TSX-V:
GBR
VANCOUVER, May 26, 2020 /CNW/ - 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.
About Great Bear
Great Bear Resources Ltd. is a well-financed gold
exploration company managed by a team with a track record of
success in mineral exploration. Great Bear is focused in the
prolific Red Lake gold district in
northwest Ontario, where the
Company controls over 300 km2 of highly prospective
tenure across 4 projects: the flagship Dixie Project (100% owned),
and the Pakwash Property (earning a 100% interest), the Dedee
Property (earning a 100% interest), and the Sobel Property (earning
a 100% interest), all of which are accessible year-round through
existing roads.
ON BEHALF OF THE BOARD
"Chris
Taylor"
Chris Taylor, President and
CEO
Cautionary note regarding forward-looking statements
The TSXV has not reviewed and does not accept responsibility for
the adequacy of this news release. Neither TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking statements and information include, but are not
limited to, statements with respect to timing, structure and
completion of the Exploration Agreement, anticipated benefits of
the Exploration Agreement, and TSXV approval of the transaction.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
actions, events or results to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: the requirement for regulatory approvals; the
impact of general business and economic conditions; enhanced
uncertainty in global financial markets as a result of the current
COVID-19 pandemic; unquantifiable risks related to government
actions and interventions; the absence of control over mining
operations from which Great Bear will purchase gold and other
metals or from which it will receive royalty payments and risks
related to those mining operations, including risks related to any
international operations, government and environmental regulation,
delays in mine construction and operations, actual results of
mining and current exploration activities, conclusions of economic
evaluations and changes in project parameters as plans continue to
be refined; accidents, equipment breakdowns, title matters, labor
disputes or other unanticipated difficulties or interruptions in
operations; problems inherent to the marketability of gold and
other metals; the inherent uncertainty of production and cost
estimates and the potential for unexpected costs and expenses;
industry conditions, including fluctuations in the price of the
primary commodities mined at such operations, fluctuations in
foreign exchange rates and fluctuations in interest rates;
government entities interpreting existing tax legislation or
enacting new tax legislation in a way which adversely affects Great
Bear; stock market volatility; regulatory restrictions; liability,
competition, loss of key employees and other related risks and
uncertainties.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect.
Great Bear undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available. No forward-looking
statement can be guaranteed, and actual future results may vary
materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/great-bear-enters-exploration-agreement-with-wabauskang-and-lac-seul-first-nations-301064915.html
SOURCE Great Bear Resources Ltd.