Silver Bear Adds to Board of Directors and Management and Strengthens Financial Position

Strategic Investment by Forbes & Manhattan


TORONTO, April 28 /CNW/ - Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce changes to the Board of Directors and management, as well as a related non-brokered private placement. Together, these initiatives further the Company's strategy of advancing the large Mangazeisky Silver Project while pursuing other value-enhancing opportunities.

Effective upon closing of the private placement, Messrs. Stan Bharti and Mark Trevisiol, both of Forbes & Manhattan, Inc., ("F&M") a Toronto-based, resource focused merchant bank, will join Silver Bear's Board of Directors. In addition, Mr. Trevisiol is to be appointed as President and Chief Executive Officer of the Company. Mr. Trevisiol will provide his technical expertise for the completion of the Preliminary Economic Assessment ("PEA") and related Russian studies on the Mangazeisky Project in 2011, as well as the aggressive exploration and development programs contemplated for the Project in future years. Mr. Randall Oliphant, the current President and Chief Executive Officer, will resign as such and be appointed as Chairman of the Board. Further, Mr. Larry King, a member of F&M's Advisory Committee, is to be appointed an advisor to Silver Bear.

Following these appointments, it is intended that following the annual and general meeting of shareholders, the Board of Directors of the Company will be comprised of Messrs. Randall Oliphant, Denis Alexandrov, Stan Bharti, William Biggar, J. Trevor Eyton, Dominic Gualtieri, Mark Trevisiol and Christopher Westdal.

As part of the introduction of the new Board, management and advisory team, Mr. Bharti, through F&M, together with another investor, have agreed, pursuant to a share purchase agreement (the "Agreement"), to subscribe for $3 million in a planned $5 million non-brokered private placement of common shares of Silver Bear. The financing will be for aggregate gross proceeds of up to $5 million at a price of $0.80 per common share. This price reflects the 90-day average price of Silver Bear's shares since discussions commenced with F&M in January. With the proceeds of this financing and Silver Bear's current treasury, the Company will be sufficiently financed to proceed with the analysis and further exploration of the Mangazeisky Silver Project and to review other value-enhancing opportunities.

The financing is expected to close on or before May 9, 2011, subject to satisfaction of customary closing conditions including receipt of approval of the Toronto Stock Exchange.

"With the PEA currently underway, we are very eager to advance Mangazeisky through continued exploration and ultimately into development. The addition of Mark Trevisiol, who will be focused on the Project, and the depth and expertise of the technical team at Forbes & Manhattan, will complement Silver Bear's in-country team to spearhead an exciting program for the Project as we go forward," stated Randall Oliphant. "Mr. Bharti and Forbes & Manhattan have experience operating in Russia and a successful track record of creating value for junior mining companies with recent successes such as Consolidated Thompson Iron Mines, Avion Gold and Desert Sun Mining. We welcome the new directors' and management team's involvement, and remain committed to creating substantial shareholder value for Silver Bear shareholders."

Appointee Biographies

Stan Bharti, P.Eng.

Internationally educated in Moscow and London as a professional mining engineer, Mr. Bharti has over the last two decades consistently grown multiple mining assets generating billions in market capitalization. Mr. Bharti is bottom-line driven with an enormous capacity to manage multiple complex transactions. He is the Executive Chairman of Forbes & Manhattan, Inc., a private Canadian merchant bank located in Toronto, Ontario with a mandate to provide capital markets expertise to new and emerging companies.

Mark Trevisiol, P.Eng.

Mr. Trevisiol has over 21 years of management experience in the metals industry. He has served as the President and Chief Executive Officer of Crowflight Minerals Inc. and the Chief Operating Officer of Liberty Mines. Formerly General Manager of Business Development & Strategy of Xstrata Nickel Sudbury Operations, Mr. Trevisiol spent 18 years with Falconbridge Ltd., in various roles, including General Manager of the Sudbury Smelter business unit, Production Manager of the Sudbury smelter and Superintendent of the zinc plant, Kidd Creek Operations.

Larry King

Larry King is recognized internationally as one of the premier broadcast interviewers. He has won an Emmy Award, two Peabody Awards and ten Cable ACE Awards. Mr. King has interviewed athletes, actors, writers, politicians and foreign dignitaries, including a number of memorable interviews with Russian Prime Minister Vladimir Putin.  Mr. King recently retired from his post at CNN and has joined the Advisory Board of Forbes & Manhattan, Inc.

Annual Meeting of Shareholders

The Company also announced today that it has changed the date of its annual meeting of shareholders to June 9, 2011. The record date for the meeting remains April 21, 2011.

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 asset is its 100% owned Mangazeisky Project, 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 symbol "SBR". Silver Bear has 37,935,569 issued and outstanding common shares prior to this private placement. Other information relating to Silver Bear is available on SEDAR at as well as on the Company's website at

Forward-looking statements

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.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

SOURCE Silver Bear Resources Inc.

For further information:

Brian Penny
Chief Financial Officer

Hannes Portmann
Director, Corporate Development and Investor Relations

Profil de l'entreprise

Silver Bear Resources Inc.

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