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CALGARY, July 18 /CNW/ - (TSX Venture: CBA), Champion Bear Resources Ltd. ("Champion Bear" or the "Company") announced today that it has completed the private placement to the MineralFields Group of 1,666,665 flow-through common shares at a price of $0.60 per share for total gross proceeds of $1,000,000.
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.
In connection with the private placement, Champion Bear paid Limited Market Dealer Inc. a finder's fee of $100,000.
All of the flow-through common shares issued by Champion Bear pursuant to the private placement are subject to a hold period and restrictions on resale prior to November 19, 2008.
Richard Kantor, Chairman and President of Champion Bear, commented, "We are very pleased to have completed this private placement to the MineralFields Group as it will provide our company with the funds to continue with the ongoing exploration of our wholly-owned Eagle Rock and Iron Mask properties."
About MineralFields, Pathway and First Canadian Securities (R)
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.
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 16,000 hectares.
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.
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.