Silver Bear Resources Closes Initial Public Offering



    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
    INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
    DISSEMINATION IN THE UNITED STATES/

    TORONTO, Dec. 19 /CNW/ - Silver Bear Resources Inc. (TSX:SBR) - Silver
Bear Resources Inc. ("Silver Bear" or the "Company") announced today that it
has successfully completed its initial public offering (the "Offering") of
10,000,000 common shares at a price of C$3.00 per share, for gross proceeds of
C$30.0 million. The Company's common shares begin trading today on the Toronto
Stock Exchange under the symbol "SBR".
    Silver Bear has granted to the underwriters an option to purchase up to
an additional 1,500,000 common shares at the price of C$3.00 per share. The
option is exercisable, in whole or in part, within the next 30 days to cover
any over-allotments and for market stabilization purposes. If the option is
exercised in full, gross proceeds of the Offering will be approximately
C$34.5 million.
    RBC Capital Markets and Merrill Lynch & Co. acted as lead managers and
book runners of the offering. The other members of the underwriting syndicate
are GMP Securities L.P. and Wellington West Capital Markets Inc.
    "This public offering and the listing of Silver Bear's shares for trading
on the Toronto Stock Exchange, one of the world's premier markets for resource
stocks, is an exciting step in the development of our company," said Mr.
Randall Oliphant, President and Chief Executive Officer.

    Silver Bear Resources Inc.
    --------------------------
    Silver Bear is a resource company engaged in the exploration of
prospective silver and other precious metal properties in Russia. Silver
Bear's principal asset is its 100%-owned Mangazeisky silver project located in
the Republic of Sakha, Yakutia, in the Russian Federation.
    Silver Bear is focused on further delineating the high grade silver
mineralization discovered in the Vertikalny vein of its Mangazeisky Project
and the exploration of the project's 15 other known silver anomalies. Based on
the encouraging results from its drilling program concluded in September 2007,
Silver Bear believes that the Mangazeisky Project has the potential to become
a significant silver deposit.
    Partial assay results have been received from 15 of 19 holes drilled
during the 2007 exploration program, ranging from 25.1 to 8,887.1 grams/tonne
silver and averaging 736.7 grams/tonne silver over a horizontal width of
2.05 metres. The results lie within an area measuring 1,500 metres along
strike to a maximum depth of 200 metres below surface. The results are
consistent with the 12 surface trenches that traced the vein for 1,200 metres
and averaged 622.8 grams/tonne silver over a 6.40 metre horizontal width.
Approximately 6,000 metres of trenching have identified a structure of 5.1
kilometres in length. The central portion which is 1.5 kilometres of the known
strike length has been drilled and tested, resulting in a significant high
grade discovery with the weighted average of 3.98 metres in horizontal width
and 655 grams/tonne of silver.
    Reconnaissance geologic mapping and sampling has identified 15 additional
anomalous silver zones within the 570 square kilometre concession. Silver Bear
plans to conduct 15,000 metres of drilling on the Vertikalny structure in 2008
with the target of identifying more than 150 million ounces of silver(1).
Further surface exploration will be conducted on several of the other 15
identified high grade silver occurrences in the license area.
    Mr. Wes Hanson, qualified person under NI 43-101, supervised the
preparation of the information contained in this news release. Mr. Hanson is
an officer of the Company. For complete and additional information regarding
the technical aspects discussed in this news release, including disclosure
about the properties' geology, data verification, sample and analysis, and
quality assurance programs of the Company, the reader is referred to Silver
Bear's Prospectus filed December 10, 2007 and the corresponding technical
reports available at www.sedar.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 regarding Silver Bear's future growth, results of operations
(including, without limitation, future production and capital expenditures),
performance (both operational and financial) and business prospects (including
the timing and development of new deposits and the success of exploration
activities) and opportunities. Wherever possible, words such as "plans",
"expects", or "does not expect", "budget", "scheduled", "estimates",
"forecasts", "anticipate" or "does not anticipate", "believe", "intend" 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 actual results,
performance, or achievements to differ materially from the results expressed
or implied in the forward-looking statements including those listed in the
"Risk Factors" section of the Prospectus filed on December 10, 2007. 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,
performance, prospects and opportunities in future periods 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 the Prospectus filed December 10, 2007, and
Silver Bear assumes no obligation to update or revise them to reflect new
events or circumstances.

    The final prospectus for the initial public offering is available on the
SEDAR website www.sedar.com.

    ---------------------------
    (1) The reader is cautioned that the target expressed above is based on
    Silver Bear's assessment of the geological data currently available and
    is conceptual in nature. There has been insufficient exploration with
    respect to this target to define any estimates of quantities. There is no
    guarantee that the targeted estimate will be delineated through
    additional exploration. This is an objective set by the Company and it is
    not an estimate of quantities as contemplated by section 2.3 of
    NI 43-101. There is no assurance that this objective will materialize.





For further information:

For further information: please visit www.silverbearresources.com, or
contact: Randall Oliphant, President and Chief Executive Officer, (416)
324-6000, roliphant@silverbearresources.com; Raymond Threlkeld, Chief
Operating Officer, (416) 324-6005, r_threlkeld@silverbearresources.com; Brian
Penny, CFO, VP Finance and Corporate Secretary, (416) 324-6002,
bpenny@silverbearresources.com; Julie Taylor Pantziris, Director, Regulatory
Affairs and Investor Relations, (416) 324-6015,
jtaylor@silverbearresources.com

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SILVER BEAR RESOURCES INC.

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