Bear Lake Gold Ltd.
TSX VENTURE : BLG

Bear Lake Gold Ltd.

May 14, 2009 14:20 ET

Bear Lake Gold Ltd. Announces Second Quarter 2009 Results and Credit Facility

LONGUEUIL, QUEBEC--(Marketwire - May 14, 2009) - Bear Lake Gold Ltd. (the "Company" or "Bear Lake") (TSX VENTURE:BLG) announces that its Consolidated Financial Statements and Management's Discussion & Analysis for the second quarter ended March 31, 2009 have been filed on SEDAR (www.sedar.com). They are also available on the Company's website at www.bearlakegold.com.

The Company also announces that its wholly-owned subsidiary Maximus Ventures Ltd. ("Maximus") has entered into two credit facility agreements with its lender, for a total loan amount of approximately $3,577,000, in replacement of the temporary credit facility that was made available to Maximus following the asset-backed commercial paper ("ABCP") crisis. Subject to certain conditions, the term facilities bear interest at prime less 1%, are available initially for 2 and 3-year periods, respectively, and can be further extended to a total period of 7 years. A portion of the credit facilities, representing approximately $2,610,000, is secured solely by the related notes which, following the implementation of the ABCP restructuring plan, have replaced the ABCP. The remaining amount of approximately $967,000 is secured by related notes as well as a general security interest in all of Maximus' assets. Cash proceeds from the sale of the notes will automatically be applied, at that time, to the amount of outstanding borrowings. Under the new credit facilities, the Company's loss on the notes will, subject to certain conditions, be limited to between 25% and 55% of the notes held.

Issuance of shares

The Company announces that it has issued 10,000 of its common shares to the vendor of the Kirkland-Wright properties, pursuant to a purchase and sale agreement that closed in May 2006 and was first disclosed in the Company's news release of April 13, 2006. The issuance of these shares constitutes the final consideration for the acquisition. The Kirkland-Wright property covers an area of 3,216 hectares and is located immediately south of the Larder Lake project.

About Bear Lake Gold

Bear Lake Gold 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.ca.

Caution Regarding Forward Looking Information

The information in this press release has been prepared as at May 14, 2009. Certain statements contained in this press release constitute forward looking information under the provisions of Canadian securities laws. Such statements include statements regarding the renewal of the credit facilities beyond their initial terms and the Company's expected losses on the notes issued to Maximus in exchange for the ABCP. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by the forward looking statements. Such risks include, but are not limited to: the possibility that the conditions for renewal of the credit facilities will not be satisfied and the risk that the losses on the replacement notes will be greater than currently anticipated by the Company. The Company does not intend, and does not assume any obligation, to update this forward-looking information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking information.

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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