Bear Lake Gold Ltd.

Bear Lake Gold Ltd.

August 18, 2010 08:00 ET

Bear Lake Gold Announces Court Approval

LONGUEUIL, QUEBEC--(Marketwire - Aug. 18, 2010) - Bear Lake Gold Ltd. (TSX VENTURE:BLG) (the "Company") announces that on August 10, 2010, the Ontario Superior Court of Justice approved the plaintiff's motion for certification and settlement of a proposed class action thereby dismissing the proposed lawsuit and all related claims. As previously announced, the proposed class action lawsuit was filed on August 25, 2009 in the Ontario Superior Court of Justice against the Company and certain of its current and former officers and directors, alleging certain misrepresentations were made during the period from July 18, 2006 to July 28, 2009 regarding Bear Lake's Larder Lake project. On April 5, 2010 and April 13, 2010, the Company announced that an agreement in principle had been reached to settle the proposed lawsuit. The settlement agreement provides for the settlement, release and dismissal of all claims asserted against the Company and the individual proposed defendants and does not in any way contain or constitute any admission of liability by the Company or its officers, directors or employees.

Forward-Looking Information

This news release contains certain forward-looking information within the meaning of applicable securities laws, which reflect current expectations of the management of Bear Lake Gold Ltd. regarding future events including, without limitation, statements relating to the settlement of the proposed class action lawsuits. The Company believes that the expectations and assumptions reflected in the forward-looking information contained herein are reasonable but no assurance can be given that these expectations and assumptions are correct or that that the results implied by forward-looking statements herein will occur. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. All forward-looking information is expressly qualified in its entirety by this cautionary statement.

"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."

Contact Information

  • Bear Lake Gold Ltd.
    Francois Viens
    President and CEO
    450-677-2601 (FAX)
    Bear Lake Gold Ltd.
    Carole Plante
    General Counsel and Corporate Secretary