LONGUEUIL, QUEBEC -- (Marketwire) -- 02/25/13 -- Bear Lake Gold Ltd. (the "Company") (TSX VENTURE: BLG) is pleased to announce results for 23 more holes of the diamond drilling program conducted by Gold Fields Abitibi Corporation, a 100% subsidiary of Gold Fields Limited ("Gold Fields"), at the Company's Larder Lake gold project in northeastern Ontario.
Gold Fields' drilling program focused on the Bear Lake, Cheminis and Swansea areas to investigate the deeper and lateral extensions of the known resources at Cheminis and Bear Lake. The Swansea drilling program tested anomalies identified from surface sampling. At the end of December, 44 holes totaling 20,997 meters had been drilled by Gold Fields. The Company is reporting the results of 23 new holes. Most holes have intersected various degrees of mineralization at Bear Lake and Cheminis, and additional drilling will be required to fully assess the potential of the area. A few holes drilled in the Swansea area also intersected low grade mineralization.
Results of the 23 holes are shown in Table 1 below and complete results for the Larder Lake project are available on the Company's website.
Drilling by Gold Fields resumed in mid-January 2013 with some 20 holes planned totaling 4,000 meters. The program should be completed in April. All new targets are "brownfield" located along the north trend and were identified following the geochemistry and geophysics surveys conducted over the whole property. In April 2012, the Company and Gold Fields signed an Option and Joint Venture agreement entitling Gold Fields to acquire up to 60% of the Larder Lake gold project by spending up to C$40 million over 5 years with a firm commitment to spend C$5 million by May 2013. As of December 31, 2012, Gold Fields has spent approximately C$4 million on the project.
As operator of the project, Gold Fields has implemented and conducted a rigorous QA/QC program. Gold Fields follows an internal QA/QC program which includes evaluation of field blanks, certified standards, pulp duplicates, coarse duplicates and Au repeats. The shipments are bagged, sealed, and shipped to the ALS Global Laboratory, a certified facility in Timmins, Ontario, for preparation. After preparation a pulp split is shipped to ALS Global Laboratory, a certified facility in North Vancouver, BC, for geochemical analysis.
The technical disclosure contained in this press release was approved by Francois Viens, a director and Consultant of the Company. Mr. Viens, P. Eng. is a 'qualified person' within the meaning of that term under NI 43-101.
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about drilling results and the interpretation of these results as well as plans for further exploration. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
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