Great Bear Uranium Corp. Announces The Company has an option with Fission Energy Corp.
February 17, 2009
Extension of Duddridge Lake Option Terms and Chord Uranium Deposit Letter of Intent
GREAT BEAR URANIUM CORP. (the "Company" or "Great Bear") (CNSX: GBR) is pleased to announce the following:
Duddridge Lake Option, Saskatchewan
The Company has an option with Fission Energy Corp. ("Fission") to acquire a 60% interest in the Duddridge Lake uranium property, which is located in north-central Saskatchewan. To earn its interest, Great Bear must complete $6,000,000 in exploration expenditures over a number of years, make payments totalling $400,000 and issue 400,000 common shares to Fission. To-date, the cash and share commitments have been made. In addition, the first year's minimum exploration commitment of $750,000 has been met. Fission and the Company have agreed to extend the all remaining exploration commitments by one year as follows:
Minimum exploration
commitments |
On or before
(Original) |
As amended |
$750,000 |
March 31 2008 |
Completed |
$1,000,000 |
March 31,2009 |
March 31, 2010 |
$1,000,000 |
March 31,2010 |
March 31, 2011 |
$1,250,000 |
March 31,2011 |
March 31, 2012 |
$2,000,000 |
March 31,2013 |
December 31, 2014 |
Letter Of Intent To Acquire The Chord Uranium Deposit In South Dakota Usa
The Company had executed a Letter of Intent ("LOI") with Strathmore Minerals Corp. (announced July 7 2008) to acquire a 100% interest in the Chord Uranium Property located in South Dakota, USA.
By mutual consent, the LOI has been extended to September 30 2009.
The Chord Property comprises twenty-two claims totalling 440 acres and is located approximately 15 miles north of the town of Edgemont, South Dakota. Uranium was first discovered at Chord in the 1970s and extensive drilling by previous operators Tennessee Valley Authority and Union Carbide outlined a historic uranium resource estimate totalling 3.8 million lbs U3O8 at an average grade of 0.11% U3O8.
The foregoing historical resource estimate was completed prior to the implementation of NI 43- 101. A qualified person has not completed sufficient work to classify the historic mineral resource as a current mineral resource. Hence, it should not be relied upon. The Company is not treating this historical estimate as a NI 43-101 defined mineral resource or mineral reserve. Future work will include upgrading the historic resources to NI 43-101 standards.
ABOUT GREAT BEAR URANIUM
Great Bear Uranium Corp. is a mineral exploration company focused on the strategic acquisition, exploration, and development of uranium properties. The Company has assembled a strong portfolio of projects in some of Canada's foremost uranium producing and exploration regions – the Athabasca Basin, Thelon Basin, and Uranium City Mining District – and is well positioned to discover new sources of supply. While exploring these properties management will continue to target the acquisition of additional uranium interests that are value-creating.
This news release 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.
|
