1. TSX: SBR May 2012 A WORLD CLASS SILVER PROJECT 1

2. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This presentation 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. 2

3. A WORLD CLASS SILVER PROJECT AMONG HIGHEST SILVER GRADES IN WORLD NI 43-101 Resource Inferred 30 M oz (950 tonnes) 554 g/tonne Ag Indicated 18 M oz (560 tonnes) 514 g/tonne Ag Project Summary 3 Russian P1 + P2 Resource P1 + P2 = 16,600 tonnes @ 1809 g/t (900 Mill oz)

4. Major World Wide Silver Properties Project Name Location Ag (g/t) M. Cap.($) Goltsovoye (P.Metal)Russia 878 Platosa (Excellon)Mexico 870 155 M Prognoz (Severstol)Russia 681 Mangazeisky (S.Bear) Russia 540 30 M Juanicipio (Mag Silver) Mexico 491 500 M Dukat (P. Metal)Russia 480 Escobal (Tahoe Res)Guatemala 420 2.4 B El Quevar (Goldn Minerals) Argentina 332 180 M Berenguela (Silver Std Res) Peru 126 Navidad (PanAm Silver)Argentina 117 Note: Not all grades reported are comparable to Reserves, Resources and geologic averages. Some maybe weighted. Source: Publicly available company reports or Metals Economics Group, grades based on resources where applicable. 4

5. Capitalization 5 Listing / Symbol TSX : SBR Shares Outstanding Basic48,560,569 Options3,744,333 Management, Directors, and Founders 16,591,92834.2 % Alfa Group 7,400,00015.2 % Tabac Ventures (Alexy Mordashov) 4,375,000 9 % Current Market Capitalization ( April 30 56 cents/share) C$ 27 million Cash and Equivalents at Dec 31, 2011 C ~$4.0 million

6. Board of Directors 6 Randall Oliphant Chairman Silver Bear Resources, Chairman New Gold Former CEO Barrick Gold Mark Trevisiol President and CEO Silver Bear Resources Stan Bharti Chairman and CEO Forbes & Manhattan Trevor Eyton Former Member of Senate of Canada Former Board of Director of Falconbridge Ltd Dominic Gualtieri Former Managing Director, Head of Equities, Alfa Bank Andrey Tseshinskiy Director of A1 Investment Group Christopher Westdal Former Canadian Ambassador to Russia (2003-2006) Bill Biggar President and CEO North American Palladium Special Advisor to the Board “Larry King” of Larry King Live talk show

7. RUSSIAN RELATIONSHIPS Alfa Group - 2 nd largest industrial conglomerate in Russia Tabac Ventures - Alexy Mordashov, prominent Russian businessman Local Stakeholders President of Yakutia - wants to use Silver Bear as a model for foreign investment Discussions with Yakutian Economic Development Committee 7

8. Scoping Study Details (completed by Wardrop Engineering) Base CaseAlternate (Hydro Pwr) Initial Capital$111 Million$129 Million Sust Capital$ 19 Million$ 19 Million Cost (US$/oz) $ 9.34 / Ag oz$ 7.90 /Ag Oz Production (oz/yr) 4.1 Million 4.1 Million NPV (8% & $22.74/oz) $122 Million$136 Million IRR ($22.74) 25.7 % 25.9 % NPV (8% & $30/oz)$264 Million$278 Million IRR ($30/oz) 42.2 % 41 % NPV (8% & $40/oz) $461 Million$475 Million IRR ($40/oz) 61% 59% 8

9. Trench K-6812 538.3g/t Ag over 3.0m Grab sample 3080 1200.0g/t Ag Trench K-9003 634g/t Ag over 0.5m Nizhny Endybal Channel sample 258 621.9g/t Ag over 14.0m Drill-hole END-02 424.0g/t Ag over 8.0m Drill-hole END-03 92.0g/t Ag over 64.6m Trench K-406 521.1g/t Ag over 1.94m 15km 35km Mineralized Structural Corridor Moscow Mangazeisky Licence Russia Vertikalny NI 43-101 Resource 18 Moz @ 514g/t Ag indicated 30.6 Moz @ 554g/t Ag inferred Mangazeisky Property - Russia 9

