Jun. 17, 2010 (TheNewswire.ca) --
GreatBear Resources Ltd. ("Great Bear")(CNSX:GBR) is pleased to announce ithas commenced drilling at the BA project in the Eskay Creek miningdistrict near Stewart, northern British Columbia. More than 17,000metres of diamond drilling are planned, targeted at expanding the MainZone massive sulphide discovery in all directions and testing new VMStargets in the project area.
The mid-June start date represents anearlier beginning to the field season than has previously beenanticipated. Drilling services are being provided by MoreCore DiamondDrilling Services Ltd. based out of Stewart, British Columbia.
Extensiveprospecting and geological mapping is also underway, in addition to amore than 200 square kilometre airborne VTEM geophysical survey.Prospecting, mapping and geophysical surveying all aim to identifyadditional silver-rich VMS mineralization targets beyond the Main Zonemineralization. A second silver rich massive sulphide discovery has beenidentified and confirmed by historical sampling 4 kilometers east ofthe Main Zone.
The BA Project
As previously announced, GreatBear has entered into an Option and Joint Venture Agreement withMountain Boy Minerals Ltd. (TSXV:MTB) (TSXV- MTB) to earn a 50%interest in the BA project by spending $5.5 M over four years, and canearn an additional 20% interest, for a total of 70%, by completing aBankable Feasibility Study on or before December 31, 2015. Great Bearhas also entered into an Option Agreement with Pinnacle Mines Ltd.(TSXV:PNL) ("Pinnacle")(TSXV: PCL) for the 100% acquisition ofPinnacle's Surprise Creek claims located immediately north of the BAproject. In order to acquire the claims, the Company must pay $150,000and issue 700,000 common shares by May 25th, 2012.
The BA Projecthosts a silver rich volcanogenic massive sulphide (VMS) system that hasbeen drill confirmed for 600 meters of mineralized strike and down dipfor 300 meters. The discovery is open for expansion in all directions.62 of 90 drill holes into the Main Zone at BA have returned in excess of2 oz silver over drill indicated widths of 3 to 134 metres withsignificant associated lead - zinc mineralization.
Mr. ChrisTaylor, M.Sc. P.Geo, is the Qualified Person as defined by NationalInstrument 43-101 responsible for the accuracy of this news release.
Forfurther information please contact Mr. Archie Nesbitt, President or Mr.Chris Taylor, P.Geo., Vice President Exploration at 604-681-0037.
ONBEHALF OF THE BOARD InvestorRelations
Robert Orr
Tel: 604-697-6259
"ArchieNesbitt" ____ro@greatbearresources.ca
Archie Nesbitt, President and CEOWani Capital Corp.
Raju Wani
Tel:403-240-0555
info@greatbearresources.ca
www.greatbearresources.ca
Certaininformation set forth in this press release, including a discussion offuture plans and operations, contains forward looking statements thatinvolve substantial known and unknown risks and uncertainties. Theseforward-looking statements are subject to numerous risks anduncertainties, some of which are beyond management's control, includingbut not limited to, the impact of general economic conditions, industryconditions, fluctuation of commodity prices, fluctuation of foreignexchange rates, environmental risks industry competition, availabilityof qualified personnel and management, stock market volatility, timelyand cost effective access to sufficient capital from internal andexternal sources, as well as risks inherent in operating in foreignjurisdictions, including varying judicial or administrative guidance oninterpreting rules and regulations and a higher degree of discretion onthe part of governmental authorities. Actual results, performance orachievements could differ materially from those expressed in or impliedby such forward-looking statements.
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