Bear Lake Gold Ltd.

Bear Lake Gold Ltd.

July 14, 2009 09:37 ET

Bear Lake Gold Reports New High-Grade Gold Intercepts From its Bear Lake Gold Zone in Larder Lake, Ontario

Hole #67 intersected 7.5 meters grading 10.4 g/t gold, hole #67W cut 7.9 meters grading 22.5 g/t, hole #69 intersected 7.0 meters grading 16.3 g/t gold, hole #70 cut 4.5 meters assaying 11.0 g/t gold

LONGUEUIL, QUEBEC--(Marketwire - July 14, 2009) - Bear Lake Gold Ltd. ("Bear Lake Gold") (TSX VENTURE:BLG) is pleased to report additional results from the infill core drilling program on the Bear Lake gold zone of its 100% owned Larder Lake Project, located in north eastern Ontario.

- Hole #67 intersected, at a vertical depth of 700 meters, a 7.5 meter section of carbonate-type mineralization grading 10.4 g/t gold, including 2.7 meters at a grade of 17.9 g/t gold.

- A wedge placed in hole #67 (hole 67W) re-tested the carbonate-type zone (less than a meter away) and cut a 7.9 meter section which assayed 22.5 g/t gold, including 4.3 meters grading 37.5 g/t gold.

- Hole #69 intersected, at a vertical depth of 460 meters, a 7.0 meter section of carbonate-type mineralization grading 16.3 g/t gold and, at a depth of 540m vertical, 1.5 meters of altered ultramafic assaying 20.6 g/t gold.

- Hole #69 also intersected, at a vertical depth of 675 meters, 2.2 meters of flow-type mineralization yielding 11.7 g/t gold.

- Hole #70 cut, at a vertical depth of 380 meters, 4.5 meters of carbonate-type mineralization assaying 11.0 g/t gold.

These holes were all part of the infill program designed to reduce hole spacing and increase the confidence level in one of the higher-grade gold lenses within the heart of the Bear Lake zone. This infill drilling program at Bear Lake continues to successfully define the high-grade portion of the deposit and results obtained to date confirm our interpretation that both high-grade and lower-grade mineralized zones occur within a wide alteration envelope.

Highlights of new Larder Lake Assay Results - Bear Lake Area

Core True
Hole no. From To Length Width Au Mineralization
(m) (m) (m) (m) (g/t) Type
BLG09-67 719.7 727.2 7.5 6.5 10.4 Carbonate-type
including 724.5 727.2 2.7 2.3 17.9
BLG09-67W(i) 717.5 725.4 7.9 6.8 22.5 Carbonate-type
including 718.7 723.0 4.3 3.7 37.5
BLG09-69 586.0 593.0 7.0 6.8 16.3 Carbonate-type
and 672.5 674.0 1.5 1.4 20.6 Altered
750.7 752.9 2.2 2.1 11.7 Flow-type
BLG09-70 475.5 480.0 4.5 4.4 11.0 Carbonate-type
666.3 673.3 7.0 6.8 0.7 Flow-type
(i) Assays pending in other parts of the hole

Re-sampling Program

After receiving unexpectedly low assay results from several intercepts that were suspected to contain gold tellurides, the presence of which can sometimes result in underestimation of gold values unless precautions are taken, samples suspected to contain tellurides were re-assayed. Despite that most of the results show no significant difference, there were 5 assays results from holes 49W2, 56A, 58, 59 and 59W that did show some significant increase in gold content, which should have a positive impact on the upcoming resource estimates. These results were confirmed by an independent assay laboratory. The most significant results from this re-sampling program are shown in the table below.

