Bear Lake Gold Ltd.
TSX VENTURE : BLG

Bear Lake Gold Ltd.

November 27, 2008 08:47 ET

Bear Lake Gold Confirms the Deep Extension of the Bear Lake Gold Zone at Larder Lake, Ontario

New Mineralization Uncovered in Parallel Zones Hole #52 intersects 1.0 meter grading 16.3 g/t Au

LONGUEUIL, QUEBEC--(Marketwire - Nov. 27, 2008) - Bear Lake Gold Ltd. ("Bear Lake Gold" or the "Company") (TSX VENTURE:BLG) is pleased to report new results from the follow-up drilling program on the Bear Lake zone of the Larder Lake Project located in northeastern Ontario. Hole #58, at 1,000 meters vertical depth, intersected 82.1 meters of strongly altered carbonate-type mineralization grading 0.8 g/t gold, including 2.0 meters grading 6.0 g/t gold, 28.4 meters grading 1.4 g/t gold, 8.5 meters grading 1.1 g/t gold and 9.0 meters grading 1.3 g/t gold. This intercept is located 250 meters down dip and 150 meters to the west of hole #49, which intersected 9.5 meters grading 19.4 g/t gold, as reported in a press release dated September 4, 2008.

Holes #52 and #54A both intersected gold mineralization within altered sediments just south of the Bear Lake zone, and outside the known mineralized envelope. Hole #52 intersected 1.0 meter of altered sediments grading 16.3 g/t gold and hole #54A cut 1.4 meters assaying 1.9 g/t Au, respectively 225 meters and 75 meters south of the Bear Lake zone. It is not the first time that gold is intersected in the sediments located south of the main gold zone (e.g. hole #35: 0.7 meter grading 7.2g/t Au). "We are pleased to see the impressive strength of the mineralized corridor at depths exceeding 1,000 meters," said Francois Viens, President and CEO of Bear Lake Gold Ltd. "We are now in the process of planning the most efficient way to define the Bear Lake zone with a close-spaced drilling program. Master holes were drilled from which a series of wedges could rapidly provide multiple intersections at a cheaper cost."

The unusually, wide intercept and highly anomalous gold values in hole #58, coupled with the strong alteration encountered in all the holes drilled to date below 500 meters, confirm the deeper extension and the increase in alteration (albitization, silicification) of the gold mineralized system with depth. This intersection is located at 1,000 meters vertical and is some 250 meters deeper than any prior mineralized intersection. By analogy with the former Kerr Addison mine, located 5 km to the east, high-grade and low-grade shoots occur within both the carbonate-type and flow-type mineralized zones. Hole #58 intersected the carbonate-type mineralization 200 meters deeper than expected and thus could have missed a high-grade shoot. However, the results clearly demonstrate that a strong gold mineralizing system is still open below 1,000 meters and that additional testing of the Bear Lake zone is required to establish the size and extent of the high-grade gold shoots within this very extensive gold mineralized envelope.

Other new intercepts along the Bear Lake zone include hole #53 which cut 6.3 meters of carbonate-type mineralization grading 0.5 g/t gold and hole #55 which intersected 2.2 meters of carbonate-type mineralization assaying 2.8 g/t gold. Hole #56A cut 1.1 meters of flow-type mineralization assaying 4.8 g/t gold at 1,000 meters vertical.

Recently, the carbonate-type mineralization has developed as our primary target for exploration at Bear Lake. However, investigation of the flow-type mineralization also has shown good strength and lateral continuity at depth and thus drilling will continue as planned.

Highlights of recent results are presented below, and additional information is available on the Company's website and linked below:

Complete Table of Assay Results (http://www.bearlakegold.com/i/pdf/TABLE_1_LarderLakeAssayResults_BearLakeArea_27112008.pdf)

Larder Lake Project Plan View (http://www.bearlakegold.com/i/images/LarderLakePlanView_112008.jpg)

Bear Lake Long. Section (Carb type) (http://www.bearlakegold.com/i/images/Carbonate-type_Mineralization_Longitudianal_Section_112008.jpg)

Bear Lake Long Section (Flow type) (http://www.bearlakegold.com/i/images/Flow-type_Mineralization_Longitudianal_Section_11_2008.jpg)



