Bear Lake Gold Ltd.
TSX VENTURE : BLG

Bear Lake Gold Ltd.

April 13, 2011 09:08 ET

Bear Lake Gold: Drilling Update at the Larder Lake Project and NI 43-101 Resource Estimate at Cheminis

LONGUEUIL, QUEBEC--(Marketwire - April 13, 2011) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) provides an update on the drilling program at the Bear Lake zone of its Larder Lake Project located on the prolific Cadillac-Larder Lake Break in the mining district of north-eastern Ontario. Drilling continues with two drills on the Bear Lake zone and the Company expects that a National Instrument 43-101 resource estimation of the Bear Lake zone will be prepared when the drilling program is completed

The Company also announces an NI 43-101 compliant resource estimate dated March 31, 2011 The Cheminis resource estimate prepared by P&E Mining Consultants Inc. of Brampton Ontario, an independent geological and mining consulting firm, stands at 335,000 tonnes grading at 4.07 g/t gold in the Indicated category for a total of 43,800 ounces of gold. In addition 1,391,000 tonnes grading at 5.22 g/t gold are estimated in the Inferred category for a total of 233,400 ounces of gold.

Bear Lake zone drilling update

Hole 81AW2 intersected 5.83 g/t gold over 2.0m in the carbonate zone at a depth of 1,000m from surface, confirming the presence of gold mineralization and alteration envelope. The highlights table shows the results from the recently drilled holes. A complete results table is available on the Company website.

Table – Highlights (1)

Hole no.FromToLength
(m) (2
)Au
(g/t
)CommentZone
BLG-10-81AW21204.01206.02.05.83Carb.Bear Lake
including1205.01206.01.09.48Carb.
1227.31228.91.01.39Carb.
1351.21352.41.2NSA(3)Flow
BLG-10-821289.01290.01.02.66Carb.Bear Lake
BLG-10-83W51027.81028.91.12.89Carb.Bear Lake
BLG-11-85W1179.01180.01.02.99Carb.Bear Lake
BLG-11-86W2788.4790.42.02.35FlowBear Lake
795.5799.03.51.47Flow
(1) Complete assay results are available on the Company's website. Hole 84 was abandoned due to technical problems.
(2) It is not possible to determine true widths at this time. All widths of intercepts reported are core length.
(3) No significant assay

Two diamond drills are currently active on the Larder Lake property targeting the upper part of the Bear Lake zone (100% owned by the Company) at depths between 400m and 1,200m from surface. This work is being undertaken as part of a 15,000m exploration program (of which approximately13,500 m has been drilled so far) designed to define and expand the mineralized lenses and to complete a NI 43-101 compliant mineral resource estimate for the Bear Lake zone.

The drilling continues to intersect gold mineralization within the targeted statigraphy at the Bear Lake zone and successfully confirm the extent of the favorable mineralized alteration zones and the presence of gold within the altered zones. Drill results to date confirm the presence of high grade mineralized lenses intercalated with lower grade mineralization, both in the carbonate mineralization and the flow mineralization. Post-mineralization faulting is also suspected to have locally displaced the mineralization.

Additional drilling is required to define the limits of the potential higher grade areas and investigate the possibility that additional higher grade areas might be found along strike and at depth, where the mineralization and alteration typically associated with the gold is still present.

Two maps are available at this address:
http://media3.marketwire.com/docs/bearlake_map_0413.pdf

Cheminis Resource Estimate

The Cheminis mineralized zone is located some 2 Km west of the Bear Lake zone. While actively working on the evaluation of the Bear Lake zone, the Company contracted P&E Mining Consultants Inc of Brampton Ontario to verify the validity of the historic drilling data and complete an NI 43-101 compliant mineral resource estimate on the Cheminis zone. P&E used the 791 historic surface and underground drill holes available and conducted a re-sampling program in order to confirm the validity of the historic data. Assays used in the resource were capped at 7 to 20 g/t gold and grades were estimated using the inverse distance cubed method. The resource model domains covered a 600m strike length and a 900m down dip extension.

Resources are reported using a 2.5 g/t gold cutoff and a minimal true thickness of 2.0 m.

Indicated resources are: 335,000 tonnes at 4.07 g/t gold for 43,800 ounces of gold 1,2,3,4

Inferred resources are: 1,391,000 tonnes at 5.22 g/t gold for 233,400 ounces of gold 1,2,3,4

  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

  2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.

  3. The gold price used in this estimate was the March 31, 2011 two year trailing average of US$1,158/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.

  4. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.

The actual resources are only estimated below the old workings and potential resources remain available within and on the extensions of the old mined areas. The resources are estimated down to a vertical depth of approximately 1,000m and remain open on strike and at depth. Additional drilling will be required to infill and expand the Inferred resources.
P&E Mining Consultants is completing an NI 43-101 compliant technical report to be filed on SEDAR within 45 days.

Swansea Update

The drilling in the Swansea area, undertaken under an option agreement with Odyssey Resources Limited, was completed by mid-December and the three drills have been demobilized. A total of 19 holes with a projected total of 9,343m were completed for the program. Results failed to identify significant mineralization and consequently Odyssey decided not to exercise their option. The presence of gold and the alteration system identified with the drilling are typical of the area and additional investigation may be warranted in the future. The Company owns a 75% interest in Swansea and Newstrike Resources Ltd owns a 25% interest.

QA/QC

The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E Mining Consultants Inc. of Brampton, Ontario. 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 Cheminis resource estimate was undertaken by Independent Qualified Persons Antoine Yassa, P.Geo. , Eugene Puritch, P.Eng. and Tracy Armstrong, P.Geo, of P&E Mining Consultants Inc. Mr. Puritch, President of P&E has reviewed and approved the contents of this press release insofar as the Cheminis mineral resource estimate is concerned.

The technical information contained in this press release was prepared and approved by Francois Viens, President and CEO of the Company. Mr. Viens 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 Cheminis resources and its potential expansion, the Company's plans for the work program to be carried out at Larder Lake, results and timing of exploration programs and plans to complete a resource estimate. 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 engaged in the exploration of gold and precious mineral properties in North America. Additional information about the Company is available on the Company's 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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