Canadian National Stock Exchange - Plan of Arrangement - Great Bear Resources
Ltd. (GBR)

Bulletin 2010- 0511

TORONTO, May 26 /CNW/ - Great Bear Resources Ltd. ("Great Bear" or the "Company") has announced the effective date of its statutory arrangement (the "Arrangement") previously approved by its shareholders and by the Supreme Court of British Columbia. The effective date of the Arrangement will be May 31, 2010 (the "Arrangement Effective Date").

The Arrangement will result in the transfer of certain assets of Great Bear to Mountain Gold Resources Ltd. ("Mountain Gold"), a wholly-owned subsidiary of Great Bear, under the provisions of Section 288 of the British Columbia Business Corporations Act (the "BCBCA").

The results of the proposed Arrangement are summarized as follows:

    
    -   each Great Bear Shareholder will receive one-third of a common share
        of Mountain Gold (to the nearest whole share) for each common share
        of Great Bear owned by such Great Bear Shareholder on the Arrangement
        Effective Date;
    -   each Great Bear Shareholder will continue to own one common share of
        Great Bear for each common share of Great Bear owned by such Great
        Bear Shareholder on the Arrangement Effective Date;
    -   Great Bear will retain all of its cash except for $50,000 to be
        transferred to Mountain Gold as initial working capital, and will
        continue to carry on the business of exploration and development of
        uranium prospects;
    -   Mountain Gold will acquire Great Bear's interest in the "Birch" gold
        prospect, located in the Cariboo Mining Division of British Columbia,
        and $50,000 in cash from Great Bear.

    Company: Great Bear Resources Ltd.
    Symbol: GBR
    Effective Date and Record Date: Monday, May 31, 2010
    Ex-Distribution Date: Thursday, May 27, 2010
    

For further information: please contact Radhika Ramkarran at [phone] X 2435 or E-mail: [email protected]