$638,150 PRIVATE PLACEMENT CLOSED, $1,500,000 PRIVATE PLACEMENT ANNOUNCED

February 22, 2007

Great Bear Resources Ltd. (the "Company") is pleased to announce that it has completed a non-brokered private placement of 12,763,000 flow-through shares at the price of C$0.05 per share to raise gross proceeds of C$638,150. The Company is also pleased to announce that it has arranged a further non-brokered private placement of 6,000,000 shares at the price of C$0.25 per share to raise gross proceeds of an additional C$1,500,000. Finders' fees may be paid in respect of a portion of the new private placement.

All shares issued in connection with the private placements are subject to a four month hold period.

The proceeds from the private placements will be used to fund the Company's mineral exploration projects and for general working capital.

ON BEHALF OF THE BOARD

"Wan Jung"

Wan Jung
President and Director