Great Bear Uranium Corp.

Great Bear Uranium Corp.

August 23, 2007 19:27 ET

Great Bear Grants Option on Uranium Prospect in NWT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2007) - Great Bear Uranium Corp. ("Great Bear") has granted an option (the "Thelon Option") to Hillcrest Resources Ltd. ("Hillcrest"), a private B.C. Company, giving that company the right to acquire a 60% interest in mineral claims covering approximately 200,000 hectares of land in the Thelon Basin of the Northwest Territories. Those mineral claims were acquired by Great Bear by staking earlier this year. Great Bear will reserve a 1.5% net smelter returns royalty and a 5% gross overriding royalty on any diamonds produced from the property.

The Thelon Option may be exercised by the optionee making cash payments and issuing shares of the optionee to Great Bear, and incurring exploration expenses on the property, as follows:



------------------------------------------------------------------------
Minimum
Common Shares exploration Percent Interest
Cash of Optionee commitments earned by Optionee
------------------------------------------------------------------------
On signing $ 10,000 1,000,000 n/a
------------------------------------------------------------------------
By Dec. 31 $ 90,000 n/a $ 100,000 n/a
2007
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By Dec. 31 $ 100,000 n/a $ 200,000 n/a
2008
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By Dec. 31 $ 100,000 n/a $ 300,000 n/a
2009
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By Dec. 31 $ 100,000 n/a $ 300,000 60% interest earned
2010
------------------------------------------------------------------------
Total $ 400,000 1,000,000 $ 900,000
------------------------------------------------------------------------


Great Bear has received payment of the first $10,000 and expects to receive the 1,000,000 shares within the next few days.

Great Bear is currently a reporting issuer in British Columbia, but does not have any of its shares listed on any stock exchange. Information on Great Bear is available on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

Wan Jung, President and Director

This news release has not been approved by any securities regulatory authority. It 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.

Contact Information

  • Great Bear Uranium Corp.
    Wan Jung
    President and Director
    (604) 526-8961
    (604) 526-9026 (FAX)