Silver Bear Announces Additional High Grade Results from 2008 Drilling and Trenching Programs at Mangazeisky

    TORONTO, Jan. 20 /CNW/ - Silver Bear Resources Inc. ("Silver Bear" or the
"Company") (TSX:SBR) today announced further positive results from 2008
exploration drilling and trenching at its 100% owned Mangazeisky silver
project in Russia. Significant results include:

    -   Hole V08-071 returned 853 grams of silver per tonne over an 8.2 metre

    -   Hole V08-078 returned 698 grams of silver per tonne over a 6.0 metre

    -   Hole V08-082 returned 623 grams of silver per tonne over a 7.2 metre

    -   Hole V08-072 returned 341 grams of silver per tonne over a 4.2 metre

    -   Hole V08-086 returned 324 grams of silver per tonne over a 4.0 metre

    -   Trench K-5047 returned 1,276 grams of silver per tonne over a
        3.0 metre interval.

    A total of 80 holes (12,945 metres) were drilled during the 2008
exploration program of which 73 were drilled at Vertikalny and seven elsewhere
on the Mangazeisky property. Results from all 73 diamond drill holes completed
on the Vertikalny vein have been received, with results of the seven
exploratory holes still pending. In addition, results from six surface
trenches containing mineralization have been received.
    "The continued high grade results reinforce our belief that Vertikalny
has the potential to be a world class silver deposit," stated Mr. Randall
Oliphant, President and Chief Executive Officer. "In 2009, we intend to drill
10,000 metres to continue to expand the resource at Vertikalny."
    Silver Bear is well positioned with approximately $24 million in cash at
December 31, 2008 and budgeted 2009 exploration expenses of approximately $12
million to complete 10,000 metres of drilling.

    Vertikalny Update

    Since the November 10, 2008 news release, results have been returned for
the final 21 drill holes completed in 2008 on the Vertikalny vein as well as
the six trenches containing mineralization. Significant results include:
    Hole V08-071 (Profile 9500) returned 853 grams of silver per tonne over
an 8.2 metre interval, approximately 50 metres below hole V07-015 which
returned 736 grams of silver per tonne over a 4.1 metre interval.
    Hole V08-078 (Profile 9450) returned 698 grams of silver per tonne over a
6.0 metre interval, approximately 50 metres below hole V08-077 which returned
282 grams of silver per tonne over a 5.0 metre interval.
    Hole V08-082 (Profile 9400) returned 623 grams of silver per tonne over a
7.2 metre interval, approximately 100 metres below trench K-67 which returned
226 grams of silver per tonne over a 6.5 metre interval.
    Hole V08-072 (Profile 9350) returned 341 grams of silver per tonne over a
4.2 metre interval, approximately 50 metres below trench K-65 which returned
1,501 grams of silver per tonne over a 1.5 metre interval.
    Hole V08-086 (Profile 9250) returned 324 grams of silver per tonne over a
4.0 metre interval, approximately 100 metres below hole V07-005 which returned
88 grams of silver per tonne over a 1.0 metre interval.
    Trench K-5047 (Profile 10150) returned 1,276 grams of silver per tonne
over a 3.0 metre interval, approximately 50 metres southeast of trench K5050
which returned 480 grams of silver per tonne over a 10.0 metre interval.

    The following tables outline the drilling and trenching results received
since our previous November 10, 2008 release:

    Hole ID      Profile       From          To    Length (m)    Silver (g/t)
    V08-021        10200                                           Abandoned
    V08-037        10650                                           Abandoned
    V08-041         9900                                           Abandoned
    V08-065         9700      156.4       159.5          3.1             193
    V08-071         9500       77.8        86.0          8.2             853
    V08-072         9350       69.6        73.8          4.2             341
    V08-073         9350       73.7        74.7          1.0             190
    V08-074         9500      126.0       129.6          3.6              80
    V08-075         9500      154.4       159.0          4.6             289
    V08-076         9350      196.0       198.0          2.0             130
    V08-077         9450       64.0        69.0          5.0             282
    V08-078         9450      121.0       127.0          6.0             698
    V08-079         9300                                           Abandoned
    V08-080         9300      181.7       187.4          5.7             200
    V08-081         9450                                           Abandoned
    V08-082         9400       91.8        99.0          7.2             623
    V08-083         9300       84.5        90.0          5.5             136
    V08-084         9300      147.1       150.0          2.9             103
    V08-085         9250      240.0       242.0          2.0             154
    V08-086         9250      144.0       148.0          4.0             324
    V08-087         9250      240.0       242.0          2.0             154

