Mr. Rob McEwen of McEwen Mining reports

ROB MCEWEN AND MCEWEN MINING FILE EARLY WARNING REPORTS IN CONNECTION WITH A PRIVATE PLACEMENT IN GREAT BEAR RESOURCES LTD.

Rob McEwen, through his wholly owned company, Evanachan Ltd., and McEwen Mining Inc. subscribed today for 3,930,932 units of Great Bear Resources Ltd. at a price of $1.45 per unit for an aggregate gross investment of $5,699,851.40. The subscriptions by Evanachan and McEwen were made by way of private placement, which formed part of a larger offering by Great Bear on the same terms. Each unit consists of one common share and one-half of a common share purchase warrant, each warrant is exercisable for 24 months from the closing of the offering, at an exercise price of $1.75. This subscription agreement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The securities to be issued will be subject to a hold period of four months plus one day in Canada. Prior to participating in the offering, neither Evanachan nor McEwen Mining held any securities of Great Bear.

The 3,144,746 units purchased by Evanachan represent 9.20 per cent of the currently issued and outstanding common shares of Great Bear. After giving effect to the exercise of the 1,572,373 warrants (but before the exercise or conversion of any other securities exercisable or convertible into common shares of Great Bear), the common shares and the common share purchase warrants held by Evanachan represent, in the aggregate, approximately 13.19 per cent of the currently issued and outstanding common shares of Great Bear.

The 786,186 units purchased by McEwen Mining represent 2.30 per cent of the currently issued and outstanding common shares of Great Bear. After giving effect to the exercise of the 393,093 warrants (but before the exercise or conversion of any other securities exercisable or convertible into common shares of Great Bear), the common shares and the common share purchase warrants held by McEwen represent, in the aggregate, approximately 3.41 per cent of the currently issued and outstanding common shares of Great Bear.

Evanachan and McEwen Mining have acquired the units of Great Bear for investment purposes, and in accordance with applicable securities laws, they may, from time to time and at any time, acquire additional common shares of Great Bear and/or other equity, debt, or other securities or instruments of Great Bear in the open market or otherwise, and they reserve the right to dispose of any or all of their securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Great Bear, and other relevant factors. Evanachan is an Ontario incorporated company with a principal business of resource sector investment. McEwen Mining is a Colorado incorporated mining company.