GREAT BEAR CORPORATE UPDATE

June 22, 2007

Great Bear Uranium Corp. ("Great Bear") has changed its name from Great Bear Resources Ltd. Letters of Transmittal will be sent to shareholders during the near future. Also, at their annual general meeting held on June 21, 2007, the shareholders of Great Bear elected Wan Jung, Brian Thurston and Tony Chan as directors and approved all business conducted at the meeting.

In addition to having made the first payments towards the exercise of its previously announced options on the Wollaston Lake and Duddridge Lake properties, Great Bear has entered into an option agreement with 0716668 B.C. Ltd., a private B.C. company, pursuant to which Great Bear has been granted an option (the "Option") to acquire a 100% interest in the Surprise Lake uranium prospect, which consists of 3 mineral claims located in north-central Saskatchewan, subject to a 1.5% net smelter returns royalty and a 5% gross overriding royalty on any diamonds produced from the property.

To exercise the Option and acquire the property, Great Bear must pay $125,000 in cash and issue 1,000,000 shares to the optionor not later than June 30, 2007. 150,000 common shares are to be issued by Great Bear as a finder's fee in connection with the option. Great Bear intends to exercise the Option.

Great Bear has also granted incentive options to directors and consultants to purchase up to an aggregate of 2,090,000 common shares of Great Bear at the price of $0.25 each for a period of five years expiring June 21, 2012.

"Wan Jung"

Wan Jung
President and Director