Silver Bear Achieves Significant Milestone With Exploration License Extension for its Mangazeisky Silver Property in Yakutia, Russia. Silver Bear to Pursue Mining License in 2012

TORONTO, ONTARIO -- (Marketwire) -- 12/21/11 -- Silver Bear Resources Inc. ('Silver Bear' or the 'Company') (TSX: SBR) is pleased to announce that it has obtained an extension on its exploration licence for its Mangazeisky Silver Property in Yakutia, Russia. The extension has been granted to December 31, 2012 by Rosnedra, the Russian federal authority that governs access to explore and extract natural resources in Russia.

Silver Bear is also pleased to announce that it has submitted its Russian Feasibility Study ('TEO') to the applicable Russian Federal authorities. Submittal of the TEO is the first step to furthering the property towards having a mining license. Upon a successful regulatory review of the TEO, Silver Bear will receive a 'Certificate of First Discovery' which can then be used in the application process for a mining licence on the property. On average the term of a mining license can extend between 10 and 20 years and allow for both exploration and mineral extraction.

'We are happy to have received the exploration license extension into 2012, allowing us to continue to explore the Mangazeisky property without interruption. In addition to the positive news on the license extension, we continue to make progress towards our goal of achieving a mining license on Mangazeisky in 2012,' stated Mark Trevisiol, President and CEO of Silver Bear.

As shown in Figure 1, the exploration license covers an area of approximately 570 square kilometres. The property hosts more than 100 silver occurrences in a major north-northwest trending mineralized structure that stretches along a 35 kilometre corridor. Recent drilling (see announcement December 5, 2012) has confirmed management's belief in the potential to grow the current NI 43-101 compliant mineral resource estimate of 17.9 million ounces silver at 518 Ag/t of indicated mineralization and 30.5 million ounces silver at 562 Ag/t of inferred mineralization (see press release of March 28, 2011 for details regarding the mineral resource estimate). Figure 1 highlights that the area containing Silver Bear's NI 43-101 mineral resource estimate (Vertikalny) represents a very small land tenure in this total license area.

FIGURE 1 is available at the following address: http://media3.marketwire.com/docs/MANGAZEISKY_LICENSE.pdf

--  Note: Assays in Figure 1 that are outside of the listed NI 43-101
    resource are historical assays which have been collected in accordance
    with Federal Russian Subsoil sampling standards and are outside of the
    current NI 43-101 sampling protocol.

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

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 risk factors include but are not limited to risk 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:

Bulgan Orgilsaikhan

Manager, Investor Relations

Silver Bear Resources Inc.

416-309-2895
borgilsaikhan@silverbearresources.com


Mark Trevisiol

President and Chief Executive Officer

416-861-5893
mtrevisiol@silverbearresources.com