GREAT BEAR GRANTS OPTION ON URANIUM PROSPECT IN NWT
August 23, 2007
Great Bear Uranium Corp. ("Great Bear") has granted an option (the "Thelon Option") to Hillcrest Resources Ltd. ("Hillcrest"), a private B.C. Company, giving that company the right to acquire a 60% interest in mineral claims covering approximately 200,000 hectares of land in the Thelon Basin of the Northwest Territories. Those mineral claims were acquired by Great Bear by staking earlier this year. Great Bear will reserve a 1.5% net smelter returns royalty and a 5% gross overriding royalty on any diamonds produced from the property. The Thelon Option may be exercised by the optionee making cash payments and issuing shares of the optionee to Great Bear, and incurring exploration expenses on the property, as follows: | | Cash | Common Shares of Optionee | Minimum Exploration Commitments | Percent Interest Earned by Optionee | | On Signing | $10,000 | 1,000,000 | n/a | | | By Dec. 31 2007 | $90,000 | n/a | $100,000 | n/a | | By Dec. 31 2008 | $100,000 | n/a | $200,000 | n/a | | By Dec. 31 2009 | $100,000 | n/a | $300,000 | n/a | | By Dec. 31 2010 | $100,000 | n/a | $300,000 | 60% interest earned | | Total | $400,000 | 1,000,000 | $900,000 | | Great Bear has received payment of the first $10,000 and expects to receive the 1,000,000 shares within the next few days. ON BEHALF OF THE BOARD "Wan Jung" Wan Jung
President and Director This news release has not been approved by any securities regulatory authority. It may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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