Champion Bear Announces Expedited Acquisition Filing Relating to Its Option to Acquire Additional Eagle Rock Claims

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CALGARY, Alberta, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Champion Bear Resources Ltd. (TSXV: CBA-V) ("Champion Bear" or the "Company") announces that it has filed an expedited acquisition application (the "Application") with the TSX Venture Exchange (the "TSXV") in connection with the Company's strategic option to purchase a 100% in interest in certain mining claims in the Kenora area of Ontario. These claims, if acquired by the Company, would expand the number of claims in connection with its core Eagle Rock core property by approximately 15. This option was granted to the Company by an arm's length party (the "Optionor") in September of 2019 and pursuant to its terms the Company has provided the Optionor with a nonrefundable payment of $1,000 and has agreed to make an additional payments totaling an aggregate of $60,000 (inclusive of the initial $1,000 payment) over the course of the next three years and issue the Optionor 100,000 common shares of the Company. When these terms are met, the Company will have earned a 100% interest in these claims. As part of the agreement with this option, Champion Bear will pay a 1.5% net smelter royalty in the event the Company acquires the claims and commercial production begins on them and in such instance the Company has the right to buy back this royalty for $1 million.  The Company intends to fund the option payments through a combination of working capital and additional funds anticipated to be raised in the future from an equity financing.

The Application (including the issuance of 100,000 Common Shares of the Company) is subject to the approval of the TSXV.

About Champion Bear

Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary targets are platinum group metals, precious metals, and polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing 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 can be found on the Company's website at www.championbear.com and on SEDAR at www.sedar.com. For further information, please contact: Richard D. Kantor, Chairman and President of Champion Bear at phone: [phone].