                 -    556,550           -            -     556,550 
Options                                                                     
 exercised                                                                - 
  Net proceeds                                                              
   from issuance                                                            
   shares in                                                                
   private                                                                  
   placement      4,405,137          -           -            -   4,405,137 
  Warrants                -    264,254           -            -     264,254 
                                                                            
----------------------------------------------------------------------------
Balance - June                                                              
 30, 2012        83,135,711 10,901,960    (656,704) (88,319,481)  5,061,486 
----------------------------------------------------------------------------

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 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.

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.

Contacts: Silver Bear Resources Inc. Dominique Vaillancourt Manager, Investor Relations 416-309-4397dvaillancourt@silverbearresources.com Silver Bear Resources Inc. Mark Trevisiol President and Chief Executive Officer 416-309-2131mtrevisiol@silverbearresources.com www.silverbearresources.com

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