Bear Lake Gold Ltd. Update on MNDMF
Longueuil, Québec: August 19, 2011. Bear Lake Gold Ltd. (the “Company” or “Bear Lake”) (TSX.V: BLG) received today a letter from theOntario Ministry of Northern Development, Mines and Forestry (“MNDMF”) addressed to five companies, including Bear Lake, indicating that the MNDMF intends to issue an order to file a certified closure plan with respect to the Upper and Lower Kerr mine tailings areas by February 19, 2012. As previously indicated in the Company’s continuous disclosure documents, the Company believes that it does not have any liability related to mine hazards that are located on property owned and controlled by others. Bear Lake has denied any responsibility but has cooperated with the MNDMF and has conducted appropriate preventive measures on its own claims. This matter has been ongoing since December 2009 and the Company will vigorously maintain its position. At this time, the Company cannot estimate the potential cost for dealing with this issue.
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 with respect to the potential liability and costs related to tailings from the Kerr Addison mining operations. 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 capital markets 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 is engaged in the exploration of gold projects located in theCadillac-Larder Lake Break mining district of north-eastern Ontario.Additional information about the Company is available on its website atwww.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.
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