Great Bear Drills 27.36 g/t Gold over 3.65 m including 153.73 g/t Gold over 0.5 m as Hinge Zone Extended; Defines New Ultramafic Gold Control, and Mobilizes Second Drill at Dixie Project

Great Bear Reports Continuity of Gold from Surface to 365 m Depth in Dixie Limb Zone, Dixie Project, Red Lake District

Great Bear Completes Purchase of 100% Royalty-Free Interest in Dixie Gold Project, Red Lake, Ontario

November 19, 2018 – Vancouver, BC, Canada – Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR) today announced it has accelerated payments and completed its Purchase Agreements to earn a 100% royalty-free interest in its flagship Dixie project, located in the Red Lake district of Ontario. Great Bear now has 100% ownership […]

Great Bear Announces C$3.5 Million Private Placement of Flow-Through Common Shares

Vancouver, British Columbia, October 26, 2018 – Great Bear Resources Ltd. (TSXV:GBR) (“Great Bear” or the “Company”) is pleased to announce that it has entered into an agreement with Cormark Securities Inc. (“Cormark”), pursuant to which Cormark has agreed to purchase 1,000,000 common shares that qualify as “flow-through shares” of the Company for the purposes […]

Great Bear Discovers Key Ultramafic Geology During Summer Mapping Program at Dixie Project, Red Lake District

October 15, 2018 – Vancouver, British Columbia, Canada – Great Bear Resources (the "Company" or "Great Bear", TSX-V: GBR) today reported results from summer geological mapping, including a new geological discovery at its flagship Dixie project in the Red Lake district of Ontario.  These new findings have provided additional high-priority drill targets.  A fully-funded 30,000 […]

Great Bear Drills Highest Grade Gold To-Date at New Near-Surface Discovery in “South Limb Zone”, Dixie Project, Red Lake District

September 27, 2018 – Vancouver, British Columbia, Canada – Great Bear Resources (the "Company" or "Great Bear", TSX-V: GBR) today reported a new high-grade gold discovery, the “South Limb Zone” (“SLZ”) at its Dixie Project in the Red Lake District of Ontario.  Results are also provided from ongoing drilling of the Dixie Limb Zone (“DLZ”).
Highlights of the new SLZ discovery include:

  • The SLZ discovery includes the highest-grade results drilled to-date at the Dixie project, at only 75 metres vertical depth.  The best intercept returned 1.75 m of 101.05 g/t gold including 346.79 g/t gold over 0.5 metres within a vein zone of 10.35 metres of 18.23 g/t gold in drill hole DSL-004.  Gold is hosted by “crack-seal” style veining typical of the Red Lake district that has placed higher grade gold on both margins of the vein
  • The SLZ is a large target with potential for several kilometres of strike length, as shown on Figure_1.  Recent discoveries in the SLZ and Hinge Zone occur along the axis of a multi-kilometre scale, largely untested regional D2 fold.  D2 folding is also a key gold control at the Red Lake Gold Mine, operated by Goldcorp Inc.
  • Three drill holes completed along 220 metres of strike length of the new SLZ target all intersected gold within a well-developed quartz vein system

Highlights of drilling within the DLZ include:

  • The DLZ, extending to the north of the SLZ and Hinge Zone, continues to yield gold results in all (100%) of the 32 drill holes completed by Great Bear along the 2.3 kilometres of strike length that has been drilled to-date. The target is geophysically defined as having over 10 kilometres of potential strike length
  • New results from the DLZ include deeper tests of the zone, returning 3.80 metres of 6.27 g/t gold, including 0.60 metres of 17.29 g/t gold, within a wider interval of 19.00 metres of 3.08 g/t gold at 194.86 metres vertical depth in hole DL-024

Drill results from the SLZ are provided in Table 1. Drill results from the DLZ are provided in Table 2.  An image of gold mineralization in drill hole DSL-004 is provided in Figure 2.  Complete assays from hole DSL-004 are provided in Table 3.
Table 1: New drill intercepts from SLZ discovery.  Drill holes span 220 metres of strike length of the regional D2 fold axis.

