Champion Bear Announces Filing of Financial Statements

Calgary, Alberta--(Newsfile Corp. - July 17, 2020) - Champion Bear Resources Ltd. (TSXV: CBA) ("Champion Bear" or the "Company") announces that it has filed its annual financial statements for the fiscal year ended December 31, 2019 and the interim financials statements for the three months ended March 31, 2020 (together, the "Financial Statements"), related management's discussion and analysis (together, the "MD&A") and officer certificates on www.sedar.com, as required by applicable Canadian securities laws. The Company previously announced that it would miss the filing deadline to file its Financial Statements, the MD&A and the related officer certifications (collectively, the "Filings"). A management cease trade order ("MCTO") was issued by the Alberta Securities Commission (the "ASC"), effective as of June 16, 2020, in connection with the filing delay. Champion Bear is providing this status update in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed. Upon the filing of the Filings, the Company believes that it has satisfied the conditions of the ASC in order to have the MCTO lifted. In the interim, management and other insiders of the Company continue to be subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11- 207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

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: (403) 229-9522.

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation including statements relating to being able to have the MCTO lifted. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to 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 and drilling plans which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the ability to have the MCTO lifted; the market price of the Company's securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, litigation risks, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters including the COVID-19 pandemic. 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 statements, 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/60032