Bear Lake Gold Ltd.

Bear Lake Gold Ltd.

July 24, 2009 17:21 ET

Bear Lake Gold Provides Update About Larder Lake Property Operations and Investigation

LONGUEUIL, QUEBEC--(Marketwire - July 24, 2009) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) today said that it has suspended all operations at its Larder Lake Property while its investigation continues. On July 21, 2009 the Company announced that it had become aware of material inconsistencies regarding the Company's exploration data that appear to compromise the Company's prior reporting of exploration results in respect of the Company's Larder Lake Property. It remains too early in the investigation to determine precisely the extent and effect of the inconsistencies, or the time frame over which the inconsistencies occurred, however it appears that the data inconsistencies are of a serious nature and the Company believes that the reporting of corrected assay results could result in significant reductions of gold values for some of the previously announced drilling intercepts, while other sample intervals may be unaffected. Accordingly, the Company hereby withdraws all its previously announced results for the Larder Lake Property and advises that such results should not be relied upon until further notice.

As stated in its July 21, 2009 press release, the Company retained Scott Wilson Roscoe Postle Associates ("Scott Wilson RPA") to lead the technical investigation. Scott Wilson RPA has commenced its investigation, which will include a review of the history of communication of assay results, the history of entering of assay results into the database and past processes for data verification, an overall review of the Company's past QA/QC protocols and a review of past protocols relating to sampling, sample security, handing and transportation of samples to and from the laboratories. The investigation is expected to involve a comprehensive review of assay certificates, site visits and visits to laboratories. The investigation will also include a review of drill core logs and photographs, independent sampling of core and, if necessary, reassaying of rejects, pulps and core and re-drilling some selected intervals. Scott Wilson will also review, verify and, if possible, validate a sample database and examine the drill hole data to determine which information can be used to direct future exploration at the Larder Lake Property. At this time the Company is unable to determine how long the technical investigation by Scott Wilson will take or when further information regarding this investigation will be available.

As previously reported, the Company has also retained Stikeman Elliott LLP to provide legal advice to the board and the Company, and has appointed a special committee of the board of directors to oversee all aspects of the investigation.

The Company's investigation continues to proceed as quickly as possible and the Company will provide additional information as soon as practicable.

It is the Company's understanding that the TSX Venture Exchange will consider a resumption in trading in the Company's shares now that the Company has issued an update on the status of the investigation and operations at its Larder Lake Property.

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 the Company 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 the Company based on information currently available to them. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond the Company's control, including uncertainties related to the outcome of the investigation referred to herein, potential mineralization, exploration results, completion of work program, and future plans and objectives of the Company. 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. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

"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
    Bear Lake Gold Ltd.
    Evie Sheppard, Legal Counsel