Great Bear Uranium Corp.

Great Bear Uranium Corp.

January 07, 2008 14:39 ET

Great Bear Options Birch Project, British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 7, 2008) - Great Bear Uranium Corp. (the "Company" or "Great Bear") (CNQ:GTBR) announces that it has entered into a property option agreement with Jost Schmising and Rudi Durfeld (together the "Vendors") to acquire 100% interest in the Birch copper-gold property located in central British Columbia.

To earn its interest, Great Bear must incur $850,000 in exploration expenditures, make cash payments totalling $780,000 and issue 790,000 shares to the Vendors, as follows:

Common Shares Minimum
Cash Payments of Great Bear Exploration Commitments
On Signing $10,000 75,000 n/a
By Dec 28, 2008 $10,000 7,500 $50,000
By Dec 28, 2009 $15,000 7,500 $100,000
By Dec 28, 2010 $15,000 100,000 $100,000
By Dec 28, 2011 $30,000 100,000 $100,000
By Dec 28, 2012 $200,000 100,000 $200,000
By Dec 28, 2013 $300,000 200,000 $300,000
By Dec 28, 2014 $200,000 200,000 n/a
Total $780,000 790,000 $850,000

The Vendors maintain a NSR Royalty equal to 2.5% of the Net Smelter Returns upon Commencement of Commercial Production on the property, 1.5% of which may be purchased by Great Bear for $1,000,000. All shares issued to the Vendors will be subject to a four month hold period.

Birch Property:

The road accessible Birch Property, covering 1,736 contiguous hectares of mineral tenure, is located in the Cariboo Mining Division of British Columbia, approximately 60 kilometres northeast of the city of Williams Lake.

The property was acquired for its potential of hosting an alkalic porphyry copper and/or gold deposit. Geologically, it is situated in the central portion of the Quesnel Terrane, which underlies a number of porphyry copper and gold deposits in British Columbia. Imperial Metal Corp's Mount Polly Mine, is located 25 kilometres northwest of the Birch property and is hosted by a similar suite of alkalic rocks.

Past work at the Birch property included geophysics (magnetic and IP), geochemistry (soil and rock for copper and gold) and drilling (percussion and diamond). The Company is compiling the results of these historic surveys to help focus the ongoing exploration.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the Company by Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta, a qualified person.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


Wan Jung, President & CEO

The CNQ has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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