Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) today releases its third quarter results of 2012 for the period ending September 30, 2012. The Company is engaged in the exploration and development of its Mangazeisky Silver property located in Yakutia, Russia. As set out in its announcement of September 20, 2012, the Company's 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 4.9 million tonnes containing 43.9 million ounces silver at 282 g/t Ag of Inferred mineralization (see table 1).


Table 1                                                                     
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  Prospect Area        Indicated Resource            Inferred Resource      
                 -----------------------------------------------------------
                    Tonnes    Ag (g/t)  Oz (M)    Tonnes    Ag (g/t)  Oz (M)
                     (M)                           (M)                      
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   Vertikalny                                                               
  Central Zone       1.1       518.2     17.9      1.1       649.3     23.8 
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   Vertikalny                                                               
 North West Zone     Nil                           0.5       379.4      6.6 
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 Nizhny Endybal      Nil                           3.2        133      13.5 
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                       Total Indicated                Total Inferred        
                 -----------------------------------------------------------
      Total      Tonnes (M)  Ag (g/t)   Oz (M) Tonnes (M)  Ag (g/t)   Oz (M)
                 -----------------------------------------------------------
                     1.1        518      17.9      4.9        282      43.9 
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This year the Company completed over 3,000 meters of drilling on its property, and in doing so, expanded its inferred mineral resource estimate by 13.5 million ounces of Silver through delineating known mineralization on its Nizhny Endybal prospect area (see above Table 1 and announcement September 20, 2012). During drilling this summer on its Vertikalny prospect, the company intersected 29 meters of 1960 g/t of Silver (see September 6, 2012 announcement). The orientation of this drill hole was down dip to the ore body in an effort to capture a metallurgical sample for further metallurgical testing. Additionally, the Company performed over 7,000 cubic meters of trenching and conducted the first airborne geophysical survey on the Mangazeisky property lease.

Further, after receipt of its Certificate of First Discovery (see announcement August 14, 2012), the Company has subsequently filed an application for its mining license on the property. The Company is also seeking to extend its exploration license which currently expires December 31, 2012. Discussions are continuing with Russian Authorities on both the mining and exploration license applications.

Financial Results

Net Loss

Silver Bear incurred a net loss for the nine-month period ended September 30, 2012 of $8.04 million, or $0.16 per share. This compares to a loss of $7.01 million or $0.17 per share for nine months ended September 30, 2011.

Exploration costs were $5.26 million in the nine-month period ended September 30, 2012 compared with $4.57 million for the nine-month period ended September 30, 2011, as a result of preparation for the summer drilling program in the beginning of the year. General and administrative expenses for the nine-month period ended September 30, 2012 were $1.75 million compared with $1.65 million in the prior year, as the Company expands its management team and investor relations activities. Non-cash items for the nine-month period ended September 30, 2012 were $1.0 million compared with $0.93 million for the nine months ended September 30, 2011. Interest income for the nine-month period ended September 30, 2012 was $0.01 million compared with $0.10 million in the prior year.

Silver Bear incurred a net loss for the three-month period ended September 30, 2012 of $1.61 million, or $0.03 per share. This compares to a loss of $5.0 million or $0.11 per share for the three-month period ended September 30, 2011.

Exploration costs were $0.88 million for the three-month period ended September 30, 2012 compared with $3.79 million for three-months ended September 30, 2011, as a result of the relative timing of the drill programs in 2012 and 2011. General and administrative expenses for the three-month period ended September 30, 2012 were $0.46 million compared with $0.90 million in the prior year, as the Company focused on evaluating strategic alternatives available and undertook several cost saving initiatives to reduce travel and investor relations expenses. Non-cash items for the three-month period ended September 30, 2012 were $0.33 million compared with $0.39 million for the three months ended September 30, 2011. Interest income for the three-month period ended September 30, 2012 was insignificant compared with $0.04 million in the prior year.

