Champion Bear Reconfirms Delay in Filing Certain Continuous Disclosure Documents

CALGARY, Alberta, July 06, 2020 (GLOBE NEWSWIRE) -- Champion Bear Resources Ltd. (TSXV: CBA-V) ("Champion Bear" or the "Company") announces that further to its April 29, 2020 and June 1, 2020 press releases due to circumstances created by the COVID-19 pandemic, it is continuing to rely on Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements of the Alberta Securities Commission ("ASC 51-517") (and similar exemptions provided by the British Columbia and Ontario Securities Commissions), to postpone the filing of the certain continuous disclosure documents required by National Instrument 51-102 – Continuous Disclosure Documents ("NI 51-102").  Pursuant to ASC 51-517 during the period from March 23, 2020 to June 1, 2020, a person or company required to make certain filings as described in ASC 51-517 has an additional 45 days from the deadline otherwise applicable under Alberta securities laws to make the filing.

In particular, the Company will be relying on the temporary exemption pursuant to ASC 51-517 in respect to the following provisions.

• the requirement to file audited financial statements for the year ended December 31, 2019 (the "Annual Financial Statements") within 120 days of the Company’s financial year end as required by section 4.2(b) of NI 51-102;
  
  
• the requirement to file interim financial statements for the three month period ended March 31, 2020 (the "Interim Financial Statements") within 60 days of the Company’s first quarter as required by section 4.4(b) of NI 51-102;
  
  
• the requirement to file management discussion and analysis (the "Annual MD&A") for the period covered by the Annual Financial Statements within 120 days of the Company’s financial year end as required by section 5.1(2) of NI 51-102;
  
  
• the requirement to file management discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of the Company’s first quarter as required by section 5.1(2) of NI 51-102;
  
  
• the requirement to file certifications of the Annual Financial Statements (the "Certificates" and together with the Annual Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109; and
  
  
• the requirement to file certifications of the Interim Financial Statements (the "Certificates" and together with the Interim Financial Statements, the "Interim Filings") pursuant to section 5.1 of National Instrument 52-109.

This press release is being issued pursuant to the requirement of paragraph 7(b) of ASC 51-517 whereby issuers are required to issue a news release no later than 30 days from their original news release if the required continuous disclosure materials have still not been filed. The Company continues to work diligently and expeditiously with its auditors and expects to file the Annual Filings, Annual MD&A, Interim Filings and Interim MD&A on or before July 15, 2020.

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.

The Company further confirms that since the filing of its interim consolidated financial statements for the period ended September 30, 2019, there have been no material business developments other than those disclosed through Champion Bear press releases and in particular, the April 22, 2020 press release relating to the completion of the settlement of an aggregate of $528,445.97 of outstanding debt to eight creditors of the Company in exchange for the issuance of an aggregate of 3,522,972 common shares of the Company at a deemed price of $0.15 per share.

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 the timing for the filing of the Annual Filings and Annual MD&A and Interim Filings and Interim MD&A. 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 complete the Annual Filings and Annual MD&A and Interim Filings and Interim MD&A; 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.