Bear Lake Gold fka BLG

[mhlld]

Bear Lake Gold Announces Conditional Settlement of Class Action Lawsuit

Press Release Source: Bear Lake Gold Ltd. On Monday April 5, 2010, 11:35 am
LONGUEUIL, QUEBEC--(Marketwire - April 5, 2010) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG - News) is pleased to announce that it has reached an agreement in principle to settle the class action commenced in Ontario against the Company, its directors and certain of its current and former officers (the "Class Action"). The claims in the Class Action remain unproven and the Class Action has not received court approval.

The agreement in principle provides for the settlement, release and dismissal of all claims asserted against the Company and the individual proposed defendants other than the Company's former Vice President Exploration (it is currently anticipated that a settlement including Mr. Bernard Boily will be reached by April 9, 2010). The settlement amount is to be funded primarily through directors and officers insurance coverage, with a contribution from the Company. The agreement in principle remains subject to final settlement documentation and court approval. The proposed settlement does not and will not constitute any admission of liability by the Company or its officers, directors or employees.

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 the Company 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 the Company based on information currently available to them. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that such statements will prove to be accurate. In particular, there can be no assurance that the settlement described herein will be completed upon the terms described or at all, or that other actions will not be commenced against the Company in respect of the same subject matter. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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."

Contact:
Francois ViensBear Lake Gold Ltd.President and CEO450-677-2172450-677-2601 (FAX)http://www.bearlakegold.com/David FennellBear Lake Gold Ltd.Chairman450-677-2258Carole PlanteBear Lake Gold Ltd.Corporate Secretary450-677-2065

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