Liquidity and Capital Resources

At September 30, 2012, Silver Bear had cash and cash equivalents of $0.73 million. The Company has total obligations of $0.50 million under a three year finance lease of exploration equipment. The Company has total current assets of $3.2 million and total current liabilities of $1.2 million. Additional funding is expected to be required for the 2013 exploration program.


Silver Bear Resources Inc.                                                  
Condensed Consolidated Interim Statement of Financial Position              
(Canadian dollars)                                                          
(Unaudited)                                                                 
                                               September 30,   December 31, 
                                                        2012           2011 
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ASSETS                                                                      
                                                                            
Current assets                                                              
Cash and cash equivalents                            732,794      4,282,883 
Receivable                                           469,610        714,033 
Inventories                                        1,752,368        573,727 
Prepaid expenses                                     197,581        210,433 
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Total current assets                               3,152,353      5,781,076 
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Non-current assets                                                          
Mineral property                                   1,209,153      1,212,964 
Property, plant and equipment                      2,068,530        636,008 
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Total assets                                       6,430,036      7,630,048 
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LIABILITIES                                                                 
                                                                            
Current liabilities                                                         
Accounts payable and accrued liabilities           1,023,113        617,446 
Finance lease                                        218,721              - 
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Total current liabilities                          1,241,834        617,446 
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Non-current liabilities                                                     
Asset retirement obligation                          577,645        579,478 
Finance lease                                        284,542              - 
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Total liabilities                                  2,104,021      1,196,924 
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EQUITY                                                                      
                                                                            
Equity attributable to owners of Silver Bear                                
 Resources Inc.                                                             
Capital Stock                                     83,580,384     78,730,574 
Contributed surplus                               11,318,054     10,081,156 
Accumulated other comprehensive loss                (646,753)      (497,307)
Deficit                                          (89,925,670)   (81,881,299)
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Total equity                                       4,326,015      6,433,124 
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Total liabilities and shareholders' equity         6,430,036      7,630,048 
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Silver Bear Resources Inc.                                                  
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss     
For the three and nine months ended September 30, 2012 and 2011             
                                                                            
(Canadian dollars)                                                          
(Unaudited)                                                                 
                                                                            
                             For the three months       For the nine months 
                                            ended                     ended 
----------------------------------------------------------------------------
                            September   September     September   September 
                                  30,         30,           30,         30, 
                                 2012        2011          2012        2011 
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Income                                                                      
  Interest income               1,941      39,424        10,242      96,547 
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                                1,941      39,424        10,242      96,547 
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Expenses                                                                    
  Exploration costs           877,740   3,792,524     5,256,570   4,573,847 
  General and                                                               
   administrative             458,657     897,726     1,753,255   1,645,227 
  Depreciation                 41,172      28,959       157,982     296,974 
  Share-based payments        286,813     357,845       843,363     622,558 
  Accretion expense                 -       2,230             -       6,766 
  Interest expense             15,473           -        37,873           - 
  Foreign exchange (gain)                                                   
   loss                       (71,725)    (42,201)        5,570     (37,907)
----------------------------------------------------------------------------
Expenses from operations    1,608,130   5,037,083     8,054,613   7,107,465 
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Net loss for the period    (1,606,189) (4,997,659)   (8,044,371) (7,010,918)
----------------------------------------------------------------------------
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Other comprehensive income                                                  
  Exchange differences on                                                   
   translating foreign                                                      
   operations                   9,951           -      (149,446)    135,370 
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Comprehensive loss for the                                                  
 period                    (1,596,238) (4,997,659)   (8,193,817) (6,875,548)
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Weighted average number of                                                  
 common shares outstanding 53,576,090  44,203,214    49,353,671  40,552,736 
                                                                            
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Basic and diluted loss per                                                  
 share                          (0.03)      (0.11)        (0.16)      (0.17)
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Silver Bear Resources Inc.                                                  
Condensed Consolidated Interim Statement of Changes in Equity               
For the three and nine months ended September 30, 2012 and 2011             
                                                                            
