Bear Lake Gold Ltd. - Home - Fri May 17, 2013

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Precious Metals Exploration in North America

Bear Lake Gold Ltd. is a Canadian gold exploration company listed on the TSX Venture Exchange under the symbol "BLG".

Bear Lake Gold's primary project is the Larder Lake gold property, located on the prolific Cadillac-Larder Lake Break in the mining district of north-eastern Ontario. The Larder Lake gold property consists of a 100% interest in the Bear Lake, Cheminis, and Fernland properties. The Company also has a 75% interest in the Swansea property. This portfolio of exploration projects spread out over a distance of approximately 11km provides a large area of interesting targets to explore in one of the world's best mining jurisdictions with excellent infrastructures available at close proximity.

Gold Fields Option

In April 2012, Bear Lake entered into an option and joint venture agreement with Gold Fields Abitibi Exploration Corporation, a 100% subsidiary of Gold Fields Limited. Gold Fields has the option to earn up to a 60% interest in the Company's Bear Lake, Cheminis, Fernland and Swansea properties by spending $40 million on exploration and development on the option properties in two stages:

- To earn a 51% interest, Gold Fields must spend $25 million on the option properties over a period of 36 months, including a firm commitment of $5 million during the first 12 months.

- Gold Fields may increase its interest to 60% by spending an additional $15 million over the 24 months following the initial 36 months.

- If a development decision in respect of the option properties is made, Bear Lake may elect to finance its share of the development costs through a loan arranged by Gold Fields, for which Gold Fields will receive an additional 5% interest in the option properties against the payment of a nominal strike price, increasing its interest to 65%. If the Company arranges its own development financing, it will retain a 40% interest in the Projects.

- Gold Fields is the manager of all exploration during the option period. A committee made up of two representatives of each of Bear Lake and Gold Fields oversees the exploration work and review the work programs. If Gold Fields exercises the option, it will be the operator of the resulting joint venture.

Summary of Mineral Resources
Bear Lake Gold has completed two 43-101 compliant resource estimates on its Larder Lake gold project. The table below summarizes the resource calculations. For a detailed discussion of the resource estimations, click on the link below the table.

(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
(3) The gold price used in this estimate was the May 31, 2011 two year trailing average of US$1,207/oz. Process recovery was 95%. Mining costs were $75/ tonne and Processing and G&A costs were $20/tonne. Exchange rate used was $0.95USD = $1.00 CDN.
(4) The mineral resources in this technical report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.

Discussion on Resource Estimation

A technical report was filed on SEDAR in compliance with NI 43-101. click here to view the report

Mon Feb 25, 2013: Bear Lake Reports Changes to Board of Directors and Option Grant (more...)

Mon Feb 25, 2013: Bear Lake Gold Announces New Drilling Results at the Larder Lake Gold Project High Grade intersections at Bear Lake and Cheminis (more...)

Wed Jan 9, 2013: Bear Lake announces appointment of Interim CEO (more...)

Mon Dec 31, 2012: Financial Statements: First Quarter ended December 31, 2012 Financial Statements and MD&A (more...)

Thu Nov 15, 2012: Bear Lake Gold Completes Sale of Mineral Rights To Armistice Resources (more...)

Mon Nov 12, 2012: Bear Lake Gold Announces New Drilling Results at Larder Lake Further Wide Mineralized Zones Intersected at Fernland and Cheminis (more...)

Sun Sep 30, 2012: Financial Statements: Annual Report 2012 - Financial Statements and MD&A for the year ended September 30, 2012 (more...)

Fri Sep 21, 2012: Bear Lake announces CEO Resignation and Option Grant (more...)