Drill Hole

 

From
(m)

To
(m)

Width
(m)

Gold
(g/t)

Vertical Depth (m)

DSL-002

 

136.90

138.20

1.30

1.15

112.14

DSL-003

 

96.85

97.85

1.00

3.81

91.00,

146.59

 

156.00

166.50

10.50

3.11

including

161.00

163.20

2.20

13.46

DSL-004

 

90.15

100.50

10.35

18.23*

73.85

including

90.15

91.90

1.75

101.05

and including

90.15

90.65

0.50

346.79

and including

98.50

100.50

2.00

4.06

*  Length weighted un-capped averages are calculated using a 1.3 g/t Au cut-off grade with < 1.25 m of internal dilution of zero grade.  Geostatistical analysis is insufficient to determine capping levels for the high-grade intercept in the DSL area. Drilling is insufficient to determine true thickness of reported intervals.

Chris Taylor, President and CEO of Great Bear said, “We have made another exciting near-surface high-grade gold discovery in a new area of our Dixie project.   At our South Limb Zone discovery, gold occurs within an up-to 40-metre-wide series of parallel quartz veins that follow a regional northwest to southeast trending D2 fold axis.  The Hinge Zone also occurs adjacent to this fold axis.  D2 folds are also important high-grade controls at the main Red Lake mine, and at other mines in the district.  This new target has potential for several kilometres of strike length, and is one of several D2 folds at the Dixie project.  We will continue with step-out and down-dip drilling along this new discovery to determine its extent.  The Dixie Limb Zone also continues to yield exceptionally consistent gold results as we drill to define mineralization in the area.”

In addition to drilling of the SLZ and DLZ, a geological drill hole, DHZ-005, was completed 100 metres to the southeast of the Hinge Zone to test the orientation of the regional D2 fold axis.  It remained in the footwall basalt unit over its entire core length of 252 metres and intersected a new interval of 1.40 metres of 1.17 g/t gold at 197 metres depth.   Structural data from oriented drill core were collected that will be used to plan upcoming follow-up drill holes into the Hinge Zone and SLZ.

Figure 1: Map of current drill locations, showing the new SLZ discovery, the DLZ and the Hinge Zone.  The locations of two regional D2 fold axes are shown as defined by drilling and as inferred from geophysics.


Ongoing Work

The Company is currently completing a down-hole gyroscopic resurvey of a number of Great Bear’s and other historical drill holes, in order to accurately model the three-dimensional geometry of the various mineralized zones that it is exploring.

The Company’s new 30,000 metre, 150 drill hole drill program is now underway, and is expected to continue drilling through 2018 and 2019.  Targets to be drilled include the Hinge Zone, SLZ and DLZ, as well as a number of newly defined, highly prospective geological and structural targets across the project.  Results will continue to be released in batches as received.

Highlights of all of Great Bear’s drill results can be viewed at the Company’s web site at www.greatbearresources.ca.

Table 2: Current drill results from the Dixie Limb Zone, testing from surface to 241 vertical metres depth.  All widths are drill indicated as insufficient drilling has been completed to define true thickness.

Drill Hole

 

From
(m)

To
(m)

Width
(m)

Gold
(g/t)

Vertical Depth (m)

DL-022

 

92.20

99.00

6.80

2.94

75.53

including

95.60

99.00

3.40

4.72

and including

97.50

99.00

1.50

7.92

and including

98.50

99.00

0.50

13.42

DL-023

 

104.90

117.80

12.90

3.64

90.06

including

104.90

107.80

2.90

7.56

and including

105.40

107.10

1.70

10.01

and including

110.20

112.30

2.10

6.42

and

111.20

112.30

1.10

9.28

DL-024

 

225.00

244.00

19.00

3.08

194.86

including

225.50

229.30

3.80

6.27

and including

227.10

229.30

2.20

7.97

and

240.40

241.00

0.60

17.29

DL-025

 

287.55

292.15

4.60

1.73

241.15

including

287.55

288.85

1.30

3.59

including

287.55

288.15

0.60

5.36

Figure 2: Image of a section of drill core from DSL-004 showing gold mineralization returning 346.79 g/t gold over 0.5 metres, within a 10.35 metre interval returning 18.23 g/t gold.


