| May 26, 2020 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (TSX-V: GBR; OTCQX: GTBAF) (the "Company" or "Great Bear") is pleased to announce that it has entered into an Exploration Agreement (the "Exploration Agreement") with Wabauskang First Nation ("WFN") and Lac Seul First Nation ("LSFN") in relation to Great Bear's exploration activities on its mining properties within the WFN and LSFN traditional territories. The Exploration Agreement took effect on April 28th, 2020 and establishes the framework for a cooperative and mutually beneficial relationship between the parties to support Great Bear's exploration activities and the interests of WFN and LSFN in the region. The Exploration Agreement defines the protocol for meaningful communications and engagement between the parties to understand and accommodate each other's interests in relation to Great Bear's exploration activities. Through this cooperative approach, the parties seek to build a strong, positive foundation for Great Bear to proceed with its exploration activities in a manner that is informed by and respects the interests of WFN and LSFN. As part of the accommodation to LSFN and WFN under the Exploration Agreement, Great Bear issued an aggregate of one-hundred thousand (100,000) common shares ("Shares") in its capital stock to LSFN and WFN at a deemed price of $11.55 equal to the market price on May 4, 2020 the date of issue, such shares to be divided equally between LSFN and WFN. The transaction remains subject to the final approval of the TSX Venture Exchange ("TSXV"). Chris Taylor, President and CEO of Great Bear said, "We view this agreement as one of the most significant steps taken by our Company to date. While we have been working operationally with our Wabauskang First Nation neighbours for the past three years, we are very pleased to progress that relationship to include Lac Seul First Nation on a go-forward basis. We feel strongly that the Dixie project will benefit from the traditional knowledge regarding land use, environmental stewardship and cultural history stemming from our partners' long experience in this area and look forward to our ongoing cooperation and mutual benefit." Chief Doug Riffel of Wabauskang First Nation stated, "As First Nations, we were long overlooked in meaningful participation within the resource sector in our Territory. Changes to the Ontario Mining Act nearly a decade ago have brought a new era of relationship building with our communities and the mining industry. The Agreement with Great Bear and our shared Territory neighbor Lac Seul, represents another strong step for our Communities in protecting our values while participating in resource development." Chief Derek Maud of Lac Seul First Nation added, "Lac Seul First Nation is very pleased with this agreement. We see it as an opportunity to participate in the ongoing success of Great Bear's exploration activities. The benefits generated by this exploration will help to bring economic prosperity to the region and to our communities."
About Wabauskang First Nation Wabauskang First Nation is an Anishinaabe community. A signatory to Treaty 3, Wabauskang is the most northern community in the Treaty 3 territory. Wabauskang's community and reserve lands are located approximately 100 kilometres south of Red Lake, Ontario. Wabauskang is committed to the protection of Mother Earth, sharing the benefits of the land, and creating opportunities for future generations.
About Lac Seul First Nation Lac Seul is located approximately 38 kilometres northwest of Sioux Lookout. The Lac Seul First Nation has a large population and land base, which is bounded to the north and the east by the northeastern boundary of Treaty 3 territory. The First Nation is made up of four communities: Kejick Bay, Canoe River, Whitefish Bay, and Frenchman's Head. The Lac Seul First Nation is the oldest First Nation in the Sioux Lookout District of INAC. The reserve was established pursuant to Treaty 3, through adhesion in 1874.
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