SILVER BEAR RESOURCES ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE MANGAZEISKY SILVER PROJECT, YAKUTIA, RUSSIA: INDICATED MINERAL RESOURCE INCREASE BY OVER 30% February 26, 2015 Toronto, Ontario Silver Bear Resources Inc. ("Silver Bear" or the "Company") () is pleased to announce that it has received an updated Mineral Resource estimate reported in accordance with the National Instrument 43-101 ( NI 43-101 ) from Tetra Tech for its Vertikalny prospect within the Mangazeisky property. Highlights Include: 30.7% increase in contained silver (Ag) troy ounces from the February 2011 Indicated Mineral Resource estimate (See Press Release dated March 28, 2011) (the February 2011 Report ). Mineral Resources are reported at a higher cut-off of 335 grams per tonne (g/t), up from the cut-off of 185 g/t used in the February 2011 Report. Increase in Indicated Resource category grade, up 75% from 518 g/t to 909 g/t. The Indicated Mineral Resource estimate now extends to surface and along the majority of the Vertikalny central zone strike length in a coherent unit (see Figure 1). Silver Bear s CEO, Graham Hill commented: We are extremely pleased with the increase in contained silver and silver grade of the new Vertikalny Indicated Mineral Resources. At an Indicated Resource grade of 909 g/t Ag, the Vertikalny mineralised system we believe, may be considered one of the higher grade silver deposits under development. Furthermore, the resource update demonstrates that the Vertikalny mineralisation now extends to surface and is coherent along the majority of its strike length. Based on these updated results, we look forward to the completion of our feasibility study which is currently underway. Executive Chairman Robin Birchall said, I am very pleased with the progress that the Company has made under the direction of our new CEO Graham Hill. Graham has, in a very short period of time, established his control over the operation and brought new working procedures to bear that have both implemented firm cost control and given new impetus to the Company as we pursue the goal of mine development at the Mangazeisky project. Following the completion of a program of infill drilling, Tetra Tech has updated the Mineral Resource estimate for the Vertikalny Central and Northwest deposits from the February 2011 Report, as set out below in Table 1. Table 1 Updated Mineral Resource Tabulation for the Vertikalny Deposits of the Mangazeisky Property Zone Indicated Resource Inferred Resource Vertikalny Central 800 909 23,400 680 615 13,400 Vertikalny Northwest - - - 310 458 4,600 Vertikalny Total 800 909 23,400 990 565 18,000 Tetra Tech has adopted the definition of Mineral Resources as outlined within the CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2010) in order to classify the resources. The effective date of the updated Mineral Resource estimate is 10 th February 2015. A technical report detailing the updated Mineral Resource estimate, in accordance with the NI 43-101, will be filed on SEDAR within 45 days of the issue of this announcement.
Mineral Resource Estimation Assumptions and Methods Key Assumptions used to estimate the updated Mineral Resource estimate are: The Mineral Resources have been estimated into a three dimensional block model comprising 12 x 6 x 12 metre blocks, with minimum sub-block dimensions of 1.5 x 0.375 x 1.5 metres. The estimation was constrained to the mineralized zone using wireframed solid models. The wireframe was sub-divided into a strongly mineralized central zone with a less strongly mineralised halo. estimates were based on 1 metre composited assay data. The interpolation of the metal grades was undertaken using ordinary kriging. In order to demonstrate that the deposit has reasonable prospects for economic extraction a cut-off grade of 335 g/t has been applied, based upon the following assumptions: Spot metal prices effective February 9 th 2015 of US $17 /oz Ag Mining cost of US $75 /t Processing cost of US $50 /t General and administration costs of US $40 /t Overall Silver recovery of 90%. The estimated silver grade distribution for Vertikalny Central zone is illustrated in Figure 1. Figure 1 Vertikalny Central Silver Distribution Tonnage Sensitivity The Vertikalny block model has been reported at a range of cut-off s to provide an indication of the grade tonnage sensitivity, Table 2. Table 2 Tonnage Sensitivity Tables Vertikalny Central - Indicated Material Cut-off Tonnage 185 1,140 715 26,200 235 1,000 788 25,200
285 910 837 24,500 335 800 909 23,400 385 710 982 22,300 435 630 1,049 21,300 485 570 1,113 20,400 Vertikalny Central - Inferred Material Cut-off Tonnage 185 1,350 429 18,600 235 1,030 497 16,500 285 800 567 14,600 335 680 615 13,400 385 570 665 12,100 435 480 708 11,000 485 400 759 9,800 Vertikalny Northwest - Inferred Material Cut-off Tonnage 185 560 377 6,700 235 510 393 6,400 285 410 422 5,600 335 310 458 4,600 385 230 495 3,600 435 160 530 2,700 485 120 556 2,100 The Mangazeisky property contains a number of satellite deposits that are being explored by Silver Bear, one of which is Nizhny Endybal located some 3 km to the south east of Vertikalny. In September 2012 Tetra Tech estimated the Mineral Resource of the Nizhny Endybal deposit, which is shown along with Vertikalny Central and Vertikalny Northwest estimates in Table 3 as a summary of the total Mineral Resources for the Mangazeisky property. Table 3 Total Resources for the Mangazeisky Property Indicated Resource Inferred Resource Zone Vertikalny Central 800 909 23,400 680 615 13,400 Vertikalny Northwest - - - 310 458 4,600 Nizhny Endybal 3,200 133 13,500 Total 800 909 23,400 4,190 235 31,500 Notes: The effective date of the Nizhny Endybal Mineral Resource is 11 th September 2012. Nizhny Endybal Mineral Resource is reported at a 75 g/t cut-off grade based upon the following assumptions: Open pit mining, US $22 /oz silver price and assumed total operating cost of US $50 /t. Mr. P. Gribble, FIMMM C.Eng, of Tetra Tech Wardrop (formerly Wardrop Engineering), is the independent qualified person who prepared the mineral resource estimates disclosed in Table 3 above.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Geological and Sampling Procedures A quality assurance/ quality control program is part of the drilling program on the Mangazeisky deposits. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling. Prior to 2011, analysis was carried out at Russian certified laboratories in Yakutsk and Aldan, Russia. Analysis for 2012, 2013, 2014 and 2015 campaigns were completed by ALS Chemex in Chita, Russia. Qualified Person The updated Indicated and Inferred Mineral Resource estimate was prepared by Mr. Robert Davies, B.Sc., European Geologist (EurGeol) and Chartered Geologist (CGeol). Mr. Davies is Senior Resource Geologist at Tetra Tech and is a qualified person as such term is defined in NI 43-101. Mr. Davies has reviewed the technical and scientific information in this press release relating to the Mineral Resource estimates and has approved the use of the information contained herein. The updated Mineral Resource estimates were generated using the parameters set out above under Table 1. About Silver Bear The primary business of the Company is the evaluation, acquisition, exploration and development of silver properties in the Russian Federation. The Company's principal focus is the Mangazeisky exploration lease and the Vertikalny Deposit, over which Silver Bear has exclusive exploration/ mining rights. It is located approximately 400 km 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 ticker symbol "SBR". Silver Bear has 161,089,517 issued and outstanding common shares. Other information relating to Silver Bear is available on SEDAR at www.sedar.com as well as on the Company's website at. Cautionary Notes This release and subsequent oral statements made by and on behalf of the Company may contain forwardlooking 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 risk factors include but are not limited to risk 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.
CONTACT INFORMATION: Graham Hill President and Chief Executive Officer Silver Bear Resources Inc. UK + 44 755 2524 982 info@silverbearresources.com Robin Birchall Executive Chairman Silver Bear Resources Inc. UK + 44 771 131 3019