Champion Bear Resources Ltd Provides an Update on its Parkin Assets in the Sudbury Basin

Calgary, August 22, 2022 - Champion Bear Resources Ltd. (TSXV: CBA) ("Champion Bear") is pleased to announce that it has been advised by Wallbridge Mining Company Ltd. ("Wallbridge") that Archer Exploration Corp. ("Archer") will be acquiring Wallbridge's 50% interest in Champion Bear's Parkin assets in the prolific Sudbury Basin as part of the sale of its nickel assets, rights, and obligations located in Quebec and Ontario. On completion of the acquisition, Archer will maintain the obligation under the agreement with Champion Bear to carry Champion Bear's cost and expenses for the exploration and development of its 50% interest in the CBA Parkin property through to production.

In Archer's news release of July 13, 2022, Archer states:

"Creation of a new Canadian nickel development company: The Transaction will establish Archer as a leading Canadian nickel sulfide focused exploration and development company with assets in the established mining jurisdictions of Quebec and Ontario." and;

"Sudbury Project". The Sudbury Project is located within the world-class mining district of Sudbury, selected on the basis of recognized prospective geological settings and proximity to several significant producing mines.

"Archer believes that offset dykes, particularly at the Parkin and Trill projects may retain considerable upside discovery potential for high-grade nickel that remains open at depth with insufficiently drilled high-grade ore shoots present at variable depths. Discovery upside may exist for copper-rich footwall-style mineralization along strike from large producing mines within the East and South Range project areas. There is significant optionality for finding and developing the known deposits and prospects on other areas of the Sudbury Project."

Champion Bear looks forward to the completion of this transfer of Wallbridge's 50% interest in the Champion Bear Parkin property to Archer and news on Archer's exploration and development plans in this regard.

About Champion Bear Resources Ltd.

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.

On Behalf of the Company,

Richard Kantor, Chairman and President

for further information, please contact Champion Bear at +1-403-229-9522 and visit the website at www.championbear.com.

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. 2 CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. 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 realization of the preliminary economic analysis for the Project, expectations of future cash flows, the proposed plant expansion, potential expansion of resources and the generation of further drilling results 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 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, 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.. 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/134480