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  | | April 05, 2010
Bear Lake Gold Announces Conditional Settlement of Class Action Lawsuit
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| | Longueuil, Quebec: April 5, 2010. Bear Lake Gold Ltd. (the "Company") (TSX.V: BLG) is pleased to announce that it has reached an agreement in principle to settle the class action commenced in Ontario against the Company, its directors and certain of its current and former officers (the "Class Action"). The claims in the Class Action remain unproven and the Class Action has not received court approval.
The agreement in principle provides for the settlement, release and dismissal of all claims asserted against the Company and the individual proposed defendants other than the Company's former Vice President Exploration (it is currently anticipated that a settlement including Mr. Bernard Boily will be reached by April 9, 2010). The settlement amount is to be funded primarily through directors and officers insurance coverage, with a contribution from the Company. The agreement in principle remains subject to final settlement documentation and court approval. The proposed settlement does not and will not constitute any admission of liability by the Company or its officers, directors or employees.
Forward-looking Statements
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements reflect the current internal projections, expectations or beliefs of management of the Company based on information currently available to them. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that such statements will prove to be accurate. In particular, there can be no assurance that the settlement described herein will be completed upon the terms described or at all, or that other actions will not be commenced against the Company in respect of the same subject matter. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
"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."
For further information, please contact:
Francois Viens, President and CEO
Tel: 450-677-2172
Fax: 450-677-2601
Website: www.bearlakegold.com
David Fennell, Chairman
Tel: 450-677-2258
Carole Plante, Corporate Secretary
Tel: 450-677-2065 |
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| | You can view the Next News Releases item: Tue Apr 13, 2010, Bear Lake Gold -- Update on Settlement of Class Action Lawsuit
You can view the Previous News Releases item: Tue Nov 3, 2009, Bear Lake Gold Provides Update on Larder Lake Property
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