Bear Lake suspends work at Larder Lake
2009-07-24 17:30 ET - News Release
Mr. Francois Viens reports
BEAR LAKE GOLD PROVIDES UPDATE ABOUT LARDER LAKE PROPERTY OPERATIONS AND INVESTIGATION
Bear Lake Gold Ltd. has suspended all operations at its Larder Lake property while its investigation continues. In Stockwatch on July 21, 2009, the company announced that it had become aware of material inconsistencies regarding the company's exploration data that appear to compromise the company's prior reporting of exploration results in respect of the company's Larder Lake property. It remains too early in the investigation to determine precisely the extent and effect of the inconsistencies, or the time frame over which the inconsistencies occurred, however it appears that the data inconsistencies are of a serious nature and the company believes that the reporting of corrected assay results could result in significant reductions of gold values for some of the previously announced drilling intercepts, while other sample intervals may be unaffected. Accordingly, the company hereby withdraws all its previously announced results for the Larder Lake property and advises that such results should not be relied upon until further notice.
As stated in Stockwatch news on July 21, 2009, the company retained Scott Wilson Roscoe Postle Associates to lead the technical investigation. Scott Wilson RPA has commenced its investigation, which will include a review of the history of communication of assay results, the history of entering of assay results into the database and past processes for data verification, an overall review of the company's past quality-assurance/quality-control protocols, and a review of past protocols relating to sampling, sample security, handing and transportation of samples to and from the laboratories. The investigation is expected to involve a comprehensive review of assay certificates, site visits and visits to laboratories. The investigation will also include a review of drill core logs and photographs, independent sampling of core, and, if necessary, reassaying of rejects, pulps and core and redrilling some selected intervals. Scott Wilson will also review, verify and, if possible, validate, a sample database and examine the drill hole data to determine which information can be used to direct future exploration at the Larder Lake property. At this time the company is unable to determine how long the technical investigation by Scott Wilson will take or when further information regarding this investigation will be available.
As previously reported, the company has also retained Stikeman Elliott LLP to provide legal advice to the board and the company, and has appointed a special committee of the board of directors to oversee all aspects of the investigation.
The company's investigation continues to proceed as quickly as possible and the company will provide additional information as soon as practicable.
It is the company's understanding that the TSX Venture Exchange will consider a resumption in trading in the company's shares now that the company has issued an update on the status of the investigation and operations at its Larder Lake property.
We seek Safe Harbor.