Table 3: All assay intervals from DSL-004 showing typical crack-seal veining grade distribution across 10.35 metres

Drill Hole

From
(m)

To
(m)

Width
 (m)

Gold (g/t)

DSL-004

90.15

90.65

0.50

346.79

DSL-004

90.65

91.90

1.25

2.75

DSL-004

91.90

93.20

1.30

0.03

DSL-004

93.20

94.70

1.50

1.30

DSL-004

94.70

96.50

1.80

0.52

DSL-004

96.50

97.25

0.75

1.35

DSL-004

97.25

98.50

1.25

0.00

DSL-004

98.50

99.20

0.70

1.31

DSL-004

99.20

99.80

0.60

2.70

DSL-004

99.80

100.50

0.70

7.99

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein.

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 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
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 Reports 7.00 m of 68.76 g/t Gold from Revised Hinge Zone Interval, Announces New 30,000 m, 150 Drill Hole Program at Dixie Project, Red Lake District

September 20, 2018 – Vancouver, British Columbia, Canada – Great Bear Resources (the "Company" or "Great Bear", TSX-V: GBR) today reported revised results from its recent high-grade gold discovery in the Hinge Zone, and provided details on its new drill program, now underway at its Dixie Project in the Red Lake District of Ontario.

Drill hole DHZ-004 was originally reported as returning 44.47 g/t gold over 7.00 metres on August 22, 2018.  The interval has been increased to 68.76 g/t gold over 7.00 metres through re-assay of a previously under-reported core interval.

Table 1: Revised assay results for drill hole DHZ-004.  All intervals are drill indicated, as there has been insufficient drilling in the Hinge Zone to define true thicknesses.

Drill Hole   From
(m)
To
(m)
Width
(m)
Original Interval
Gold (g/t)
Revised Interval
Gold (g/t)
DHZ-004   124.50 131.50 7.00 44.47 68.76
including 124.50 128.30 3.80 81.09 125.84
including 124.50 126.50 2.00 143.25 228.27
including 125.50 126.50 1.00 224.03 302.48

*The interval contains a 2.75 m section of 0.02 g/t gold from 129.00 m to 131.75 m.

R. Bob Singh, P.Geo, Director and VP Exploration of Great Bear commented, “As part of our quality control procedures, all high grade intercepts are reviewed in detail and samples are flagged for check-assay and re-assay.  After reviewing the intercepts in hole DHZ-004, it was determined that the analytical result from sample number 279693, originally reported as 1.7 g/t gold over 0.5 metres of core length, did not match the visual description of the drill core and was inconsistent with the grade of surrounding samples.   After consultation with SGS Canada’s quality control department, the sample was re-submitted for triplicate assays which returned an average of 341 g/t gold by gravimetric analysis.  We are satisfied with the results of our quality control assessment and do not anticipate any further changes to our reported results.“

SGS Canada Inc., Great Bear’s assay laboratory, provided the following comment:

“Great Bear Resources submitted samples to SGS Canada Minerals Red Lake laboratory on July 17th, 2018.  The samples were tested under report RL1801865 on August 3rd, 2018.  Great Bear Resources requested a repeat analysis on sample # 279693 as the Great Bear geology team had previously identified visible gold in this sample.  The original result was 1.7 g/t gold by AAS instrumentation and the subsequent triplicate check assay reported 303 g/t, 350 g/t and 370 g/t gold by gravimetric analysis.

The sample was originally tested through the typical exploration gold method with the upper limit of 10 g/t gold. The issue was likely due to incomplete dissolution of the dore bead prior to instrumental analysis and related to the high gold content. This under reporting issue appears to be limited to sample # 279693.

As with all quality concerns, SGS strives to continuously improve and provide customer satisfaction. SGS is working closely with Great Bear Resources and measures have been put in place to prevent this issue in future.”

An image of the core segment originally assayed as containing 1.7 g/t gold is shown in Figure 1.

Figure 1: Image of DHZ-004 sample 279693, originally reported as 1.7 g/t gold, but returning an average grade of 341 g/t gold in triplicate gravimetric re-assay.

2018 – 2019 Dixie Project Drill Program

The Company also reports it has commenced a 30,000 metre drill program that will consist of approximately 150 drill holes and will continue through 2018 and 2019.

