July 21, 2009
Bear Lake Gold Announces Data Inconsistencies that may Compromise Prior Technical Disclosure related to the Larder Lake Property
Longueuil, Quebec: July 21, 2009. Bear Lake Gold Ltd. (the "Company") (TSX.V: BLG) today said that it has 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. These matters were uncovered on Friday, July 17, 2009, when InnovExplo Inc., the independent technical consulting firm engaged by the Company to complete a resource estimation of the Bear Lake zone and draft a NI 43-101 technical report in respect of the Larder Lake Property, detected certain data inconsistencies and raised concerns with senior management of the Company. Management immediately brought these matters to the attention of the Board of Directors.
The Company said that the inconsistencies appear to involve core drilled to evaluate the Larder Lake Property and the validity and reporting of assay data related thereto, potentially affecting a significant portion of the database for the Bear Lake zone of the Larder Lake Property. Upon learning of these matters, the Company immediately commenced an investigation, both internally and externally with the assistance of InnovExplo Inc., which investigation has been proceeding expeditiously. Given the nature of these matters, the Company has retained Scott Wilson Roscoe Postle Associates to lead the technical investigation and Stikeman Elliott LLP to lead the legal aspects of the investigation and to advise the Board.
The Company said that although it is too early in the investigation to determine precisely the effect of the inconsistencies, based upon the results of the investigation to date it appears that the data inconsistencies are of a serious nature and the Company believes that the reporting of corrected assay results may result in significant reductions of gold values for some of the previously announced drilling intercepts.
Based upon what the Company has learned to date, the Company's Vice President Exploration, who has also been the Company's internal qualified person in respect of the technical content of the Company's public disclosure about its exploration program at the Larder Lake Property, has been suspended pending the finalization/outcome of the Company's complete internal investigation.
The Company's Chairman, David Fennell, said "The Board and I are deeply concerned about what we have learned and we are working with our independent advisors to ascertain as quickly as possible exactly the nature, scope and effect of the inconsistencies."
The Board has established a Technical Committee comprised of Messrs Fennell, Stephen Quin and Alex Horvath, to supervise the investigation, review internal technical procedures and make recommendations to the Board. The investigation will address, among other things, the extent of the time frame over which the inconsistencies occurred.
At this time the Company is not aware of any inconsistencies with respect to any of its projects other than the Larder Lake Property. The Company will review the data with respect to its other projects.
It is the Company's understanding that trading in the Company's shares will remain halted as the Exchange reviews this matter and the Company provides additional clarification to the Exchange on the status of its internal and external investigations.
The Company is investigating as quickly as possible and will provide additional information as soon as practicable. -----------
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