Bear Lake Gold updates the Larder Lake Project - Six diamond drills at work, Termination of the Hope Bay option
Longueuil, Québec: November 19, 2010. Bear Lake Gold Ltd. (the “Company”) (TSX.V: BLG) announces that the pace of drilling at its Larder Lake Project located in Ontario has been increased. Three drills are currently active testing its Bear Lake gold zone. Three more drills are working on the Swansea area of the property where Odyssey Resources Limited recently entered an option to earn a 25% interest. Separately, the Company also announces the termination of its option to acquire a 75% interest in certain claims at the Hope Bay project in Nunavut.
Larder Lake Update
Six diamond drills are now active on the Larder Lake property. Three drills are targeting the upper part of the Bear Lake zone (100% owned by the Company) at depths between 400m and 1,200m from surface as part of a 15,000m exploration program with the objective of defining and expanding the higher grade mineralized lenses and, should results warrant, completing a NI 43-101 compliant resource estimate once there is sufficient density of drilling in the Bear Lake zone.
In addition, three diamond drills are working in the Swansea area located at the western end of the Larder Lake property. The 7,000m drill program is being carried out by the Company under the recently announced option agreement where Odyssey Resources Limited can gain a 25% interest in the Swansea group of 28 claims (see map) by funding $1.1 million in exploration work before March 31, 2011. Bear Lake currently holds a 75% interest in the Swansea claims and Newstrike Resources Ltd. holds the remaining 25%.
Hope Bay Update
Under an option agreement, the Company was required to spend an additional $2 million by October 31, 2010 to earn a 75% interest in a specified group of claims in Hope Bay, Nunavut. In completing its financing earlier in the year, the Company had decided to prioritize and focus its exploration activities on the advanced Larder Lake exploration project strategically located in Ontario, closer to all the required infrastructures including a paved road and power line. Despite its best efforts to negotiate an extension to the option agreement from Hope Bay Mining Ltd, a wholly owned subsidiary of Newmont Mining Corporation, over the last few months, the Company was not able to obtain an extension; therefore the Hope Bay option has been terminated.
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 Company’s plans for the work program to be carried out at Larder Lake 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.ca.
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.
For further information please contact:
Francois Viens
President and CEO
Bear Lake Gold Ltd.
Tel: 450-677-1009
Fax: 450-677-2601
fviens@bearlakegold.com