The program will continue to drill test the Dixie Limb Zone (“DLZ”), including its various sub-zones such as the Hinge Zone and South Limb Zones.  Step-out drilling will also test additional targets along the 10 kilometre strike length of the DLZ.

In addition to the DLZ, a number of parallel structural trends and geological contacts have also been identified by Great Bear’s technical team that represent new potential gold mineralization targets elsewhere on the Dixie property.  Many of these are associated with D2 fold closures, potential intrusive bodies, and cross-cutting structures that have been defined using the Company’s 2017 high-resolution airborne magnetic survey data.  These factors are important gold mineralization controls across the district and have the potential to host additional zones of gold mineralization at Dixie. 

Additions to the Exploration Team

The Company is pleased to announce that Director and VP Exploration R. Bob Singh, P.Geo, has increased his involvement with the Company to a full-time basis.  The Company has also retained Andrea Diakow, P.Geo, as Exploration Manager.  Bob and Andrea have previously worked together on other Red Lake drill programs for a variety of publicly-traded exploration companies.

The Company also reports that it has retained Rimini Exploration Consultants Ltd., based in Red Lake, to assist with project operations.  Rimini staff have assisted Great Bear since the Company’s drill program was initiated in summer 2017.

Collectively, Great Bear’s exploration staff have over 110 years of experience in the Red Lake district, including underground at the main Red Lake Gold Mine operated by Goldcorp Inc.

The Company also reports it has granted an aggregate of 1,220,000 stock options to officers, directors, advisors and consultants of the Company, exercisable at $1.85 per share for a period of five years.  The options are subject to a four month hold period.

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein.

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 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

ON BEHALF OF THE BOARD

“Chris Taylor”

Chris Taylor, President and CEO

Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
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 $10,000,000 Private Placement Including $5,700,000 Investment from Rob McEwen and McEwen Mining, Receives Additional $1,130,000 from Warrant Exercises

Vancouver, British Columbia, September 11, 2018 – Great Bear Resources (the “Company” or “Great Bear”, TSX-V: GBR) today announced it has closed fully-subscribed brokered and non-brokered private placements for gross proceeds of $10,073,913 (the “Financing”), previously announced on August 24, 2018. The Company has also received $1,130,414 from the exercise of common share purchase warrants since June 30, 2018, its most recently completed financial quarter for which interim financial statements have been filed.

Chris Taylor, President and CEO of Great Bear said, “We received very strong demand for this financing and are extremely pleased to add Rob McEwen as a significant new shareholder, given his past successes as an operator and investor in the Red Lake district.  We will continue to drill the Dixie property, and are now fully funded to achieve important project milestones.  As the project is readily accessible year-round, drilling is expected to continue through 2018 and 2019, and we will continue to release results in batches as received.”

In connection with the Financing, the Company issued a total of 6,947,518 units each consisting of one common share and one-half of one common share purchase warrant (each, a “Unit”) at a price of $1.45 per Unit. Each whole warrant (a “Warrant”) will be exercisable into a common share of Great Bear at a price of $1.75 for a period of two years. The non-brokered portion of the Financing consisted of 3,016,586 Units for gross proceeds of $4,374,062, and the brokered portion of the Financing consisted of 3,930,932 Units for gross proceeds of $5,699,851.

Key participants in the Financing include Rob McEwen, who purchased 3,144,746 units ($4.56 million) and McEwen Mining Inc. (“McEwen Mining”), which purchased 786,186 units ($1.14 million) for a total of 3,930,932 units ($5.7 million).  On completion of the Financing, Rob McEwen and McEwen Mining will collectively own 16.3% of Great Bear on a partially diluted basis.  Northfield Capital Corporation (TSX-V: NFD.A), a company controlled by Robert Cudney, also participated for 414,300 units ($600,000) of the Financing.

