Silver Bear Provides Update on its Mangazeisky Project


    TORONTO, Jan. 25 /CNW/ - Silver Bear Resources Inc. (TSX:SBR) - ("Silver
Bear" or the "Company") is pleased to report on its 100%-owned Mangazeisky
silver project located in the Republic of Sakha, Yakutia, in the Russian
    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 world class silver deposit.
    Surface trenching, initiated once the 2007 diamond drilling program was
completed in September, continued through to December 2007. Approximately
6,000 cubic meters of surface trenching was completed, meeting the licence
requirements for 2007.
    Planning is currently underway to pre-position equipment and supplies for
the 2008 exploration program by winter road. A substantial portion of the fuel
and supplies for the 2008 drilling program has been purchased and is currently
in transit on the winter ice road. Boart Longyear (Russia) has been contracted
to complete 15,000 meters of diamond drilling on the Vertikalny vein.
Geophysical and geochemical field surveys are also planned for 2008.
    Today, the balance of the trenching and diamond drill samples from the
2007 program were received in Yakutsk for assay. Silver Bear will update its
shareholders of the results of the 2007 program upon receipt of the final
    With respect to regulatory matters, Silver Bear is pleased to report that
after reviews by an inter-governmental commission, including specialists from
the Yakutia Ministry of Environmental Protection and other ministries and
agencies with respect to forestry, environmental protection, ecological
control, agriculture and labour, its wholly-owned subsidiary, ZAO Prognoz,
received confirmation that it is in good standing in all material respects in
these areas.
    ZAO Prognoz has also received notice of an application by the Yakutia
Inter-district Tax Office No. 5 of the Federal Tax Service to the Arbitration
Court of the Republic of Sakha (Yakutia) claiming that documentation filed in
connection with the registration of ZAO Prognoz in 2003 was signed by a person
holding an improperly delegated power of attorney. On that ground, the
application requests the Yakutia Arbitration Court to order the liquidation of
ZAO Prognoz. ZAO Prognoz is investigating this claim, but, on the basis of
advice received from its Russian legal advisors, ZAO Prognoz is of the view
the ground for the claim is a breach of a formality, and not a gross
irremediable violation of the law, as required by the governing statute to
support a claim for liquidation. It is understood that a preliminary hearing
will be held most likely in February to determine what evidence is necessary
to proceed with the case and resolve procedural petitions of the parties. ZAO
Prognoz has also received a request from the local branch of the Federal
Service for Financial Markets of Russia ("FSFM"), which references the above
application, to provide corporate documents of ZAO Prognoz. The FSFM has not
taken any proceeding nor made any claim in connection with this request. ZAO
Prognoz will take every measure to vigorously resist the claim from the
Federal Tax Service.
    Finally, Silver Bear is pleased to report that it has entered into an
agreement with the Association of Indigenous Minority Populations of the North
of the Republic of Sakha (Yakutia), on co-operation and assistance for the
local communities that surround the Mangazeisky Project. In accordance with
this agreement, ZAO Prognoz will be increasing its contribution to
sustainability of the culture and well-being of the local indigenous
population, including conducting environmental protection work, providing
employment, training and air transportation for the local people.

    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.

    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 Silver Bear assumes no obligation to update or
revise them to reflect new events or circumstances.

For further information:

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

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