Silver Bear Completes Private Placement and Board and Management Changes

TORONTO, May 11 /CNW/ --
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES/

TORONTO, May 11 /CNW/ - Silver Bear Resources Inc. ('Silver Bear' or the 'Company') (TSX:SBR) is pleased to announce the
closing of its previously announced non-brokered private placement (the
'Private Placement') of common shares resulting in aggregate proceeds
to the Company of $5 million.  6,250,000 common shares were sold in the Private Placement at a price of $0.80 per
share. Upon completion of the Private Placement, the previously
announced changes to the Board of Directors and management also took
effect.

Messrs. Stan Bharti and Mark Trevisiol, both of Forbes & Manhattan,
Inc., ('F&M') a Toronto-based, resource focused merchant bank, have
joined Silver Bear's Board of Directors. In addition, Mr. Trevisiol was
appointed as President and Chief Executive Officer of the Company. Mr.
Trevisiol will provide his technical expertise for the completion of
the Preliminary Economic Assessment and related Russian studies on the
Mangazeisky Project in 2011, as well as the aggressive exploration and
development programs contemplated for the Project in future years.

Mr. Randall Oliphant, the former President and Chief Executive Officer
of the Company, resigned as such and was appointed as Chairman of the
Board. Further, Mr. Larry King, a member of F&M's Advisory Committee,
was appointed an advisor to Silver Bear.

Following these appointments, it is intended that after the annual and
special meeting of shareholders scheduled for Thursday, June 9, 2011 at
4:30 p.m. at the Royal York Hotel, Toronto, the Board of Directors of
the Company will be comprised of Messrs. Randall Oliphant, Denis
Alexandrov, Stan Bharti, William Biggar, J. Trevor Eyton, Dominic
Gualtieri, Mark Trevisiol and Christopher Westdal.

As part of the introduction of the new Board, management and advisory
team, Mr. Bharti, through F&M, together with Aberdeen International
Inc., subscribed for $3.3 million of the $5 million raised pursuant to
the Private Placement. With the proceeds of this financing and Silver
Bear's current treasury, the Company will be sufficiently financed to
proceed with the analysis and further exploration of the Mangazeisky
Silver Project and to review other value-enhancing opportunities.

Joint Conference Call

Silver Bear Resources and Forbes & Manhattan will hold a joint
conference call on Thursday, May 12th, 2011 at 1:30 p.m. Eastern Time
to discuss the transaction.

Participants may join the conference by calling 1-647-427-7450 (local or
international) or toll-free 1-888-231-8191 in North America. The
Passcode is 67127264. To listen to a recorded playback of the call
after the event, please call 1-416-849-0833 or toll-free 1-800-642-1687
in North America - Passcode 67127264. A live and archived recording
will be available at www.silverbearresources.com.

About 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 asset is its 100% owned Mangazeisky
Project, 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 symbol 'SBR'. Silver Bear has
44,185,569 issued and outstanding common shares after completing the
Private Placement. 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 statements

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 of securities for sale in
the United States. The securities being offered have not been, nor will
be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States absent
U.S. registration or an applicable exemption from U.S. registration
requirements. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of
the Common Shares in any jurisdiction in which such offer, solicitation
or sale would be unlawful.

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Brian Penny
Chief Financial Officer
(416)-324-6002/bpenny@silverbearresources.com

Hannes Portmann
Director, Corporate Development and Investor Relations
(416)-324-6014/hportmann@silverbearresources.com