Silver Range Resources Ltd. Announces Private Placement Financings of $13.2 Million

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

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 30, 2012) - ilver Range Resources Ltd. (TSX VENTURE: SNG)(TSX VENTURE:SNG.WT) ("Silver Range" or "the Company") is pleased to announce two non-brokered private placements (the "Offerings"), for gross proceeds of up to $13,200,000, comprising:

A. Up to 4,000,000 non-flow through units at $1.20 per unit, for gross proceeds of up to $4,800,000, with each unit to consist of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant to entitle the holder to purchase one additional common share at a price of $1.80 for a period of two years from closing, provided that, in the event the closing price of the Company's shares as traded on the TSX Venture Exchange is $2.25 or greater for 20 consecutive trading days, Silver Range may give notice of an earlier expiry of the warrants, in which case they would expire 30 calendar days from the giving of such notice; and

B. Up to 6,000,000 flow-through shares at a price of $1.40 per share, for gross proceeds of up to $8,400,000.

The Company has agreed to allot a portion of the Offerings to subscribers introduced by Axemen Resource Capital Ltd. ("Axemen"), an Exempt Market Dealer, and may agree to similar allocations to other exempt market or investment dealers. The Company will pay finder's fees equal to 5% of subscription amounts received, payable in cash or units, plus issue finder's warrants in an amount equal to 5% of the number of units or shares subscribed for, with each finder's warrant to entitle the holder to purchase one common share of the Company at a price of $1.45 for a period of 18 months from closing.

Closing of the Offerings is anticipated to occur on or before February 23, 2012 and is subject to TSX Venture Exchange acceptance. Securities issued under the Offerings will be subject to a hold period in Canada which will expire four months and one day from the date of closing.

The proceeds from the Offerings will be used for the 2012 exploration program at the Company's Silver Range and Mint projects in the Yukon, and for working capital purposes.


ON BEHALF OF THE BOARD

W. Douglas Eaton
President and Chief Executive Officer



This press release does not constitute an offer to sell or a solicitation of an offer to buy any 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 "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and any applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.



Contact Information

Silver Range Resources Ltd. - Corporate Information
W. Douglas Eaton
President and C.E.O.
(604) 688-2568

Silver Range Resources Ltd. - Corporate Information
Bruce A. Youngman
Chairman
(604) 687-2522

Silver Range Resources Ltd. - Investor Inquiries
Richard Drechsler
Corporate Communications
(604) 687-2522 or NA Toll-Free: (888) 688-2522
rdrechsler@silverrangeresources.com
www.silverrangeresources.com