Champion Bear completes final closing of equity offerings

    (TSX Venture: CBA)

    CALGARY, Oct. 22 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear")
announced today that it has completed the second and final traunche of the
equity offerings announced on September 6, 2007, issuing 200,000 common shares
of the company at a price of $0.50 per share for total gross proceeds of
$100,000. The total equity offerings resulted in the issued by Champion Bear
of 473,334 flow-through common shares at a price of $0.60 per share and
1,720,000 common shares at a price of $0.50 per share for total gross proceeds
of $1,144,000.
    Champion Bear intends to use the bulk of the equity offerings proceeds
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 exploration programs.
    The common shares issued by Champion Bear pursuant to the second traunche
of the private placement are subject to a four month hold period and are
subject to restrictions on resale prior to February 23, 2008.

    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
16,000 hectares.

    This press release contains a forward-looking statement as to how
Champion Bear intends to use the proceeds from the private placement, which
may prove to be incorrect. The statement represents Champion Bear's current
strategy; however, Champion Bear may determine that it is appropriate to
reallocate the use of the proceeds.

    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

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