Great Bear Amends BA and Surprise Creek Agreements

October 21, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) today announced it has amended its Joint Venture Agreement (the “Agreement”) with Mountain Boy Minerals Ltd. (TSX-V: MTB, “Mountain Boy”) to streamline exploration activities at the BA and Surprise Creek properties in the Golden Triangle area of British Columbia.

The following changes have been implemented:

  • Separate Joint Venture agreements have now been signed for the BA and Surprise Creek properties giving Great Bear operational control and casting vote on exploration decisions at BA and Mountain Boy the same for Surprise Creek, and;
  • Annual minimum work programs of $250,000 are required at each project to ensure ongoing exploration activity.

Great Bear and Mountain Boy each hold a 50% ownership interest in both properties at the date of signing.  All other provisions of the original Agreement remain in effect.  The Company believes that advancing each property under a separate agreement with clear operatorship and budgeting provisions and will allow for more efficient and focused exploration to be carried out on both projects.

BA Exploration Update

The Company also announces completion of its 2016 field investigation program at BA.  Work included over 150 metres of channel sampling, targeting both recently deglaciated and previously mapped VMS-mineralized stratigraphy, and a comprehensive relogging, resampling, and review of drill core from the 15,000 metre, 82 hole drill program completed in 2010 by the Company.

Assays results from the zinc-silver-lead and gold-copper mineralized zones channel sampled by Great Bear are expected to be received over the coming weeks.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 778-327-5799 or Mr. Knox Henderson at 604-551-2360.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 778-327-5799

Fax: 778-327-6675

info@greatbearresources.ca

www.greatbearresources.ca

 

About the BA and Surprise Creek Properties

The BA project consists of 24 claims totalling 9778 Ha straddling paved highway 37A, the primary access route to Stewart, B.C.  The property is underlain by stratigraphy that regionally hosts the Eskay Creek deposit, and contains VMS associated mineralization in several locations.  In 2010, Great Bear completed a 82 hole, 15,000 metre drill program targeting a 1,200 metre by 800 metre zone of zinc-silver-lead mineralized stratigraphy beginning 2.5 kilometres from the highway.

The Surprise Creek project consists of 19 claims totalling 7,472 Ha located immediately north of highway 37A.  The project is underlain by much of the same stratigraphy as BA.  Among other targets, Surprise Creek hosts semi-massive to massive zinc-silver-lead mineralization at the “Ataman Zone”, which is currently being explored by Mountain Boy.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

We seek safe harbor

 

Great Bear Retains Investor Relations

October 5, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) today announced it has entered into a consulting agreement with Knox Communications Inc. (“KCI”) dated October 1, 2016.  Pursuant to the terms of the Agreement, KCI has agreed to provide investor relations services to the Company for consideration of $3,000 per month and the grant of stock options to purchase up to 40,000 common shares of the Company at an exercise price of $0.24 per share, subject to vesting in accordance with the Company’s stock option plan.

Headed by Knox Henderson, KCI will assist the Company in strategic marketing and communications.  Mr. Henderson brings more than 15 years’ experience in investor relations and corporate communications for publicly listed companies.  He has provided marketing services for financings exceeding $100 million in aggregate value for TSX Venture Exchange listed resource companies, from early exploration through to prefeasibility stage.  The agreement and the grant of stock options are subject to Exchange approval.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 778-327-5799 or Mr. Knox Henderson at 604-551-2360.

 

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 778-327-5799

Fax: 778-327-6675

info@greatbearresources.ca

www.greatbearresources.ca

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

We seek safe harbor

 

Great Bear Completes $960,000 Private Placement

September 1, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) announces conditional Exchange approval has been granted to close the non-brokered private placement originally announced on August 2, 2016. Due to significant demand, the Company has elected to exercise the option to increase the private placement by 20% for total gross proceeds of CDN$960,000.

“Over the past two months, we have raised an aggregate of $1,410,000 and Great Bear is now well positioned to advance our projects in the Golden Triangle, B.C., and the Red Lake district of Ontario,” stated Chris Taylor, Great Bear’s President and CEO.

