Champion Bear Resources Ltd.
TSX VENTURE : CBA

Champion Bear Resources Ltd.

June 12, 2009 09:00 ET

Champion Bear Announces New Program by Impala/ Wallbridge Joint Venture on Its Parkin Property

TORONTO, ONTARIO--(Marketwire - June 12, 2009) - Champion Bear Resources Limited (TSX VENTURE:CBA) ("Champion Bear") is pleased to announce that its joint venture partner Wallbridge Mining Company Limited ("Wallbridge") together with Wallbridge's joint venture partner Impala Platinum Holdings Limited ("Impala"), the world's second largest primary platinum producer, have allocated a minimum of $600,000 to the 2009 exploration program on the Champion Bear Parkin Offset dyke properties in Sudbury, Ontario.

Richard Kantor, President of Champion Bear reported: "We are very pleased with the continued contribution of our Joint Venture partners on the Parkin Property. We appreciate the support of Impala which will allow the Joint Venture to successfully explore and generate quality drill targets in an under explored portion of the high potential Parkin Offset dyke environment."

JUNE 2009 DRILLING

Planned drilling on Champion Bear's Brady property (under option to the Joint Venture) will test a conductive zone, target "RIM-A", detected by a Fara Systems radio-imaging (RIM) survey. RIM-A lies 740 metres below the Brady showing and coincidental with a 1 kilometre long conductive trend defined by several UTEM4 drill hole responses. (See Wallbridge news releases dated May 27, 2009 and June 11, 2009.) The Brady showing is a high grade lense of surface mineralization located about halfway between the Milnet Mine and Wallbridge's Parkin resource. Historic channel sampling of the Brady showing has returned values of up to 2.7 metres of 11.2% Cu, 0.6% Ni, 9.2 g/t Pt, 4.3 g/t Pd and 1.6 g/t Au. (See attached Plan Map.)

The longitudinal section illustrates the geophysical results and location of drill target RIM-A relative to the Parkin resource, the Brady showing and the conductive trend.

Champion Bear's Parkin Offset properties cover 7.5 kilometers of the Parkin Offset Dyke in Sudbury, Ontario including the Brady showing. Offset dykes are very attractive exploration targets in Sudbury as demonstrated by new mine development projects at Totten and Copper Cliff by Vale Inco.

Wallbridge can earn a 50% interest in Champion Bear's blocks of claims by spending $2 million by August 19, 2011. Wallbridge may then increase its interest in the property to 75% by completing a definitive feasibility study on a deposit, which is in whole or in part on the property and funding Champion Bear's portion of development expenditures as a loan against Champion Bear's portion of the proceeds of production. (See Wallbridge press release dated April 28, 2008.)

The Qualified Person responsible for the technical content of this press release is Rob Foy, P. Geo., a qualified person, of Foy Geological Services, Champion Bear's consulting geologist.

About Champion Bear

Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. Champion Bear's primary target is platinum group and precious metals and to a lesser extent polymetallic base metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create shareholder value through selective property acquisition and joint venture followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totaling over 24,000 hectares.

This news release contains forward-looking statements concerning the timing and composition of the surveying, sampling, prospecting, mapping, drilling and exploration programs to be completed on certain of Champion Bear's mineral properties which are based on Champion Bear's current internal expectations, which may prove to be incorrect. These statements are not a guarantee of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties that are common to junior mineral exploration companies. These risks and uncertainties include, among other things, Champion Bear's need for additional funding to continue its exploration efforts, changes in general economic, market and business conditions; and competition for, among other things, capital and skilled personnel. The Company undertakes no obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

To view the Parkin Joint Venture chart #1, please click the following link: http://media3.marketwire.com/docs/612cba_parkin1.pdf

To view the Parkin Joint Venture chart #2, please click the following link:
http://media3.marketwire.com/docs/612cba_parkin2.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Champion Bear Resources Limited
    Richard D. Kantor
    Chairman and President
    (403) 229-9522
    (403) 229-9518 (FAX)
    Website: www.championbear.com