10. Mangazeisky Yakutsk 400 km 10 Prognoz

11. What we’ve Done – 2011 May: part of the Forbes & Manhattan Group of managed companies  $5 million private placement of common shares  Senior Management changed (CEO + CFO)  Strategy - Drive value by exploration June: Exploration program initiated in – 9100 m drilled Sept : Completed Scoping Study Dec :  Received exploration license extension to Dec 2012  Submitted Russian “TEO” – Step 1 towards Mining License 11

12. WORLD CLASS SILVER PROJECT 2011 Exploration Summary Completed ~9100 m in 2011 Strike 5km Central Zone 570 Square km Lease 35 km x 16 km N.W. Zone S.E. Zone Drill at site 2011 Surface Area of Vertikalny Resource 12 Zone Silver (g/t) (range) Tonnes (Million) (range) Central East (east parallel and joining structures) 300 – 4000.5 – 1.0 Central Main (main structure) 250 - 3500.3 – 0.4 Northwest Zone (main structure) 250 - 3500.1 – 0.3 Target Mineralized Zones - 2011 drilling results

13. 1000m 500m V11-187B 0.6m @252g/t & 0.7m @224g/t Ag 1.5m @ 150g/t & 2.6m @ 157g/t Ag V11-189 2.90m @ 137g/t Ag (incl. 0.8m @ 306g/t) V11-182 1.25m@230g/t Ag 1.70m@124g/t Ag V11-177 0.9m@246g/t Ag Target Mineralisation Central Main Central East 100m OPEN 500m Surface Section Through Vertikalny Resource Area New Drill Intersections

14. 14 Cross Section of Vertikalny Ore Body Central Zone Ore Body

15. 15 Excavated Sample from surface trench - Native Silver shown (wire texture) up to 10,000 g/t Ag

16. 1000m V11-161 Nizhny- Endybal Apophysis V11-162C V11-177, 182 & 189 Borisovskiy Privet 2011 & 2012 Season Fieldwork Locations 16 Drilling Locations Porphory

17. Nizhny Endybal Analysis Fault plane contours 100m 600m 700m 800m 900m River Section line ? ? Fault zone outcrop & sub-outcrop e.g. at grade 250g/t =6.5Moz Ag Mountain Section Area of highest mineralisation potential - minimum 800,000T ore Plan View Why is Nizhny Endybal important? Potential Open Pit feed Minimal Capital Cost Can supplement early ore production from Vertikalny (Satellite Deposit) or potentially be first feed Extend Mine Life 2 to 3 years and increase project NPV and IRR Supports Regional Story = ``Elephant Country`` for Ag 17

18. 18 SECTION THROUGH VERTIKALNY MINING METHOD

19. Silver Bear Path Forward (2012) Mining License –Russian Feasibility (TEO) submitted –Apply for Certificate of Discovery –Apply for Mining License target Q4 ‘12 Move to Feasibility –Robust Economics from Scoping Study Exclusive of 2011’s drilling –Expect 18 to 24 months of construction after permitting and feasibility complete Site Works for 2012 –Exploration ($8 M to $12M) Drilling, Geophysics, trenching –Infrastructure (runway) + equipment ($2 M) 19 Drill Rig operating at site July’11

20. Silver Bear Path Forward (2012 ) Project Development Support Seeking to secure up to $10 million in financing 20 Drill Rig operating at site July’11

21. Key Activity Schedule 2012 20112012 ActivityNovDecJanFebMarAprMayJunJulAugSepOctNovDec License Extension Financing Purch Equip't Sign Drilling Cont Transport Equip + Drills Airborne Geophysics Drilling at Site Const of new runway Move Camp Feasibility Mining License Eng Receive Mining Lic Exploration Lic Ext Financing Order Equip't Update 43-101 21

22. Schedule to Full Production 201120122013201420152016 ActivityQ4Q1Q2Q3Q4Q1Q2Q3Q4H1H2H1H2H1H2 License Extension Update 43-101 Financing Mining License Drilling at Site Feasibility Russian Mining Feas Permits Construction Hiring&Training Oper Operational 22

23. WORLD CLASS SILVER PROJECT Summary - Value Drivers for Silver Bear 23 In Mining “HIGH GRADE RULES” both economics and operations ELEPHANT COUNTRY for Silver Acquisition/Merger/Strategic partner – all in play, opportunity for SBR to be the Silver miner of choice in Yakutia Market Silver prices very strong much uncertainty in currency markets Potential Silver prices will move higher

24. TSX: SBR May 2012 A WORLD CLASS SILVER PROJECT 24