Mr. Mark Trevisiol reports

SILVER BEAR ANNOUNCES CLOSING OF THE PRIVATE PLACEMENT WITH TABAC VENTURES LIMITED

Silver Bear Resources Inc. has closed its previously announced private placement of 4,375,000 common shares of Silver Bear with Tabac Ventures Ltd. Tabac is a company affiliated with Aterra Capital, an investment fund established by Alexey Mordashov.

The 4,375,000 common shares were sold to Tabac at a price of 80 cents per share for gross proceeds to the company of $3.5-million. The common shares will be subject to a statutory hold period of four months and one day.

The company intends to use the net proceeds of the private placement to finance exploration activities and improve infrastructure at the company's Mangazeisky property in Yakutia, Russia. The company is currently in the process of developing an exploration program for this coming summer. Additionally, the company is planning to spend up to $1.3-million on new equipment to be used for site infrastructure improvements.

We seek Safe Harbor.