/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
CALGARY, July 24 /CNW/ - (TSX Venture: CBA), Champion Bear Resources Ltd.
("Champion Bear" or the "Company") announced today that it has completed the
private placement of 710,000 common shares at a price of $0.50 per share for
total gross proceeds of $355,000.
Champion Bear intends to use the proceeds of the offering for its
exploration programs on its wholly-owned Eagle Rock Cu-Au-PGE Property located
near Dryden, Ontario and its wholly-owned Iron Mask Property located in
Sudbury, Ontario and for general corporate purposes. At the Eagle Rock
Property, Champion Bear intends to undertake a resource definition exploration
program which will include the diamond drilling of up to 10,000 metres. In the
Sudbury area, work at Iron Mask includes the follow-up of recent IP anomalies
which are coincident with surface outcroppings of Cu bearing Sudbury breccia
by drilling three to five holes (up to 1,500 metres) to test the main targets
and the completion of additional detailed surface surveys in the area.
Joe Hinzer, P. Geo., a qualified person, of WGM, Champion Bear's consulting
geologists, will be overseeing the exploration programs.
All of the common shares issued by Champion Bear pursuant to the private
placement are subject to a hold period and restrictions on resale prior to
November 25, 2008.
This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction. The
securities offered have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
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
This news release contains forward-looking statements concerning the
timing and composition of the 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 required by applicable securities laws.
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Richard D. Kantor, Chairman and President of
Champion Bear Resources Ltd., at Phone: (403) 229-9522, or Fax: (403)
229-9518; Champion Bear's website is www.championbear.com