Champion Bear Provides Update on Joint Venture Exploration Program on Parkin Property

This document corrects and replaces in its entirety the press release issued by Champion Bear Resources Ltd. (“Champion Bear” or the “Company) on February 5, 2021 at 6:00 a.m. MST (the “Initial Press Release”). The error in the initial press release named Mr. François Demers, P.Eng as the then qualified person that in fact the Qualified Person is Mr. J. Michael Sweeny, PGeo. The corrected press release follows in full below:

Calgary, Alberta–(Newsfile Corp. – February 6, 2021) – Champion Bear Resources Ltd. (TSXV: CBAV) (“champion bear“or the”Company“) announced today that it is encouraged by the efforts and investments of the partners involved in the valuation of Parkin Offset Dyke where Champion Bear holds a 50% interest.

Lonmin Canada Inc. currently has a joint venture agreement with Wallbridge Mining under which it can spend up to $11 million on exploration to earn up to half of Wallbridge’s interest in the Parkin properties. This is in addition to the $7.2 million spent by Implats on previous exploration programs.

Richard Kantor, company president, said, “Champion Bear acquired the CBA Parkin offset property in 1997 from John Brady, a renowned prospector in the Sudbury area. It is host to the aptly named Brady showing, where surface stripping exposed massive sulphide mineralization which channel sampling returned 11.2% Cu, 0.6% Ni, 9.2 g/t Pt, 4.3 g/t Pd and 1.6 g/t Au over 2.7 meters. Diamond drilling intersected gold values ​​such as the Glencore Parkin property (located immediately to the southwest) which included 44.0 g/t Au over 1.4 meters at a depth of 543 meters.”

Mr. Kantor added, “It is very rare for a junior exploration company to have a share of the stock in the Sudbury Basin, Canada’s premier mining community that has been largely controlled by the big mining companies over the years. of the last 125 years. With the Sibanye Stillwater acquisition from Lonmin in 2018, I look forward to seeing the results of any exploration the company may carry out on the properties in the near future. »

Champion Bear looks forward to the results of the joint venture’s exploration program when they become available.

Mr. J. Michael Sweeny, PGeo, independent consultant is the “qualified person” within the meaning of National Instrument 43-101 – Standards for Disclosure of Mining Projects, has reviewed and is responsible for the technical content of this press release.

About the champion bear

Champion Bear is a mining exploration company focused exclusively on historically prospective areas of Ontario. The Company’s primary targets are deposits of platinum group metals, precious metals and polymetallic base metals. Champion Bear’s objective is to create shareholder value through the selective acquisition of properties followed by focused exploration with an emphasis on drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares. Additional information about Champion Bear is available on the Company’s website at www.championbear.com and on SEDAR at www.sedar.com. For more information, please contact: Richard D. Kantor, Chairman and President of Champion Bear at phone: (403) 229-9522.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS ITS TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

This press release contains certain “forward-looking statements” under applicable Canadian securities laws, including statements relating to the purpose and benefits to be derived from the Agreement. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events differ materially from those expressed or implied. by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the potential development of resources, joint venture exploration and drilling plans that may or may not happen. The forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the activities of its industry partners, the market price of the Company’s securities, metal prices, exchange rates, taxation , the estimate, timing and amount of future exploration and development, capital and operating costs, availability of financing, environmental risks, title disputes, failure of the plant, equipment or processes to operate as designed, accidents, labor disputes, claims and limitations of insurance coverage and other risks of the mining industry, changes in regulations national and local government of mining operations, and regulations and other matters. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73836

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