The Company has issued 4,800,000 units at a price of $0.20, with each unit consisting of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.27 per share for a period of twenty-four (24) months. The securities issued by Great Bear in connection with the private placement will be subject to a four month hold period as prescribed by applicable securities laws. The common share purchase warrants are subject to acceleration at the Company’s discretion subsequent to expiration of the initial hold period, in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.40 or more for a period of ten consecutive trading days. Insiders participated for a portion of the placement. The Company paid finder’s fees of $16,380.

Proceeds will be used to advance the Company’s projects in the Golden Triangle area of British Columbia, and the Red Lake district of Ontario, as well as for general working capital purposes.

The Company has also granted an aggregate of 1,000,000 stock options to directors, advisors and consultants of the Company, exercisable at $0.23 per share for a period of five years. The options are subject to a four month hold period.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 778-327-5799.

ON BEHALF OF THE BOARD
“Chris Taylor”
Chris Taylor, President and CEO
Inquiries:
Tel: 778-327-5799
Fax: 778-327-6675
info@greatbearresources.ca
www.greatbearresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
We seek safe harbor

Great Bear Begins Summer Field Program in Golden Triangle

August 24, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) today announces the commencement of field investigations at the Company’s 50 percent owned BA and Surprise Creek projects in the Golden Triangle district of British Columbia.

Figure 1: BA and Surprise Creek claim blocks owned 50% by Great Bear

triangle_map

Great Bear’s exploration team is now channel sampling across multiple prospective zones of silver-lead-zinc and gold-copper mineralized volcanogenic massive sulphide (VMS)-bearing stratigraphy that is believed to underlie more than half of the 170 km2 BA and Surprise Creek projects.  Great Bear’s claims, shown in Figure 1, straddle the paved, all-weather highway 37A, which significantly reduces exploration expenses relative to other regional explorers.  The $250,000 program costs will be borne on a 50-50 basis by Great Bear and its joint venture partner Mountain Boy Minerals Ltd. (TSX-V: MTB; “Mountain Boy”).  Great Bear is operator at the 95 km2 BA claim block, while Mountain Boy is operator at the 75 km2 Surprise Creek claim block.

In 2010, Great Bear completed a 82 hole, 15,000 metre drill program targeting a 1,200 metre by 800 metre zone of silver-lead-zinc mineralized stratigraphy.  The “BA Zone” is an erosive exposure of a much larger, frequently mineralized sedimentary horizon which has similar characteristics to host rocks at the  past producing Eskay Creek mine to the north, and is also present on the Company’s Surprise Creek claims.  Highlights of drill results include 106.71 m (core length) of 81 g/t silver, 1.37% lead and 1.62% zinc in drill hole BA-2007-5, and the discovery of higher grade “feeder” zones such as 3.05 m of 401 g/t silver, 4.14% lead, 0.46% zinc and 0.46% copper in drill hole BA-2010-082Higher temperature copper-bearing intervals within the BA Zone were observed to return up to 2 g/t gold where assayed, defining true polymetallic massive sulphide zones within a broadly mineralized sediment package.

Great Bear has been notified that prospecting work being carried out by Mountain Boy at the Surprise Creek claim block has identified further exposures of semi-massive to massive sulphide mineralization including concentrated sphalerite (zinc sulphide) with barite in grab samples at the “Rumble Zone”.  Great Bear first mapped and sampled the Rumble zone in 2010.  The zone occurs within the same mineralized horizon as the BA Zone, and is located 30 kilometres to the north.  The Rumble Zone previously yielded grab samples returning up to 2.28% zinc, 3.85% lead, and 62 g/t silver, and demonstrates the widespread and highly prospective nature of the main target horizon that underlies large portions of both projects.  The Rumble Zone presents an attractive target for future drilling.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 778-327-5799.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 778-327-5799

Fax: 778-327-6675

info@greatbearresources.ca

www.greatbearresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

We seek safe harbor

 

Great Bear Announces Private Placement

August 2, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) announces that, subject to regulatory approval, it will undertake a non-brokered private placement.

Each unit will be issued at a price of $0.20 and will consist of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.27 per share for a period of twenty-four (24) months.  The common share purchase warrants will be subject to acceleration at the Company’s discretion in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.40 or more for a period of ten consecutive trading days.  The Company will issue up to 4,000,000 units for gross proceeds of up to $800,000, and reserves the right to increase the size of the placement by up to twenty percent.  The securities issued by Great Bear in connection with the private placement will be subject to a four month hold period as prescribed by applicable securities laws.  Insiders may participate for a portion of the placement.  Finder’s fees may be payable as part of this transaction.