Most Significant Assay results - Re-sampling Program

Length Original
Hole no. From To (True width) values Re-assays Mineralization
(m) (m) (m) Au (g/t) Au (g/t) Type
NFX08-58 1067.4 1075.9 6.0 1.1 6.5 Carbonate-type
BLG08-59 1133.0 1136.5 2.1 1.7 10.5 Carbonate-type
BLG08-59W 1466.8 1469.6 1.7 2.3 6.7 Flow-type
NFX08-56A 1221.5 1222.6 0.6 4.8 23.4 Flow-type
NFX08-49W2 1033.5 1040.2 6.5 1.4 9.9 Flow-type

Gold tellurides were frequently observed at the Kerr-Addison mine, located 5 km to the east and are found in several gold deposits located along the Larder Lake-Cadillac Break. To ensure that the most accurate gold values are obtained, minor modifications were made to further improve our assay protocol and all assays reporting above 2 g/t gold are now re-assayed three times.

Link to flow-type mineralization diagram:

Link to carb-type mineralization diagram:

The gold mineralized system identified at Bear Lake includes both high-grade and low-grade mineralized shoots, similar to the ore zone setting at the former Kerr Addison mine, and tighter drilling is necessary to establish the size and extent of the high-grade zones within this large gold mineralized envelope.

Link to complete assay results to date from the Bear Lake Area as at July 14, 2009:

Project Update

Three drill rigs are currently working at Larder Lake on the infill drilling of the higher-grade portion of the Bear Lake zone between depths of 400 to 800 meters. Since drilling started in March 2007, more than 55,000 meters of diamond drilling have been completed at Larder Lake.

Work is on-going to complete an initial mineral resource estimate and a NI 43-101 compliant technical report on the Bear Lake zone during the summer of 2009.

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 gold are automatically re-checked using the rejects. Assaying is done at Polymet Inc., a certified assay laboratory located in Cobalt, Ontario. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory. All rejects from samples grading above 2g/t gold and randomly-selected rejects from samples below 2g/t gold are also sent to another certified laboratory as part of Bear Lake Gold's quality control procedures.

Hope Bay Update

The exploration program at the Hope Bay project is scheduled to start mid-July. The work will focus on the Discovery/Twin Peaks areas located to the north of the project. The proposed targets are all within 10km from Newmont's Doris and Madrid gold deposits. A total of 1,100 meters of drilling is planned to test gold mineralization targets coinciding with surface showings and/or geophysical anomalies. The program will take approximately one month to complete at a total cost of $892,000.

Through its wholly-owned subsidiary Maximus Ventures Ltd. ("Maximus"), Bear Lake is currently in the sixth year of an option to earn in to a 75% joint venture interest in the Chicago and Twin Peaks claims groups at Hope Bay, Nunavut (the "Hope Bay project"). To earn its 75% interest in the Hope Bay project, Maximus must incur exploration expenditures of $7,250,000 before October 31, 2010, and issue a total of 5,000,000 common shares, which have been issued. In order to fulfill its cumulative expenditure requirements for 2009, a total of $892,000 must be spent on the project before October 31st, 2009.

Qualified Person

The technical content of the information contained in this news release was reviewed and approved by Mr. Bernard Boily, P. Geo., Bear Lake Gold's Vice President of Exploration. He 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 information". 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 information. This forward-looking information reflects the current internal projections, expectations or beliefs of management of Bear Lake Gold, based on information currently available to them. Forward looking information in this news release includes statements regarding the nature of mineralization at Larder Lake, the interpretation of drilling results on the project and the plan to define a NI 43-101 resource at Larder Lake. Forward-looking information is based on assumptions and subject to a number of known and unknown risks and uncertainties beyond Bear Lake Gold's control, including uncertainties related to the outcome of the current drill program and other risks involved in the gold exploration and development industry, as well as those risk factors identified in Bear Lake Gold 's most recent Management Discussion and Analysis filed on SEDAR. There can be no assurance that the beliefs and assumptions underlying the forward looking information will prove to be accurate, and actual results could differ materially from those suggested by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Bear Lake Gold undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.

Additional information about Bear Lake Gold is available through regular filings and press releases on SEDAR and on the Company's website at .

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.

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