Bear Lake Gold Ltd.
TSX VENTURE : BLG

Bear Lake Gold Ltd.

December 19, 2008 09:25 ET

Bear Lake Gold Announces its Financial Results for the Year Ended September 30, 2008 and Phase 1 Work Program at Larder Lake

LONGUEUIL, QUEBEC--(Marketwire - Dec. 19, 2008) - Bear Lake Gold Ltd. (TSX VENTURE:BLG) (the "Company" or "Bear Lake") announces that its audited Consolidated Financial Statements, Notes and Management's Discussion & Analysis for the year ended September 30, 2008 have been filed on SEDAR (www.sedar.com). They are also available on the Company's website and through the link below:

Financial Statements for the year ended September 30, 2008 (http://www.bearlakegold.com/i/pdf/2008-YE-FS.pdf)

Management's Discussion & Analysis for the year ended September 30, 2008 (http://www.bearlakegold.com/i/pdf/2008-YE-MDA.pdf)

As a result of the recently completed financing, Bear Lake has enough liquidity to support its ongoing exploration and corporate activities.

"Bear Lake's financial position allows us to continue to advance our Larder Lake project," said Francois Viens, President & CEO of Bear Lake. "The outstanding gold discoveries at Larder Lake in 2007 and 2008, in close proximity to Kerr Addison, one of Canada's largest and most prolific past producing gold mines, suggest we may be on to a very significant gold deposit. The Bear Lake zone represents a significant discovery and we will keep working on its definition and expansion through 2009. Additional targets also showing similar potential will be investigated. Given the actual market situation the management is prudently managing its cash resources and will evaluate its available resources and results on an on-going basis before determining the next phase of work."

Larder Lake Exploration Program

Bear Lake plans expenditures of $2.7 million for its phase 1 exploration program at Larder Lake. Two drills will be active over the next several months with a total of 11,000 meters of drilling planned. One drill aims to define and expand the Bear Lake zone. The second drill will investigate other promising targets along the Cadillac-Larder Lake break, one of the most significant gold producing trends in the world and including the Barber-Larder, Cheminis, Fernland and Swansea areas. Drilling will be done at a vertical depth of approximately 500 meters, which corresponds to the depths at which higher grades were encountered at Kerr Addison and in the Bear Lake and Cheminis zones. Bear Lake plans to complete a resource estimate for the Larder Lake project as soon as the drill-hole density is sufficient to meet National Instrument 43-101 requirements.

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 company 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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