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PDAC March 2010. High Grade Silver in Russia TSX: SBR. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

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slide1

PDAC March 2010

High Grade Silver in Russia

TSX: SBR

cautionary statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Silver Bear Resources Inc. (“Silver Bear” or the “Corporation”), certain information contained herein constitutes "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995 or “forward-looking information” within the meaning of the Securities Act (Ontario). Forward-looking statements are frequently characterized by words such as “target”, “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties inherent to conducting business in Russia, the availability of supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, and other factors. Expected production results and cost of sales are based on management assumptions and have not been subject to any technical review. They factor in certain assumptions with respect to future metal prices, costs of supplies and labour and other parameters. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Cautionary Statements
cautionary statements1
DISCLAIMER

The information contained herein, while obtained from sources which we believe are reliable, is not guaranteed as to its accuracy or completeness. The technical information in this presentation has been reviewed by Vivian Park, P.Geo, Silver Bear Resources Inc., Director, Exploration, and Qualified Person for Silver Bear’s projects. Information contained in this presentation, unless otherwise specified, is qualified in its entirety by the more detailed information contained in the Annual Information Form of Silver Bear dated March 31, 2009 (the “AIF”), and the technical reports for the Mangazeisky project date March 31, 2009 (the “Mangazeisky Report”), all of which are available for viewing and downloading on the Corporation’s profile at www.sedar.com or on www.silverbearresources.com.

The business of Silver Bear is subject to considerable risks related to the fluctuation of metal prices, risks and dangers inherent in mining, competition with other mining companies, and doing business in Russia. Investors should refer to the more detailed discussion of risk factors in the AIF under heading “Risk Factors”.

The resource estimate for Silver Bear referred to in this presentation was completed by Wardrop Engineering, Inc., a Tetra Tech Company ("Wardrop"). Wardrop estimates an indicated mineral resource of 1.0 million tonnes averaging 558 grams per tonne totalling approximately 18 million ounces of silver for the Vertikalny vein, with an additional inferred mineral resource of 1.5 million tonnes averaging 596 grams per tonne totalling approximately 29 million ounces of silver. The estimate, as of November 6, 2009, is based on a long term silver price of US$10.84 per ounce, a cut-off grade of 240 grams per tonne and anticipates that the mineralized zone would be mined by selective underground methods at a minimum mining width of 1.2 meters.

Mr. P. Gribble, FIMMM C.Eng, Wardrop Engineering is the independent qualified person who estimated the mineral resource disclosed herein. Wardrop is currently completing a NI 43-101 Technical Report supporting the mineral resource estimate. The Technical Report was filed on www.sedar.com on December 22, 2009.

Cautionary Statements
silver bear resources
Silver Bear Resources
  • Proven Management Team
  • Highly Prospective Region with Significant Upside
  • High-Grade Mangazeisky Silver Project
    • Indicated Resource – 18 million ounces at 558 g/t
    • Inferred Resource – 29 million ounces at 596 g/t
  • Strong Strategic Partnership in Russia
  • Significant Potential Upside
  • Solid Cash Position
slide7

Silver Project Grade Comparison

Silver Grade Comparisons

(1) Mangazeisky announced updated resources on November 9, 2009. Grade based on Indicated Resource.

Note: Not all grades reported are comparable to Reserves, Resources and geologic averages.

Source: Publicly available company reports, grades based on reserves where applicable.

slide8

6

4

3

5

7

1

2

High Grade Silver Projects in Russia

1) Mangazeisky

4) Julietta

  • Owner: Silver Bear (100%)
  • Mineralization: Ag
  • Inventory (000 oz): 18,000
  • Grade (Ag): 558 g/t 
  • Owner: Dukat Mining and
  • Geological Company (100%)
  • Mineralization: Ag, Au
  • Inventory (000 oz): Ag – 1,671
  • Au – 202
  • Grade (Ag): 134 g/t  

5) Lunnoye

  • Owner: Polymetal (100%)
  • Mineralization: Ag, Au
  • Inventory (000 oz): Ag – 101,000
  • Au – 351
  • Grade (Ag): 349 g/t

2) Prognoz

  • Owner: High River, Severstal
  • Mineralization: Ag
  • Inventory (000 oz): Ag – 205,000
  • Grade (Ag): 681 g/t 