Insiders participated for a portion of the Financing.  The Agent for the brokered portion of the Financing, which included Units purchased by Rob McEwen and McEwen Mining, was IBK Capital Corp. of Toronto (“IBK Capital”). Great Bear paid IBK Capital a cash commission of $360,000 and issued 248,275 broker warrants to IBK Capital.  Each broker warrant will entitle the holder to purchase a Unit at a price of $1.45 for a period of one year from the date of closing.  Each Unit issuable upon exercise of a broker warrant will consist of one common share of Great Bear and one-half of one Warrant.  Each whole Warrant will be exercisable into a common share of Great Bear at a price of $1.75 for a period of two years from the date of closing.  Finders’ fees of $165,860 and 164,384 broker warrants were also paid on the non-brokered portion of the Financing.

The securities to be issued in the Financing will be subject to a four-month and one day hold period expiring on January 12, 2019, in accordance with applicable Canadian securities laws. Following issuance of securities related to this placement, Great Bear will have 34,179,161 common shares issued and outstanding.

The proceeds from the Financing will be used for exploration and drilling in Red Lake, Ontario as well as for general working capital purposes.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers a drill and geophysically-defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

 

For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

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 contains 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, other than as required by securities laws.

We seek safe harbor

 

Great Bear Resources Announces $10 Million Private Placement, Investment from Rob McEwen and McEwen Mining

Vancouver, British Columbia, August 24, 2018 – Great Bear Resources Ltd. (“Great Bear” or the “Company”) (TSXV: GBR) is pleased to announce it will be conducting a private placement financing of units (“Units”), priced at $1.45 per Unit, for gross proceeds of up to $10 million (the “Financing”).  Each Unit will consist of one common share and one-half of one common share purchase warrant (a “Warrant”).  Each whole Warrant will be exercisable into a common share of Great Bear at a price of $1.75 for a period of two years.

The Company is pleased to announce that Rob McEwen has agreed to purchase $4.8 million of the Financing and that McEwen Mining Inc. has agreed to purchase $1.2 million of the Financing for a total of $6 million.  On completion of the Financing, Rob McEwen and McEwen Mining will collectively own 18.8% of Great Bear Resources on a partially diluted basis.

“We are very pleased to have Rob McEwen as a partner of Great Bear Resources.  His record of success in the Red Lake district is quite simply unmatched,” said Chris Taylor, President and Chief Executive Officer of Great Bear.  “We will now be funded to achieve significant milestones at our Dixie project, and anticipate positive opportunities for our shareholders as we advance these new high grade gold discoveries.”

“I’m excited to join the Great Bear team in the development of what I believe could be a significant new gold discovery in the Red Lake camp,” added Rob McEwen.  “Their technical work is excellent and I’m delighted to join forces with them to further unlock, once again, the riches of the world-class Red Lake gold camp.”

The proceeds from the Financing will be used for exploration and drilling in Red Lake, Ontario as well as for general working capital purposes.

A portion of the Financing will be brokered by IBK Capital Corp. of Toronto (“IBK”) including Units to be purchased by Rob McEwen and McEwen Mining.  Great Bear has agreed to pay IBK a cash commission equal to 6 per cent of the amount raised by IBK and to issue to IBK broker warrants equal to 6 per cent of the number of Units sold to investors introduced by IBK. Each broker warrant will be exercisable into a Unit at $1.45 per Unit for a period of one year.  Finders’ fees may be payable on the non-brokered portion of the Financing on the same basis as the brokered portion of the Financing.

The Financing is subject to all necessary regulatory approvals, including acceptance by the TSX Venture Exchange. The securities to be issued in the Financing will be subject to a four-month hold period in accordance with applicable Canadian securities laws.

 

About Great Bear

Great Bear is earning a 100% royalty-free interest in the Dixie property for remaining payments totaling $110,000 over three years.  The property consists of 9,140 hectares located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario.  The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce.  The Dixie property covers a drill and geophysically-defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district.  The project has seen over 200 drill holes to-date and has yielded high grade near-surface gold results from several gold zones hosted at an extensive mineralized geological contact – the Dixie Limb Zone.  In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property.  All of Great Bear’s Red Lake projects are accessible year-round through existing roads.

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 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

ON BEHALF OF THE BOARD

“Chris Taylor”                               

Chris Taylor, President and CEO

 

Inquiries:

Tel: 604-646-8354

Fax: 604-646-4526

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 contains 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, other than as required by securities laws.

We seek safe harbor