Jun. 3, 2010 (TheNewswire.ca) --
Great Bear Resources Ltd. ("Great Bear")(CNSX:GBR) is pleased to announce it has received a work permit from the British Columbia Ministry of Energy, Mines and Petroleum Resources (the "MEMPR") for its 2010 exploration program at the BA project in the Eskay Creek mining district near Stewart, northern British Columbia.
2010xploration work at BA will include:
-More than 17,000 metres of helicopter-supported diamond drilling at the BA project aimed at expanding the Main Zone mineralization in all directions and testing additional zones of silver-lead-zinc volcanogenic massive sulphide (VMS) mineralization across the property
-Extensive prospecting and geological mapping of over 12 kilometres of the largely untested prospective strike length of the VMS-hosting horizon on the BA claims
-More than 200 square kilometres of airborne VTEM geophysical surveying, operated by Geotech Ltd., currently underway over both the BA project and Surprise Creek claims
Prospecting, mapping and geophysical surveying all aim to identify additional silver-rich VMS mineralization targets beyond the Main Zone mineralization, and will follow up on high-grade hand sample results previously collected at the BA project over 4 kilometres to the east of the Main Zone.
Drilling, mapping and prospecting will commence as soon as weather and receding snow cover allow. Mobilization of crews and supplies into Stewart is currently underway.
The BA Project and Surprise Creek Claims - A 17,250 Hectare Land Position
As previously announced, Great Bear has entered into an Option and Joint Venture Agreement with Mountain Boy Minerals Ltd. (TSXV:MTB) (TSXV- MTB) to earn a 50% interest in the BA project by spending $5.5 M over four years, and can earn an additional 20% interest, for a total of 70%, by completing a Bankable Feasibility Study on or before December 31, 2015. Great Bear has also entered into an Option Agreement with Pinnacle Mines Ltd. (TSXV:PNL) ("Pinnacle")(TSXV: PCL) for the 100% acquisition of Pinnacle's Surprise Creek claims located immediately north of the BA project. In order to acquire the claims, the Company must pay $150,000 and issue 700,000 common shares by May 25th, 2012.
The BA Project hosts a silver rich volcanogenic massive sulphide (VMS) system that has been drill confirmed for 600 meters of mineralized strike and down dip for 300 meters. The discovery is open for expansion in all directions. 62 of 90 drill holes into the Main Zone at BA have returned in excess of 2 oz silver over drill indicated widths of 3 to 134 metres with significant associated lead - zinc mineralization.
The Surprise Creek claims are underlain by similar geology to BA and have returned hand samples of silver-rich VMS mineralization with over 3 oz silver, as reported by Pinnacle in an assessment report dated November 25, 2005.
Investor Relations Contracts
Great Bear has engaged Raju Wani and Wani Capital Corp of Calgary, Alberta to assist in the company's investor relations activities. Mr. Wani has been involved with investor relations for publicly traded companies for over 15 years.
In addition, Great Bear has engaged Mr. Robbie Orr of Vancouver, B.C to assist in the company's investor relations activities. Mr. Orr has been involved with investor relations for publicly traded companies and was an active Investment Dealer for more than 25 years.
A Form 10 has been filed with CNSX with respect to the above contracts.
Mr. Chris Taylor, M.Sc. P.Geo, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of this news release.
For further information please contact Mr. Archie Nesbitt, President or Mr. Chris Taylor, P.Geo., Vice President Exploration at 604-681-0037.
ON BEHALF OF THE BOARD Investor Relations
Robert Orr
Tel: 604-697-6259
"Archie Nesbitt" ____ ro@greatbearresources.ca
Archie Nesbitt, President and CEO Wani Capital Corp.
Raju Wani
Tel: 403-240-0555
info@greatbearresources.ca
www.greatbearresources.ca
THE CNSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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