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In this letter, the problem of relay selection and optimal resource allocation for two-way relaying cognitive radio networks using half duplex amplify-and-forward and decode-and-forward protocols is investigated. The primary and secondary users are assumed to access the spectrum simultaneously, in a way that the interference introduced to the primary users should be below a certain tolerated limit. Dual decomposition and subgradient methods are used to find the optimal power allocation. A suboptimal approach based on a genetic algorithm is also presented. Simulation results show that the proposed suboptimal algorithm offers a performance close to the optimal performance with a considerable complexity saving.