    Trench ID    Profile       From          To    Length (m)    Silver (g/t)
    K-67            9400       11.5        18.0          6.5             226
    K-68            9450        2.1         7.0          4.9             806
    K-5041         11050                                                 NSR
    K-5042         11000                                                 NSR
    K-5047         10150       34.0        37.0          3.0           1,276
    K-5048         10050       18.0        19.0          1.0              16
    NSR: No significant results
    Abandoned: Holes were left prior to reaching intended target due to
    difficult drilling conditions

    The results contained herein have been reviewed by Vivian Park, P.Geo.,
Silver Bear's Qualified Person managing the exploration program on the
Mangazeisky Project. Vivian Park is an employee of Silver Bear in the capacity
of Director of Exploration.

    Regional Update

    Regional reconnaissance field work concentrated on two main areas -
exploring the Zabytiy target located approximately 5.0 kilometres north of
Vertikalny and exploring the Kis-Kuelskiy target located approximately 20
kilometres to the south of Vertikalny. Both Zabytiy and Kis-Kuelskiy lie
within the Mangazeisky license boundary.
    Initial geological mapping of the Zabytiy target indicates a silver in
soil anomaly that trends northwest-southeast. The anomaly measures 1,000
metres in length by 150 metres in width as defined by soil geochemistry
    Geological mapping at Kis-Kuelskiy identified three parallel mineralized
structures that trend northwest-southeast. The three zones are interpreted to
represent narrow, sub-vertical veins, similar to the Vertikalny vein. The
three zones have been traced for 500 to 1,000 metres on surface and random
grab samples have returned numerous results greater than 1,000 grams of silver
per tonne.
    The regional work completed on the two target areas help to support the
potential of the remaining 19 anomolies on the Mangazeisky property beyond

    Outlook - Mangazeisky Project

    Key milestones for Silver Bear:

    -   Complete Canadian Institute of Mining "CIM" compliant Inferred
        resource estimate for Vertikalny in February 2009;

    -   Complete a Russian technical and economic conditions report "TEO" by
        June 2009;

    -   Complete 10,000 metres of exploration drilling during the 2009 field
        season; and

    -   Target to define a CIM compliant resource estimate for the Vertikalny
        vein of up to 250 million ounces of silver(1) during the first
        quarter of 2010.


    Silver Bear's core sampling and preparation program is summarized as
    All core is 60.3 mm diameter. The core is placed in boxes at the drill
site, complete with distance markers. On arrival at the core logging facility,
the core boxes are opened and a geologist is responsible for organizing and
photographing the core, completing a geotechnical log, and preparing the core
for geological logging and sampling.
    The core is logged for lithology, structure and mineralization. Intervals
of interest are marked for sampling. Intervals deemed to be potentially
anomalous in silver are cut using a diamond saw with one half of the core
prepared as the sample and the other half retained in the core box and stored
at site.
    Samples are crushed to a nominal size of less than 1 mm at an on-site
preparation facility. A 500 gram split is shipped to the laboratory for
pulverization and assay; a duplicate split is retained on site.
    All fire assays for silver are completed at the Chemical Laboratory of
the State Enterprise Aldangeologiya (Aldan Lab), located in Yakutia, Russia.
    Silver Bear's quality control protocol includes the blind submission of
certified standards (prepared by Geostats Pty Ltd of Australia), field blanks
and field duplicates into the sample stream to monitor the accuracy and
precision of the fire assay results.
    Geological control samples comprise 15% of the total sample volume. It is
standard practice that should the reported results exceed the permissible
variance limits ascribed to said standards that the affected batches are
re-analyzed. No such occurrences were noted in the results reported above.
    An updated drill plan and longitudinal section demonstrating the hole
locations is available on the Company's website at

    (1) The reader is cautioned that the target expressed above and elsewhere
        in this news release 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.
        It 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.

    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. Other information relating to Silver
Bear is available on SEDAR at as well as on the Company's
website at

    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 with respect to the proposed transaction. 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.

For further information:

For further information: please visit, or
contact: Raymond Threlkeld, Chief Operating Officer, (416) 324-6005,; Brian Penny, Chief Financial Officer,
(416) 324-6002,; Hannes Portmann, Director,
Corporate Development and Investor Relations, (416) 324-6014,

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