GREAT BEAR ACQUIRES OPTION ON DUDDRIDGE LAKE URANIUM PROSPECT IN SASKATCHEWAN
May 31, 2007
Great Bear Resources Ltd. ("Great Bear") has entered into an option agreement with Strathmore Minerals Corp ("Strathmore") pursuant to which it has been granted an option (the "Option") to acquire up to a 60% interest in the Duddridge Lake uranium prospect, which is located in north-central Saskatchewan. The property consists of 11 mineral claims totalling 36,253 ha (about 90,000 acres), located about 80 km northwest of the town of La Ronge, Saskatchewan. To earn its interest, Great Bear must pay up to $100,000 in staking costs, incur $6,000,000 in exploration expenditures, make cash payments totaling $400,000 to Strathmore and issue 400,000 shares to Strathmore, as follows: | | Cash | Common Shares
of Great Bear | Minimum Exploration
Commitments | Percent Interest Earned
by Great Bear | | On Signing | $150,000
plus staking costs up to $100,000 | 200,000 | n/a | | | By Mar 31 2008 | $150,000 | 200,000 | $750,000 | | | By Mar 31 2009 | n/a | n/a | $1,000,000 | | | By Mar 31 2010 | n/a | n/a | $1,000,000 | 35% Interest Earned | | By Mar 31 2011 | n/a | n/a | $1,250,000 | 51% Interest Earned | | By Dec 31 2013 | n/a | n/a | $2,000,000 | 60% Interest Earned | | Total | $400,000 | 400,000 | $6,000,000 | | The Duddridge Lake property and results of prior exploration are described in public documents of Strathmore filed on SEDAR at www.sedar.com, including Strathmore's August 31, 2005 news release, and at http://www.strathmoreminerals.com. Finders' fees are payable by Great Bear in connection with the option. About Strathmore Strathmore is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. Headquartered in Kelowna, British Columbia, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico. Strathmore's common shares are listed on the TSX Venture Exchange under the symbol "STM". ON BEHALF OF THE BOARD "Wan Jung" Wan Jung
President and Director
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