Bear Lake Gold Ltd.
TSX VENTURE : BLG

Bear Lake Gold Ltd.

January 31, 2012 12:30 ET

Bear Lake Gold Announces Correction to Option Price

LONGUEUIL, QUÉBEC--(Marketwire - Jan. 31, 2012) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) announced on December 16, 2011 the grant of 1,320,000 incentive stock options to officers and employees of the Company at a price of $0.08 per share. The Company announces that the exercise price of these options was increased to $0.10 per share in compliance with the policies of the TSX Venture Exchange. The other terms and conditions remain the same.

About Bear Lake Gold

Bear Lake Gold Ltd. is focused on the exploration and development of the Larder Lake gold project in Ontario, Canada. The common shares of the Company trade on the TSX Venture Exchange under the symbol BLG. Additional information about the Company is available on its website, www.bearlakegold.com and on SEDAR at www.sedar.com.

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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