Update on Non-Brokered Private Placement

Vancouver, B.C., August 29, 2013 - Great Bear Resources Ltd. (the "Company") announces that the Company has decided not to proceed with the private placement for gross proceeds of up to $450,000 previously announced in the Company's news release of August 20, 2013. Alternatively, the Company announces that it will proceed with a non-brokered private placement of units of the Company (the "Units") at the price of $0.075 per Unit for gross proceeds of up to $450,000 (the "Offering"). Each Unit will consist of one common share in the capital of the Company (a "Share") and one half of a share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a period of five years from the closing of the Offering.

The Company may pay a finder's fee on the Offering within the maximum amount permitted by the policies of the TSX Venture Exchange (the "Exchange"). Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Proceeds from the Offering with be used to further exploration as well as corporate working capital.

For further information, please contact Mr. Chris Taylor, P.Geo, President.

ON BEHALF OF THE BOARD

"Chris Taylor"

Chris Taylor, President

Investor Relations:

Robert Orr

Tel: [phone]

Fax: [phone]

[e-mail]

[e-mail]

www.greatbearresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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