Project Description and Location:

Project Highlights and Exploration results

Bear Lake Gold commenced drilling at Larder Lake in March 2007. The discovery of high grade mineralization, announced in November 2007, confirmed the presence of a multi-kilometer long geologic sequence that the Company believes has the potential to host a series of gold deposits.

The 2007 and early 2008 drilling focused on two main target areas, Fernland and Bear Lake, and were successful in defining favorable alteration, mineralization and significant gold values, including a previously undiscovered gold zone at Bear Lake. Both carbonate-type and flow-type mineralization have been encountered in this gold zone, similar to the mineralization found at the former Kerr-Addison mine. In 2011, the Company completed a 14,100 m drill program focused on the Bear Lake gold zone.

Numerous high grade gold intersections are reported to date in the Bear Lake area of Larder Lake (see longitudinal section). The Company believes the Bear Lake zone to be a significant discovery.

Outside the Bear Lake area, the Larder Lake Project has a number of other targets that require further exploration drilling. These targets include Cheminis, Barber-Larder, and Fernland where hole 13 intersected 6.1 g Au/t over 13.5 m at a vertical depth of 170 m (see results table below).

Longitudinal Section Flow-Type Mineralization

Resource Estimation In April 2011, the Company announced an initial NI 43-101-compliant mineral resource estimate at the Cheminis zone at Larder Lake. The Cheminis zone is approximately 2 km west of the Bear Lake zone. P&E Mining Consultants Inc. ("P&E") of Brampton Ontario, an independent geological and mining consulting firm, were retained to verify the validity of the historical drilling data and to calculate the resource. P&E used the 791 historic surface and underground drill holes available and conducted a re-sampling program in order to confirm the validity of the historic data. Assays used in the resource were capped at 7 to 20 g/t gold and grades were estimated using the inverse distance cubed method. The resource model domains covered a 600m strike length and a 900m down dip extension. Resources are reported using a 2.5 g/t gold cut-off and a minimal true thickness of 2.0 m. P & E calculated a NI 43-101 compliant resource at Cheminis of (a) Indicated resources of 335,000 tonnes grading at 4.07 g/t gold for 43,800 ounces of gold and (b) Inferred resources of 1,391,000 tonnes grading at 5.22 g/t gold for 233,400 ounces of gold. A 43-101 technical report entitled Technical Report and Resource Estimate on the Cheminis Gold Mine Property, Larder Lake, Ontario - Latitude 48°07'02" N, Longitude 79°39'50" W prepared for Bear Lake Gold Ltd. by P & E Mining Consultants Inc. with an effective date of April 8, 2011 (the "Cheminis Report") is available under Bear Lake Gold's profile on SEDAR. In June 2011, P & E completed a second resource estimate at Larder Lake on the Bear Lake zone. P&E used the 88 surface drill holes available and conducted a re-sampling program in order to confirm the validity of the data. Assays used in the resource estimate were capped at 75.0 g/t gold and grades were estimated using the inverse distance cubed method. The resource model domains covered a 400 m strike length to a depth of 1.3 km from surface. Resources are reported using a 2.5 g/t gold cut-off and a minimal horizontal thickness of 2.0 m. P & E calculated a NI 43-101-compliant resource for the Bear Lake zone of Inferred resources of 3,750,000 tonnes grading at 5.67 g/t gold for 683,000 ounces of gold. A second 43-101 technical report entitled Technical Report and Updated Resource Estimates on the Larder Lake Property, Larder Lake, Ontario - Latitude 48°07'02" N, Longitude 79°39'50" W prepared for Bear Lake Gold Ltd. by P & E Mining Consultants Inc. with an effective date of June 15, 2011, which incorporates the results of the Cheminis Report and contains the resource estimate for the Bear Lake zone (the "Updated Technical Report"), is available under Bear Lake Gold's profile on SEDAR. Click here to view Technical Report In the Updated Technical Report, the following assumptions were used in the estimation process: the gold price used was US$1,207/oz.; process recovery was 95%; mining costs were $75/ tonne and processing and G&A costs were $20/tonne; the exchange rate used was $0.95USD = $1.00 CDN. Both zones remain open on strike and at depth and additional exploration is required to assess their full potential. Other unexplored targets remain, including the Fernland zone where hole 13, completed in November 2007, intersected 11.3 g/t gold over 6.0 m near surface. The Company believes that this exploration potential combined with the possibility of increasing both the Bear Lake zone and Cheminis resources enhance the significance of the Larder Lake project, located in a mining area that benefits having all necessary infrastructure in close proximity. 