TORONTO, ONTARIO--(Marketwire - Aug. 14, 2012) - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (News - Market indicators) 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.

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.