Bear Lake Gold Ltd.
TSX VENTURE : BLG

Bear Lake Gold Ltd.

March 26, 2009 08:30 ET

Bear Lake Gold Hits Deep High-Grade Gold Values on its Bear Lake Gold Zone at Larder Lake, Ontario

Hole #57A intersects 1.5 meter grading 15.1 g/t Au

LONGUEUIL, QUEBEC--(Marketwire - March 26, 2009) - Bear Lake Gold Ltd. ("Bear Lake Gold" or the "Company") (TSX VENTURE:BLG) is pleased to report new results from the follow-up drilling program on its 100% owned Bear Lake gold zone of the Larder Lake Project located in north eastern Ontario. Deepening of hole #57A intersected, at a vertical depth of 1,550 meters, a 1.5 meter section of flow-type mineralization grading 15.1 g/t gold. This intercept is located 750 meters down dip and 350 meters to the east of hole #24AW, which intersected 5.8 meters grading 3.0 g/t gold, including 10.2 g/t of gold over 1.4 meter. "This is the deepest intersection obtained so far on the Bear Lake zone" said Francois Viens, President and CEO of Bear Lake Gold. "These high grade gold values obtained at depths in excess of 1.5 km show the intensity and great potential of the mineralized system still open in all directions. We will now concentrate work in the higher grade zone within the heart of the Bear Lake zone with the objective of completing a 43-101 resource estimation as soon as possible."

Link to Flow-Type Mineralization Diagram: http://www.bearlakegold.com/i/pdf/03-26-09-Long-Bear-Lake-Flow-type.pdf

Hole #57A also intersected, at 1,200 meters vertical depth, 3.5 meters of strongly altered carbonate-type mineralization grading 4.9 g/t gold, including 1.5 meters grading 7.5 g/t gold.

Link to Carbonate Type Mineralization Diagram: http://www.bearlakegold.com/i/pdf/03-26-09-Long-Bear-Lake-Carbonate-type.pdf

Other new intercepts include hole #49 which cut 6.7 meters of flow-type mineralization grading 1.4 g/t gold, including a 2.2 meter section which returned 2.0 g/t gold. Hole #59 intersected two zones of strongly altered carbonate-type mineralization at 1,100 meters vertical which returned grades of 1.7 g/t gold over 3.5 meters, including 2.5 gold over 1.5 meters and 2.9 g/t gold over 3.0 meters, including a 1.0 meter section which yielded 8.4 g/t gold. Hole #59 also intersected two zones of flow-type mineralization at 1,200 meter depth, which returned grades of 1.5 g/t gold over 1.1 meters and 2.3 g/t gold over 2.8 meters, including 1.4 meters grading 3.3 g/t gold.

Link to complete assay results to date from the Bear Lake Area as at March 26, 2009: http://www.bearlakegold.com/i/pdf/03-26-09-tables.pdf



Highlights of Recent Drilling Results at Bear Lake

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Core
From To Length Au
Hole no. (m) (m) (m) (g/t) Mineralization Type
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NFX08-49 1033.5 1040.2 6.7 1.4 Flow-type
(deepening)
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including 1038.0 1040.2 2.2 2.0
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---------------------------------------------------------------------------
NFX08-57A 1350.0 1353.5 3.5 4.9 Carbonate-type
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including 1350.0 1351.5 1.5 7.5
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1636.5 1638.0 1.5 15.1 Flow-type
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BLG08-59 1133.0 1136.5 3.5 1.7 Carbonate-type
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including 1133.0 1134.5 1.5 2.5
---------------------------------------------------------------------------
1405.0 1408.0 3.0 2.9 Carbonate-type
---------------------------------------------------------------------------
including 1406.0 1407.0 1.0 8.4
---------------------------------------------------------------------------
1451.5 1452.6 1.1 1.5 Flow-type
---------------------------------------------------------------------------
1466.8 1469.6 2.8 2.3 Flow-type
---------------------------------------------------------------------------
including 1466.8 1468.2 1.4 3.3
---------------------------------------------------------------------------
COMPLETE ASSAY RESULTS ARE REPORTED IN TABLE 1 Linked above.
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At the former Kerr Addison mine, located 5 km to the east, the ore was confined within high-grade shoots of limited strike length not exceeding 200 meters. By analogy with the Kerr Addison ore zones, similar gold-mineralized shoots occur at Bear Lake within both the carbonate-type and flow-type mineralized zones. The highly anomalous gold values intersected in holes 49, 57A and 59, coupled with the strong alteration encountered in all the holes drilled to date below 500 meters, clearly demonstrate that a strong gold mineralized system is still open down to depths exceeding 1,500 meters. Additional drilling of the Bear Lake zone is required to establish the size and extent of the high-grade gold shoots within this very extensive gold mineralized envelope with the objective of reporting an initial resource estimate once sufficient drilling and data completed.

Project Update

Bear Lake Gold has three drills working at Larder Lake. Recently, our drilling contractor successfully drilled through a bad ground area associated with a fault located about half way between the carbonate and flow mineralized zones at Bear Lake. This fault was responsible for the abandonment of several deep drill holes in the past. These missing intercepts are important for a thorough evaluation of the Bear Lake zone. Bear Lake Gold is currently returning to previously abandoned holes to deepen them and test the second mineralized zone. While two drills concentrate on defining and expanding the Bear Lake zone, the third drill is currently investigating the Barber Larder zone at vertical depths of 450 meters. These targets are all located within the same rock units that host most of the gold occurrences along the Cadillac-Larder Lake Break, including the former Kerr Addison mine located 5 km to the East.

Link to a Plan View of the Larder Lake Project: http://www.bearlakegold.com/i/pdf/03-26-09-Plan_view-Larder-Lake.pdf

Since drilling commenced in March 2007, more than 45,200 meters of diamond drilling have been completed at Larder Lake.

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 Labs in Cobalt, Ontario. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.

Qualified Person

The technical content of the information contained in this news release was reviewed and approved by Mr. Bernard Boily, P. Geo., and 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 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 programs and resource estimation, and future plans and objectives of the Company. 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.

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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