2012 Drilling Program Following the completion of a $3,923,750 private placement in August 2011, the Company designed and has started a 15,000 m work program at the Larder Lake project. Approximately 8,000 m is planned to test the extension and better define the Cheminis mineral resource. In addition, some 5,000 m will investigate the extensions of the Bear Lake mineral resource. The Updated Technical Report showed that both zones are open on strike and at depth. Finally some 2,000 m of drilling is planned in the Fernland area where hole 13 completed in November 2007, intersected 6.1 g/t gold over 13.5 m near surface (including 11.3 g/t gold over 6.0 m). Additional work is required to evaluate the potential and test the extensions of this mineralized zone. The program started with two diamond drills, one testing the extension of the Cheminis zone and the second testing the Bear Lake zone. QA/QC The Company has implemented a rigorous QA/QC program set up and supervised by P&E Mining Consultants Inc. of Brampton Ontario, an independent geological and mining consulting firm. The program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags to Laboratoire Expert, a certified assay laboratory located in Rouyn Noranda, Quebec. Blank samples, blind duplicates and certified standards are also inserted in the sample stream. Samples with gold values higher than 10g Au/t are systematically re-analysed, and samples containing visible gold are also analysed systematically with the metallic screen analysis. Geology and Mineralization The geology of the area consists of Archean greenstone lithologies, including clastic rocks and various mafic volcanic flow rocks. Gold mineralization at Larder Lake, and in other mines outside the project area, is hosted mostly in altered mafic volcanic flow rocks and in zones of strong carbonate alteration. Most of the larger deposits are close to or within zones of strong faulting. The gold occurs within two main styles of mineralization: "carbonate-type" and "flow-type". "Carbonate-type" mineralization is characterized by extensive carbonate-silica alteration zones containing quartz and quartz-carbonate stockwork veining, minor sulfides and occasionally visible native gold. The presence of fuschite (green mica) is frequently observed in the core. The carbonate-type mineralization and related alteration at Bear Lake starts at 400m below surface and, based on corrected drill information as of July 2010, extends continuously to 1,200m below surface where the deepest intersection is recorded. The strike length of the mineralization and alteration varies from 135m at 400m below surface to over 400m at 1200m below surface. The mineralization and alteration is still open at depth and to the east at depth. Although gold grades and intersection thicknesses vary greatly within the mineralized envelope, some outstanding gold values were intersected, such as those in hole NFX08-44 (13.3 g/t over 15.1m) at a depth of 700m from surface. The higher grade intersections appear to be flanked by lower grade intersections both to the east and west, suggesting the presence of higher and lower grade areas within the carbonate-type mineralized envelope. Additional drilling is required to define the limits of the potential higher grade areas and investigate the possibility that additional higher grade areas might be found along strike and at depth, where the mineralization and alteration typically associated with the gold is still present. "Flow-type" mineralization is characterized by pervasive silica-albite alteration with strong pyrite mineralization and gold. Occasionally, arsenopyrite and chalcopyrite are also recorded. The gold is finer grained than in carbonate-type mineralization and not usually visible however, the gold grade generally correlates well with the percentage of sulphides present. Gold is also associated with small albite-rich dykes and intrusives. The "flow-type" mineralization and related alteration at Bear Lake starts at an approximate depth of 450m below surface and extends down to 825m below surface where the deepest significant intercept is located. The mineralization and alteration is partially open at depth where lower gold grade was intersected at a depth of 1200m from surface. The mineralization is still open to the east and west at depths between 600m and 825m below surface. Although gold grade and intersection thickness vary greatly within the mineralized envelope drilled to date, some outstanding gold values have been intersected, such as that in hole NFX07-11 (13.3 g/t over 6.0m) at a depth of 500m below surface. The higher-grades in flow-type mineralization are bounded by lower grade intersections both to the east and west, suggesting the presence of higher and lower-grade areas within the flow-type mineralizing envelope. A single flow-type high-grade intercept near surface in hole NFX08-35 (18.3 g/t over 4.8m), suggests the possibility of small, higher-grade areas developing higher up in the flow-type mineralizing envelope. Additional drilling is required to define the extent and gold grade of the flow-type mineralization, including the limits of the potential higher-grade areas and to investigate the possibility that additional higher-grade areas might be found along strike and at depth, where the mineralization and alteration typically associated with the gold is still present. Qualified Person The technical disclosure contained in this website was approved by Francois Viens, P. Eng., President and CEO of the Company. Mr. Viens is a 'qualified person' within the meaning of that term under NI 43-101.

Click on image to enlarge Visible gold in core from Bear Lake hole #44