Champion Bear Resources Ltd.

Champion Bear Resources Ltd.

November 17, 2009 08:00 ET

Champion Bear Provides Drilling Update on Parkin Joint Venture With Wallbridge and Impala

CALGARY, ALBERTA--(Marketwire - Nov. 17, 2009) - Champion Bear Resources Ltd. ("Champion Bear" or the "Company") (TSX VENTURE:CBA) is pleased to provide an exploration update on its Parkin Offset Cu-Ni-Pt-Pd-Au properties in the Sudbury mining camp. Two holes totaling 1,507 metres and additional down-hole geophysical surveys have been completed. Wallbridge Mining Company Limited ("Wallbridge") is the operator and together with joint venture partner Impala Platinum Holdings Limited ("Impala"), the world's second largest primary platinum producer, have allocated a minimum of $600,000 dollars to the 2009 exploration program on the Champion Bear Parkin Offset dyke properties in Sudbury, Ontario.

At Champion Bear's Brady property (under option to the joint venture), drilling tested radio-imaging target "RIM-A" and intersected favourable Offset dyke geology over 800 metres. Additional RIM surveying, utilizing the new hole, has enhanced the size and location of the target and indicates that the source of the response is larger and slightly deeper than indicated by the original survey. The target is coincidental with an interpretive one kilometre long north plunging conductive trend defined by several UTEM4 and RIM anomalous responses. Additional drill and survey work have been proposed to determine the source of the conductive response "RIM-A".

Particularly encouraging for the potential of the Brady target area, are the results reported by Wallbridge from the Parkin Offset dyke on its Milnet Mine property located 600 metres to the north. On November 13, 2009, Wallbridge reported that drilling has intersected a 14.2 metre interval grading 8.00 grams per tonne TPM (1.50 g/t platinum + 2.52 g/t palladium + 3.99 g/t gold), 2.57 % copper and 0.78 % nickel over 14.24 metres starting from 1499.66 down hole (see Wallbridge news release dated November 13, 2009).

Richard Kantor, President of Champion Bear reported: "We are very excited about the significant new intersection made by Wallbridge and the potential for similar metal-rich zones at Brady. The results of the recent RIM survey has enhanced and refined the location of the Brady target which remains unexplained and possibly occurs up-plunge of the new intersection. Based on this recent success, the large amount of untested Offset dyke, and the favourable results of the geophysical survey, we believe the Parkin dyke will continue to yield significant high-grade, multi-metal intersections that will lead to the discovery of a new precious and base metal-rich sulphide deposit."

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. The Company'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, without limitation, the timing and composition of the surveying, sampling, prospecting, mapping, drilling, exploration and expenditure 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 map, please click the following link:

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 Ltd.
    Richard D. Kantor
    Chairman and President
    (403) 229-9522
    (403) 229-9518 (FAX)