Proceeds will be used to advance the Company’s projects in the Golden Triangle area of British Columbia, and the Red Lake district of Ontario, as well as for general working capital purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 778-327-5799.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 778-327-5799

Fax: 778-327-6675

info@greatbearresources.ca

www.greatbearresources.ca

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

We seek safe harbor

 

Great Bear Announces New Directors

July 22, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) is pleased to announce the appointment of Dr. David Terry, P.Geo, and Mr. Douglas Ramshaw to the Company’s Board of Directors.

Chris Taylor, Great Bear’s President and CEO said, “Skilled people are among the most important assets a company can have, and the Great Bear family has just become stronger.  With the addition of Dr. Terry and Mr. Ramshaw, our shareholders will benefit from strong exploration and corporate development experience that will help set the stage for successful, long-term growth.”

Dr. Terry is a professional economic geologist, senior executive and corporate director with more than 25 years’ of international experience in the mineral resources sector. He has played key roles in the successful acquisition, exploration and development of a number of precious and base metal deposits, primarily in North and South America, and has expertise in advanced project evaluation, M&A, corporate finance, and design and execution of effective exploration programs.

Dr. Terry currently serves as a director of Golden Arrow Resources Corp. and as President and CEO of Comstock Metals Ltd.  He has also worked with a number of senior mining companies including Boliden Ltd., Westmin Resources Ltd., Hemlo Gold Mines Inc., Cominco Ltd. and Gold Fields Mining Corp.

Dr. Terry holds a B.Sc. and Ph.D. in geology from Western University in Ontario and is a member of the Association of Professional Engineers and Geoscientists of British Columbia.

Mr. Ramshaw is a senior executive and corporate director with more than 20 years of experience in the mineral resource sector.  His work has focused on mineral project evaluation, M&A, and business development strategies supporting corporate growth.  Despite his executive roles in exploration and mineral development, he retains a hands-on approach to geological exploration, most recently spending time on field programs in Canada and Latin America.

Mr. Ramshaw currently serves as a director of Vendetta Mining Corp. and VP Corporate Development of Corex Gold Corp., and previously worked as a mining analyst for an independent brokerage firm in London, U.K., and has served as President and CEO, and VP Business Development, for a number of publicly listed junior resource companies.

Mr. Ramshaw holds a B.Sc. (Hons) in Mining Geology from the Royal School of Mines, Imperial College, in London, United Kingdom.

Mr. Patrick McAndless, P.Geo, has resigned as a Director of the Company but will continue to serve on the Company’s Technical Advisory Board, where he will continue to help guide Great Bear’s exploration efforts.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-681-0037.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-681-0037

Fax: 604-681-0094

info@greatbearresources.ca

www.greatbearresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

We seek safe harbor

 

Great Bear Closes Non-Brokered Private Placement

This news release is not for distribution to U.S. newswire services for dissemination in the united states.

Vancouver, B.C., July 18, 2016 – Great Bear Resources Ltd. (the “Company”) announces that further to its news release dated May 25, 2016, the Company has completed a non-brokered private placement. The Company has issued a total of 3,005,966 units at a price of $0.15 per unit (a “Unit”), for gross proceeds of $450,895.  Each Unit consists of one common share in the capital of the Company (a “Share”) and one share purchase warrant (a “Warrant”).  Each Warrant will entitle the holder to purchase one additional Share (a “Warrant Share”) at a price of $0.20 per Warrant Share until July 18, 2019.  The common share purchase warrants will be subject to acceleration at the Company’s discretion in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.30 or more for a period of ten consecutive trading days.

All securities issued under the Offering are subject to a statutory hold period expiring on November 19, 2016 in accordance with applicable Canadian securities laws.

The proceeds from the private placement will be used for further exploration as well as for corporate working capital.

For further information, please contact Mr. Chris Taylor, P.Geo, President.

