/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
(TSX Venture: CBA)
CALGARY, Sept. 17 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear"
or the "Company") announced today that it has completed the private placement
of 473,334 flow-through common shares at a price of $0.60 per share and
1,520,000 common shares at a price of $0.50 per share for total gross proceeds
The flow-through common shares and common shares issued by Champion Bear
pursuant to the private placement are subject to a four month hold period and
are subject to restrictions on resale prior to January 15, 2008.
Champion Bear intends to use the bulk of the proceeds of the offering for
its exploration programs on its Plomp Farm and Eagle Rock Cu-Au-PGE Properties
located near Dryden, Ontario and its Iron Mask Property located in Sudbury,
Ontario and for general corporate purposes. Work at the Plomp Farm Property
will include drilling 1,000 metres to complete detailed drilling of the areas
of higher grade gold mineralization within the main zone. Exploration work at
Eagle Rock includes a new geophysical magnetic and IP survey and field mapping
to assist in the preparation of 3D modeling of the mineralization. In the
Sudbury area, work at Iron Mask includes, detailed field mapping to further
test areas of anomalous Cu mineralization outlined on the southern grid area
in 2004. Joe Hinzer, P. Geo., a qualified person, of Watts, Griffis and McOuat
Limited, Champion Bear's consulting geologists, will be overseeing the
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.