Highlights of Recent Drilling Results on the Bear Lake zone at Larder Lake

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Hole no. From To Core Length Au Mineralization Type
(m) (m) (m) (g/t)
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NFX08-52 579.0 580.0 1.0 16.3 Iron formation -
Sediments
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NFX08-5 1042.5 1048.8 6.3 0.5 Carbonate-type
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NFX08-54A 1140.3 1141.7 1.4 1.9 Sediments
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NFX08-55 769.0 771.2 2.2 2.8 Carbonate-type
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NFX08-56A 1121.5 1222.6 1.1 4.8 Flow-type
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NFX08-58(ii) 1025.5 1107.6 82.1 0.8 Carbonate-type
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including 1025.5 1054.0 28.5 1.4
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or 1038.7 1040.7 2.0 6.0
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and 1067.4 1075.9 8.5 1.1
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and 1097.6 1106.6 9.0 1.3
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(ii) Results from parts of the hole located outside of the Bear Lake Zone
are pending
Hole #51: No significant gold value
Holes #54A, 54AW: Abandoned due to technical problems before reaching
the Flow-Type mineralization
Holes #51, 52, 53, 55, 56A, 58: stopped in strongly sheared zone
between flow-type and carbonate-type mineralized zones
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Project Update

Two drill rigs are currently active at the Larder Lake project in Ontario. Reducing the number of drills is allowing the Company to manage its financial resources carefully and give more time to improve our deeper drilling technique at Bear Lake. One drill rig will continue to test the down-plunge extension of the high-grade gold mineralization discovered to date at Bear Lake. The second drill will test other promising gold targets on the Larder Lake Project. These targets are all located within the same rock units that host most of the gold occurrences along the Cadillac-Larder Lake Break; including the former Kerr Addison mine located 5 km to the east. Since September 2007, more than 31,000 meters of diamond drilling were completed at Larder Lake. Earlier this year, independent work commenced in order to re-estimate the historical resources at Cheminis according to 43-101 regulation. Because of the lack of reliability of the old information, management has decided to postpone the compilation process. The investigation reported significant missing or destroyed assay certificates, drill logs and missing drill core, making it impossible to meet the strict 43-101 requirements until more drilling is completed. Nevertheless, future work will target the deeper extension of the old Cheminis Mine, which remains a prime exploration target for the Company. In view of the longer time required to complete the deeper drilling at Bear Lake, the Company plans to estimate a 43-101 compliant resource on the Bear Lake gold zone as soon as the drill information is sufficient to meet 43-101 requirements.

Larder Lake Project

Bear Lake Gold has a 100% interest in the Cheminis, Bear Lake, Fernland and Barber Larder projects and a 75% interest in the Swansea project (Newstrike: 25%), which together comprise the Larder Lake Project located in northeastern Ontario.

Quality Assurance and Control

As part of its QA/QC program, Bear Lake Gold carried out check assays on the high-grade intersections with no significant discrepancies found in the assay results. The assays reported are the uncut average grades of all determinations from the same samples. The analytical method for gold is one (1) assay-ton fire assay, with gravimetric finish on all samples. All assays reporting over 2 g/t Au are automatically re-checked using the rejects. Assaying is done at Polymet Labs in Cobalt, Ontario. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.

Qualified Person

The technical content of the information contained in this news release was reviewed and approved by Mr. Bernard Boily, P. Geo., and Bear Lake Gold's Vice President of Exploration. Mr. Boily is responsible for supervising the drilling program and is a qualified person under National Instrument 43-101.

Forward-looking Statements

This news release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Bear Lake Gold believes, expects or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements reflect the current internal projections, expectations or beliefs of management of Bear Lake Gold based on information currently available to them. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond Bear Lake Gold's control including uncertainties related to availability of funds to complete the exploration and development of its projects, potential mineralization, exploration results, completion of work program, and availability of equipment necessary for the drilling program and future plans and objectives of the companies. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by these forward-looking statements for various reasons discussed from time to time in filings made by the companies with securities regulatory authorities. This cautionary statement qualifies all forward-looking statements herein. Accordingly, readers should not place undue reliance on forward-looking statements. Bear Lake Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

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