ON BEHALF OF THE BOARD

“Chris Taylor”

Chris Taylor, President

info@greatbearresources.ca

www.greatbearresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Great Bear Announces New Strategic Advisors, Share Consolidation and Private Placement

May 25, 2016 – Vancouver, BC, Canada. – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR) is pleased to announce the appointment of Mr. John Robins, P.Geo., and Mr. Jim Paterson as Strategic Advisors to the Company.

Mr. Robins, a Professional Geologist with over 30 years’ experience in the mining industry, is currently the Executive Chairman of Kaminak Gold Corporation and also a director of Kivalliq Energy Corporation, Northern Empire Resources Corp., West Melville Minerals Inc., and Ethos Gold Corp.  He has been a driving force within the Vancouver mining sector as founder of Hunter Exploration, Stornaway Diamond Corporation, Kivalliq Energy Corporation, North Country Gold Corp. and Kaminak Gold Corp. Mr. Robins was also involved in the successful sale/merger of several public companies including Grayd Resources Corporation (Agnico Eagle), Troon Resources (Grenville Strategic Royalty), Arauco Minerals (Kinross), Creston Moly Corporation (Mercator) and Northair Silver (Kootenay Silver).

In 2008, Mr. Robins was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. “Spud” Huestis Award. This is recognized as the highest award given for mineral exploration and is awarded to those who have made “a significant contribution to enhance the mineral resources of British Columbia and/or the Yukon Territory, through the original application of prospecting techniques or other geoscience technology”.

Mr. Paterson is a director and CEO of Northern Empire Resources Corp. and of Kivalliq Energy Corp., and has served as director of Kaminak Gold Corp. since 2010.  Mr. Paterson has 17 years of corporate experience with several North American publicly traded companies, participating in acquisitions, joint-ventures, spin-outs, reverse transactions and IPO’s. Since January 2010, Mr. Paterson has been involved as an executive or as an active director of companies which have raised in excess of $150 million in equity financings.

John Robins stated: “We look forward to supporting Great Bear’s dynamic team as they enter a period of renewed corporate development and exploration activity. Great Bear holds interests in highly prospective projects in proven Canadian mining districts, including the Dixie Lake gold project in the Red Lake district of Ontario, and the 17,000 hectare BA and Surprise Creek precious and base metal VMS projects in the Golden Triangle district of British Columbia.”

Highlighted results from Great Bear’s projects are provided at the Company’s web site at www.greatbearresources.ca.

The Company also announces consolidation of its common shares.   Consolidation will occur on the basis of one (1) post-consolidated common share for every five (5) pre-consolidated common shares held.  At current date, the Company has 21,945,086 common shares issued and outstanding and the Company will have approximately 4,389,017 common shares issued and outstanding post-consolidation.  It is anticipated that the consolidated shares will commence trading on the TSX Venture Exchange (the “Exchange”) no later than the week of May 30th, 2016.

Great Bear also announces that, subject to regulatory approval, it will undertake a non-brokered private placement.  Each unit will be issued at a price of $0.15 and will consist of one post-consolidation common share and one post-consolidated common share purchase warrant entitling the holder to acquire one additional post-consolidation common share at a price $0.20 per share for a period of thirty-six (36) months.  The common share purchase warrants will be subject to acceleration at the Company’s discretion in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.30 or more for a period of ten consecutive trading days.  The Company will issue up to 3,000,000 units for gross proceeds of up to $450,000.  Mr. Robins and Mr. Paterson will participate for a portion of the placement.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for GBR, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-681-0037.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-681-0037

Fax: 604-681-0094

info@greatbearresources.ca

www.greatbearresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

We seek safe harbor

 

Great Bear to Acquire 67 Percent of the Dixie Lake High Grade Gold Project in Red Lake Gold District

December 16, 2015 – Vancouver, BC, Canada. – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) is pleased to announce the signing of a purchase agreement to acquire 67 percent ownership of the Dixie Lake gold project in the Red Lake Gold District of Ontario.

