CALGARY, ALBERTA--(Marketwire - Dec. 10, 2012) - Champion Bear Resources Ltd. (TSX VENTURE:CBA) ("Champion Bear" or the "Company") announces today that the Company has entered into an Option to Purchase Agreement with Wallbridge Mining Company Limited ("Wallbridge") for the Company's 100% held Iron Mask Property located in the northwest footwall of the Sudbury Mining Camp, Ontario. To acquire a 100% interest in the Property, Wallbridge must make staged option payments to Champion Bear totaling $150,000 by December 31st, 2013. The option payments include a $24,000 payment to an underlying stakeholder for advanced royalties and other payments.
Champion Bear continues to focus its exploration efforts on the 100% held Eagle Rock copper-platinum-palladium-gold and Plomp Farm gold properties, both located in the Dryden area of northwestern Ontario. The Company is currently evaluating all of its options to maximize the value of Eagle Rock and Plomp Farm including consideration of potential joint venture opportunities. In addition, the Company maintains a 50% carried interested in the Parkin JV property located along the Parkin Offset Dyke in northeast Sudbury. Updated property presentations are available on the Company's website www.championbear.com.
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary target is platinum group and precious metals and to a lesser extent polymetallic base metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create shareholder value through selective property acquisition and joint venture followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas.
This news release contains forward-looking statements concerning plans to focus exploration efforts and maximize the value of Eagle Rock and Plomp Farm. These statements are not a guarantee of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties that are common to junior mineral exploration companies. These risks and uncertainties include, among other things, Champion Bear's need for additional funding to continue its exploration efforts, changes in general economic, market and business conditions; and competition for, among other things, capital and skilled personnel. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.
No regulatory authority has approved or disapproved the information contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.