Bear Lake Gold Ltd. - Hope Bay

Project Highlights:

The Hope Bay project consists of two separate groups of claims totalling 114 square km located in the Hope Bay gold belt in Nunavut.

Bear Lake Gold Ltd., through its wholly-owned subsidiary Maximus Ventures Ltd., has an option to earn a 75% joint venture interest from Newmont Mining Corporation in these two property blocks by spending $7,500,000 before October 31, 2010 ($4.2M spent).

Exploration work began at Hope Bay in the summer of 2004. All work at Hope Bay was conducted by Miramar Mining on behalf of Maximus Ventures Ltd.

In December 2007 Newmont Mining Corp. completed its acquisition of Miramar. Newmont assumed Miramar's role and obligations.

The Chicago property exhibits a similar geological environment to that of Quebec's Doyon-Bousquet-LaRonde mining district, which contains 15 million ounces of gold.

The Twin Peaks discovery area has good potential for large tonnage gold deposits such as those located in the Porcupine or Kirkland Lake mining camps.

In 2007, a wide alteration and mineralized system was outlined in the Chicago area at Hope Bay. Assay results returned highly anomalous gold values over large widths including locally high grade gold. The style of mineralization at Chicago is similar to the Bousquet environment in Abitibi (gold-rich pyritic volcanogenic massive sulfides or VMS). Whole rock lithogeochemical results on samples collected from drill core showed typical footwall alteration proximal to a VMS deposit (low Na2O, high FeO and MgO). Although not yet economic, the anomalous gold values intersected on Chicago are characteristic of those found close to the heart of alteration systems associated with gold-rich VMS deposits.

On July 3,2009, the Company advanced an amount of $750,000 to HG Mining for exploration work to be performed in July and August 2009.

Project Location and Geology
The Hope Bay gold belt is located in northern Nunavut about 70 kilometers east of Bathurst Inlet. The belt is about 80 kilometers long NS and 7-20 kilometers wide. The geology is dominated by Archean-age volcanic flows with some clastic rocks that have been significantly deformed by the intrusion of large granitic batholiths. Gold mineralization occurs in quartz veins, and in carbonated and silicified zones associated with large shear zones. Numerous different styles of mineralization are known in the area and they are generally similar to other large gold-producing districts worldwide.

Potential Of Exploration Targets
Exploration targets in the Twin Peaks block have potential for a large, bulk mineable gold deposits such as those reported from a separate exploration program by Newmont from the Nartok-Madrid area only a few km away. The Twin Peaks area is underlain by large alteration zones, up to 0.5 kilometer wide and 3-4 kilometers long, in which much of the original rock has been converted to a mixture of quartz, carbonate, and sulfide minerals. Surface grab samples in these altered rocks contain numerous values over 5 grams of gold with elevated base metal values. Drilling in 2005 encountered short zones containing up to 8.40 gm Au over 0.30 meters, but with no continuity.

The exploration target at the Chicago block has potential for both gold and base metal mineralization. Outcrops with coarse quartz vein stockworks have been found near the stratigraphic top of a felsic volcanic succession. There is potential for massive sulfide zones with either or both gold and copper-zinc minerals.

2007 Drilling Program
A total of 2,620 m of drilling in 11 holes were completed at Hope Bay in 2007, exclusively on the Chicago block of claims. The drill program tested the continuity and extent of a large-gold-silver alteration system discovered in 2006 (Hole #6: 0.2 g/t Au over 108 m and Hole #10: 0.5 g/t Au over 82 m) in order to locate potentially higher gold-silver shoots. All holes intersected alternating sequences of felsic tuffs and flows locally cut by gabbroic dykes. In general, the holes are moderately sericitized and/or chloritized with locally up to 5-10% pyrite. However, an increase in alteration and mineralization is seen towards the north, indicating a possible vector in that direction.

Follow-up holes #14A and #15 were drilled respectively 100m north of holes #6 and #10 and 200 m south of hole #12 (see attached figure). Both holes cut chloritized and/or sericitized felsic rocks with locally up to 10% pyrite. Hole #14A returned 31 m grading 0.17 g/t Au and 8.0 g/t Ag and hole #15 intersected 82 m grading 0.15 g/t Au and 3.2 g/t Ag. Both of these holes confirm the thickness and continuity of the broad zone of anomalous gold and silver values. Highlights of the most significant 2007 results are presented below.

Highlights of 2007 assay results - Hope Bay Project

Hole	        From     To    Length    Au      Ag
                (m)     (m)	(m)     (g/t)   (g/t)

#6*(re-sampling)  1.8	 36.5	 34.8	0.21	 5.3
Including	  3.0	  4.5	  1.5	1.17	11.0
	        136.5	244.0	107.5	0.19	 6.7
Including	150.0	150.8	  0.8	2.24	10.0
Including	167.8	168.3	  0.5	1.12	67.4
					
#10*	         36.5	118.9	 82.4	0.46	 6.7
Including	102.5	104.0	  1.5	9.79	10.3
	        108.5	110.0	  1.5	4.60	15.7
					
#12*	        116.8	227.0	110.2	0.14	 4.3
Including	120.4	121.3	  0.9	1.17	48.1
Including	162.0	162.8	  0.8	1.10	22.2
					
#14A	        198.1	229.0	 30.9	0.17	 8.0
Including	198.1	199.0	 0.9	1.41	 2.4
Including	213.0	214.0	 1.0	1.23	32.4
					
#15	        153.0	235.3	 82.3	0.15	 3.2
Including	193.4	194.0	 0.6	5.80	 2.9

Hole # 11, 13, 16, 17, 18, 19: No significant assay

Planned Work Program
An $892,000 drilling program is planned for Hope Bay in 2009. It would test gold mineralization targets in the Twin Peaks/Discovery area (1,100 metres of drilling) located close to Miramar's Madrid and Doris deposits holding Indicated resources of 4.4 million ounces of gold and additional Inferred resources of 4.7 million ounces of gold. In July 2009, the Company advanced an amount of $750,000 to HG Mining for exploration work to be performed in this area.

This area hosts numerous gold showings that lie within zones of strong iron-carbonatization and/or silicification associated with major and subsidiary faults within corridors of high strain or strong foliation. Gold mineralization accompanied by anomalous silver, copper, lead and zinc values, occurs in quartz-carbonate veins, along structures located in highly altered rock. In addition, a total of 800 metres of drilling is proposed in the Chicago area to test for a gold-rich VMS-type target located at the locus of intersection between the altered Au-anomalous zone and favourable geological contacts.

NI43-101 Technical Report: Twin Peaks and Eastern Contact Area Properties, Hope Bay Volcanic Belt, Nunavut Territory, Canada
Published by: Roscoe Postle Associates Inc.
Author: R. Barry Cook, M.Sc, P.Eng.
Additional details, maps, and photographs are in the accompanying technical report by Barry Cook of Roscoe Postle and Associates.
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