Key features of the Dixie Lake Project are:

  • Participatory 33 percent interest from Newmont Mining Corp. (NYSE: NEM)
  • No annual holding costs for next ten years
  • Historic drill holes include near surface high grade gold mineralization of up to 163.75 g/t over 0.47 m
  • Significant upside potential for gold endowment – Widespread under-reporting of historic gold grades through interval “capping”
  • Located 24 km southwest of Red Lake, Ontario
  • Infrastructure advantages include all season road access and power lines which cross the property
  • Great Bear is acquiring all Net Smelter Royalties held by the property vendor
  • Gold intercepted across approximately 1.7 km of strike and remains open along strike and at depth, showing significant size potential and a robust mineralized system

Of note, many drill intervals returning up to 17.77 g/t gold over 1.97m include “capped” high grade gold results where any assay over 26.6 g/t was reduced to that level when reported, and actual gold grades were not stored in the database.  Where assayed, high grade gold intervals can exceed 100 g/t, and the Company believes these “capped” results may be adjusted higher through re-assay work or compilation work from original assay certificates.

“With its negligible holding costs, high grade drill results, embedded partnership with Newmont, and lack of overhanging royalties, the Dixie Lake project is a strong asset to add to Great Bear’s project portfolio,” said Chris Taylor, CEO of Great Bear, “The Dixie Lake project has similar host geology, gold controlling structures, and presence of high grade mineralization that also characterize the major gold mines and advanced projects in Red Lake. Numerous shallow high grade gold intercepts occur within a folded structural corridor where the fold hinge is not adequately drilled, and presents an obvious target for future drilling.  The project has many similarities to the Rahill-Bonanza Project in Red Lake currently being drilled by Premier Gold Mines Ltd. (TSE: PG) and Goldcorp (TSE: G), where recent drilling has intersected high grade gold in folded sequences.  The property is in good standing for at least 10 years, so our holding costs are minimal and all work will go directly towards advancing the project.”

Great Bear is currently compiling historical data and formulating plans for exploration work in 2016 to advance the project.

Hole Number From (m) To (m) Width (m) Gold (g/t)
DC-08-01R 127.60 129.80 2.2 17.20
DC-10-07 201.12 203.12 2 15.05
DC-15-07 176.60 178.30 1.7 11.30
DL-88-4 58.57 61.28 2.71 7.27
DL-03-06 67.91 72.22 4.31 5.79
DL-03-08 123.80 129.05 5.25 6.03
DL-04-01 174.60 179.56 4.96 5.66
DL-04-04 228.15 232.77 4.62 9.75
DL-04-06 333.33 342.49 9.16 7.56
DL-04-08 403.72 405.00 1.28 5.28
DL-04-11 497.76 500.88 3.12 5.35
DL-89-17 170.08 171.29 1.21 5.17
DL-89-19 216.32 218.29 1.97 6.17
DL-89-20 54.56 55.62 1.06 11.08
DL-89-29 190.32 191.41 1.09 9.34
DL-89-3 42.43 43.76 1.33 6.52
DL-89-9 50.69 52.66 1.97 17.77
DL-96-04 101.50 102.90 1.4 5.09
DL-96-07 110.20 112.00 1.8 9.96
DC-01-07 185.35 186.35 1 9.25
DC-01-07 187.50 188.50 1 6.02
DC-04-07 216.00 218.00 2 5.02
DL_2005_09 181.70 186.20 4.5 5.95
DL_2006_02 154.20 155.70 1.5 5.45
DL-09-03 178.80 180.20 1.4 5.35

Table 1: Significant intercepts from historical drilling.  Note: a qualified person from Great Bear has not verified these assay results.  Results were tabulated from data received from the property vendor.

The Agreement

Under the terms of the Agreement, Great Bear must issue 100,000 shares and pay a total of $130,000 to the vendor according to the following schedule:

  • Year 1: pay $20,000 and issue 100,000 shares
  • Year 2: pay $20,000
  • Year 3: pay $30,000
  • Year 4: pay $40,000

Upon completion of the agreement, GBR will hold 67% of the property and all Net Smelter Royalties currently held by the vendor.  Newmont Mining Corporation owns 33% of the property and must elect to contribute to on-going exploration expenditures in order to maintain that ownership percentage.  The property has enough assessment credit to keep the claims in good standing for approximately 10 years. The agreement is subject to Exchange approval.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration for GBR, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of this news release.

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-681-0037.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-681-0037

Fax: 604-681-0094

info@greatbearresources.ca

www.greatbearresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

We seek safe harbor