$175,000 PRIVATE PLACEMENT CLOSED

July 17, 2007
Great Bear Uranium Corp. (the "Company") is pleased to announce that it has completed a non-brokered private placement, selling 500,000 common shares at the price of C$0.35 per share to raise gross proceeds of C$175,000. A finders' fee of 50,000 shares has been paid in respect of the private placement.

All shares issued in connection with the private placement are subject to a four month hold period expiring November 13, 2007.

The proceeds from the private placement 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

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.