Silver Bear Provides Mangazeisky Silver Project and Financial Update and Announces Change of Auditor

Silver Bear Resources (“Silver Bear” or the “Company”) (TSX:SBR) provides an update on its Mangazeisky Silver Project (the “Project”) and announces certain amendments (the “Facilities Agreement Amendments”) to its existing facilities agreement (the “Facilities Agreement”) with Inflection Management Corporation (“Inflection”), a major shareholder of the Company, and Unifirm, an affiliate of A.B. Aterra Resources (“Aterra”), also a major shareholder of the Company, to provide an additional US$20 million facility tranche (“Tranche F”) and to extend the maturity date of the Facilities Agreement to March 20, 2022.

Operational Update

The revised construction and commissioning plans for the Project announced in early 2017 have proceeded on schedule, with commissioning work currently underway. The Company is awaiting the final grant of a cyanide and other operating permits, which it anticipates will be in place to allow for transportation of cyanide on the 2018 winter road.

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