Bear Lake Gold Ltd.
TSX VENTURE : BLG

Bear Lake Gold Ltd.

November 29, 2011 12:30 ET

Bear Lake Gold Announces Drilling Results at Larder Lake-Gold Mineralization Extended at Cheminis

LONGUEUIL, QUÉBEC--(Marketwire - Nov. 29, 2011) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) is pleased to announce results of the first six holes of a 15,000 m drilling program at its Larder Lake gold project located on the prolific Cadillac-Larder Lake Break in the mining district of North-Eastern Ontario. Hole 93W intersected 5.6 g/t gold over 2.6 m and confirmed the extension of the D Zone to the east. Additional drilling is planned to further investigate the continuity of the zone.

Drilling Results

Two diamond drills are active at Larder Lake. One drill is testing the extension of the resources of the Cheminis zone and one drill is investigating the extension of the resources at the Bear Lake zone. Six holes totalling 3,374 m of drilling are completed at Cheminis and one hole totalling 894 m is completed on the Bear Lake zone. Results are pending on the Bear Lake hole.

Results available to date are shown in Table 1 below. Most holes tested the extension of the D and NCB zones, two of the largest mineralized zones holding gold resources at Cheminis. Hole 93W drilled to the east of the D zone intersected 5.6 g/t gold over 2.6 m and confirmed the extension of the high grade mineralization. It is located at the eastern edge of the resource estimation model and the Company believes that it should have a positive impact on the resources. Holes 89 to 92 are located outside the western limit of the resource estimation model and intersected lower grade mineralization. However, grades obtained in these holes may potentially indicate the presence of lower-grade mineralized horizons intercalated within higher-grade lenses and additional drilling is required in this area to investigate the presence of higher-grade lenses. Figures 1 & 2 (http://media3.marketwire.com/docs/Figures1_2_1129.pdf) show the recent drill hole locations compared to the grade distribution of the gold resources. Some holes also intersected lower-grade mineralization in the SS zone. Additional drilling is planned to investigate the presence of higher-grade mineralization associated to the SS zone.

Table 1
Larder Lake, Cheminis Zone - Drill Results
Hole Zone From
(m)
To
(m)
Length. (m)* Grade (g/t gold)
89A SS 287.5 293.5 6.0 1.72
Including 4.3 g/t over 1.3m
D 312.2 318.7 6.5 NSA
NCB 480.0 481.5 1.5 0.44
90 SS 226.0 232.0 6.0 1.27
including 2.5 g/t over 1.5m
D 255.7 256.3 0.6 NSA
NCB 412.5 426.0 13.5 NSA
91 SS 437.0 438.0 1.0 0.40
D 443.0 445.0 2.0 1.41
92W SS 485.8 487.4 1.5 2.48
D 496.8 498.2 1.4 4.83
93W SS 538.4 543.5 5.1 1.18
D 549.9 556.0 6.1 3.18
including 5.6 g/t over 2.6m
94 SS 553.5 555.0 1.5 1.31
D 558.0 559.0 1.0 1.19
* Information available to date does not allow estimation of true width

Drilling program

Following the estimation of NI 43-101 compliant mineral resources on the Bear Lake and Cheminis gold zones of the Larder Lake Project and the completion of a $3,923,750 private placement last August, the Company designed a 15,000m drilling program. Approximately 8,000 m is planned to test the extension and better define the Cheminis mineral resource. In addition, some 5,000 m will investigate the extensions of the Bear Lake mineral resource. The recent resource estimate showed that both zones are open on strike and at depth. Finally, some 2,000 m of drilling is planned in the Fernland area, where hole 13 completed in November 2007 intersected 6.9g/t gold over 13.5m near surface (including 13.1 g/t gold over 6.0m). Additional work is required to evaluate the potential and test the extensions of this mineralized zone.

Larder Lake Gold Project - NI 43-101 Mineral Resources

As announced in April and June 2011, P&E Mining Consultants Inc. ("P&E"), an independent geological and mining consulting firm of Brampton Ontario, have completed a resource estimate on the Bear Lake and Cheminis zone of the Larder Lake Project and technical reports were filed on SEDAR.

Table 2 shows the combined resources of the two zones.

Table 2
Larder Lake Project
Combined Mineral Resources - June 2011 (1)
Location Indicated Inferred
Tonnes Grade Ounces Tonnes Grade Ounces

Bear Lake Zone
- - - 3,750,000 5.67 683,600
Cheminis Zone 335,000 4.07 43,800 1,391,000 5.22 233,400
TOTAL 335,000 4.07 43,800 5,141,000 5.55 917,000
(1) Resources are reported using a 2.5 g/t gold cutoff and a minimal horizontal thickness of 2.0 m. The gold price used was US$1,207/oz. Process recovery was 95%. Mining costs were $75/ tonne and Processing and G&A costs were $20/tonne. Exchange rate used was $0.95USD = $1.00 CDN. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

QA/QC

The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E. The program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags to Laboratoire Expert, a certified assay laboratory located in Rouyn Noranda, Quebec. Blank samples, blind duplicates and certified standards are also inserted in the sample stream. Samples with gold values higher than 10g Au/t are systematically re-analysed, and samples containing visible gold are also analysed systematically with the metallic screen analysis.

Qualified Persons

The technical disclosure contained in this press release was approved by Francois Viens, President and CEO of the Company. Mr. Viens, P. Eng. is a 'qualified person' within the meaning of that term under NI 43-101.

Forward-Looking Information

This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Bear Lake and Cheminis mineral resources and their potential expansion, the Company's plans for future work program to be carried out at Larder Lake, and results and timing of exploration programs. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.

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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