(Canadian dollars)                                                          
(Unaudited)                                                                 
                                                                            
                                    Attributable to equity owners of Silver 
                                              Bear Resources Inc.           
                                   -----------------------------------------
                                                               Accumulated  
                                                                     other  
                                         Share Contributed   comprehensive  
                                       capital     surplus            loss  
----------------------------------------------------------------------------
                                                                            
Balance - December 31, 2010         73,771,289   9,166,433        (211,508) 
                                                                            
Net loss for the period                      -           -               -  
Other comprehensive income (net of                                          
 tax):                                                                      
Cumulative translation adjustment            -           -        (213,142) 
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Comprehensive income (loss) for                                             
 the period                                  -           -        (213,142) 
                                                                            
Share based payments                         -     622,558               -  
Options exercised                       10,060      (4,926)              -  
Net proceeds from issuance shares                                           
 in private placement                4,949,225           -               -  
Balance - September 30, 2011        78,730,574   9,784,065        (424,650) 
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----------------------------------------------------------------------------
                                                                            
Balance - December 31, 2011         78,730,574  10,081,156        (497,307) 
                                                                            
Net loss for the period                      -           -               -  
Other comprehensive income (net of                                          
 tax):                                                                      
  Cumulative translation                                                    
   adjustment                                -           -        (149,446) 
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Comprehensive income (loss) for                                             
 the period                                  -           -        (149,446) 
                                                                            
Share based payments                         -     843,363               -  
Options exercised                                                           
Net proceeds from issuance shares                                           
 in private placement                4,849,810           -               -  
Warrants                                     -     393,535               -  
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Balance - September 30, 2012        83,580,384  11,318,054        (646,753) 
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Silver Bear Resources Inc.                                 
Condensed Consolidated Interim Statement of Changes in     
 Equity                                                    
For the three and nine months ended September 30, 2012 and 
 2011                                                      
                                                           
(Canadian dollars)                                         
(Unaudited)                                                
                                                           
                                   Attributable to equity  
                                    owners of Silver Bear  
                                       Resources Inc.      
                                  -------------------------
                                                     Total 
                                      Deficit       equity 
-----------------------------------------------------------
                                                           
Balance - December 31, 2010       (69,356,972)  13,369,242 
                                                           
Net loss for the period            (7,010,918)  (7,010,918)
Other comprehensive income (net of                         
 tax):                                                     
Cumulative translation adjustment           -     (213,142)
-----------------------------------------------------------
Comprehensive income (loss) for                            
 the period                        (7,010,918)  (7,224,060)
                                                           
Share based payments                        -      622,558 
Options exercised                           -        5,134 
Net proceeds from issuance shares                          
 in private placement                       -    4,949,225 
Balance - September 30, 2011      (76,367,890)  11,722,099 
-----------------------------------------------------------
-----------------------------------------------------------
                                                           
Balance - December 31, 2011       (81,881,299)   6,433,124 
                                                           
Net loss for the period            (8,044,371)  (8,044,371)
Other comprehensive income (net of                         
 tax):                                                     
  Cumulative translation                                   
   adjustment                               -     (149,446)
-----------------------------------------------------------
Comprehensive income (loss) for                            
 the period                        (8,044,371)  (8,193,817)
                                                           
Share based payments                        -      843,363 
Options exercised                                        - 
Net proceeds from issuance shares                          
 in private placement                       -    4,849,810 
Warrants                                    -      393,535 
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Balance - September 30, 2012      (89,925,670)   4,326,015 
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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.

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

Contacts: Silver Bear Resources Inc. Mark Trevisiol President and Chief Executive Officer 65 Queen Street West, Suite 805, Toronto ONmtrevisiol@silverbearresources.com www.silverbearresources.com

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