Bear Lake Gold Adds Another Drill Rig at Larder Lake

Additional Exploration Targets Will be Drilled

Longueuil, Québec: October 3, 2008. Bear Lake Gold Ltd. (the “Company” or “Bear Lake”) (TSX.V: BLG) is pleased to announce the planned addition of a fourth diamond drill to continue the definition and exploration program at Larder Lake.

“The current drilling program on the Bear Lake gold zone is progressing well, and returning some outstanding gold intercepts,” said Francois Viens President and CEO of Bear Lake. “With drill targets in excess of 1 km below surface, the addition of a fourth drill will speed up the drilling of this sizeable target.”

Alteration and gold values increase in the Bear Lake zone at depths below 400 meters. Continuity of the gold mineralization has been established below 750 meters where hole #49 intersected, 9.5 meters of carbonate-type mineralization grading 19.4 g/t gold, including a section of 6.5 meters grading 27.9 g/t gold (see September 4, 2008 press release for complete results and information about the quality assurance and control program). Drill holes are now targeting mineralization at depths of more than 1,000 meters below surface and therefore drilling must proceed carefully to avoid excessive deviation and other technical difficulties. The fourth drill, scheduled to arrive on site next week, will ensure steady progress to defining the ultimate scale of this significant gold discovery.

Project Update

Three drill rigs are currently active at the Larder Lake Gold Project. Of the budgeted 43,000-meter drilling program that started in September 2007 at Larder Lake, to date a total of 36,000 meters of diamond drilling was completed. The drilling program will continue to investigate two mineralized gold zones discovered in the Bear Lake area with drilling directed at down-plunge extensions of the high-grade gold mineralization. The fourth drill will focus on testing multiple promising gold targets on the Larder Lake Property, as well as the eastern strike extension of the Bear Lake gold zone. 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 world class historic Kerr-Addison mine located only 5 km to the east, which produced some 11 million ounces of gold.

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’s Vice President of Exploration. Mr. Boily is responsible for supervising the drilling program and is a qualified person under National Instrument 43-101.

Investor Relations

The Company is pleased to announce that it has formed an Investor Relations team whose mandate is to ensure that the Company’s Investor Relations activities and needs are fulfilled. The team, consisting of Ms. Geraldine Paxton and Ms. Louise Quinn, will report directly to the President and CEO and work from the Company’s administrative office in Longueuil. Both Ms. Paxton and Ms. Quinn were performing the same functions with Maximus Ventures Ltd. prior to the completion of the business combination with NFX Gold Inc., which resulted in Bear Lake Gold Ltd.

Ms. Paxton has significant experience in investor relations. Ms. Quinn has over 15 years experience in corporate communications, marketing and investor relations. Ms. Paxton and Ms. Quinn also perform investor relations activities for Reunion Gold Corporation and Queensland Minerals Ltd.

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 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 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’s control including uncertainties related to potential mineralization, exploration results, completion of work program, and availability of equipment necessary for the drilling program and future plans and objectives of the companies. 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 companies 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 undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.