6) Goltsovoye

  • Owner: Polymetal (100%)
  • Mineralization: Ag, Pb
  • Inventory (000 oz): Ag – 67,000
  • Grade (Ag): 904 g/t

3) Dukat

  • Owner: Polymetal (100%)
  • Mineralization: Ag, Au, Pb, Zn, Cu
  • Inventory (000 oz): Ag – 325,000
  • Au – 690
  • Grade (Ag): 403 g/t 

7) Kupol

  • Owner: Kinross Gold (75%)
  • Mineralization: Ag, Au
  • Inventory (000 oz): Ag – 52,000
  • Au – 4,155
  • Grade (Ag): 177 g/t 

Source: Publicly available company reports

Grades represent weighted average grades where applicable

Mangazeisky has an additional 29 million ounces of Inferred Resources at 596 g/t

slide9

The Mangazeisky Project

  • 100% ownership
  • NI 43-101 resource:
    • Indicated resource of 1.0 million tonnes at 558 g/t for 18 million ounces
    • Inferred resource of 1.5 million tonnes at 596 g/t for 29 million ounces
  • Exploration license covers over 570 km2 in Yakutia
  • Multiple prospective areas of mineralization within license area
  • The Mangazeisky Project, along with other silver deposits in the region, continue to exhibit among the highest silver grades globally

Mangazeisky Project

slide10

Mangazeisky Property

  • Over 15 known exploration areas – each featuring several silver occurrences
  • License hosts many additional under-explored targets
slide11
74 holes (12,373 metres) drilled in 2009

15,067 m3 of total trenching in 2009

Drilling aimed at expanding and upgrading original March 2009 resource estimate

Down-dip holes targeted in Central Zone upgraded 18 million ounces to Indicated Resource category

Drilled 75 metres below levels previously targeted

Along-strike holes targeted Northwest zone and added 6 million ounces to Inferred Resource category

Additional Regional exploration work completed in other prospective areas

N

Central Zone

5.1 km

Vertikalny Vein

1000

500

0

2009 Exploration Update

Along-strike Northwest zone

slide14

489 / 21.0m

1,296 / 3.6m

556 / 7.45m

120 / 6.8 m

220 / 3.8 m

301 / 10.0 m

213 / 5.0 m

Ag grams per tonne / metres

50

0

25

Vertikalny Cross Section – Profile 10500

strategy for success strong in russia
Strategy for Success: Strong in Russia
  • Government/Regulatory
  • Partnership
  • Local Relations
government regulatory
Government/Regulatory
  • Russian operating company, ZAO Prognoz, in good standing
  • License extension granted ahead of schedule
    • Company in full compliance
  • Co-operation in both centers: Moscow and Yakutsk
slide17

Strategic Partnership

  • Partnership with Alfa Group announced June 13, 2008
  • One of largest financial/industrial groups in Russia
  • 19.5% investment in Silver Bear a “vote of confidence”
  • Partnership to accelerate growth and development
  • Two strong additions to Board of Directors
    • Dominic Gualtieri, Former Head of Equities, Alfa Bank
    • Alexey Mikhailovsky, CEO, United Gold Company
slide18

Local Relations

  • Mutually beneficial projects
    • Weather station
    • “Following the Reindeer”
  • Local input – People: Over 90% of employees from Republic of Sakha
  • Local input – Goods/Transport: Source locally
  • Community supportive in hopes of increased economic benefit to the area
slide19

Trading Comparables

  • All figures in US dollars (market cap and enterprise value (“EV”) are US$ millions
  • Fully diluted market capitalization based on Treasury Stock Method and share prices as at close on January 14, 2010
  • EV = market capitalization + net debt + minority interests – equity investments
  • In situ resources based on silver-equivalent ounces assuming prices of US$15/oz silver, US$1,000/oz. gold
slide20

Capitalization

Listing / Symbol TSX : SBR

Shares Outstanding

Basic 37,935,569

Options (@$0.76/share) 866,666

Management and Directors 7,314,596 19.3%

Alfa Group 7,400,000 19.5%

Current Market Capitalization

(March 3, 2010 @ C$0.37/share) C$14.0 million

Cash and Equivalents at September 30, 2009 C$13.2 million

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