Bear Lake Gold increases financing to $3,925,000

Not for distribution to United States newswire services or for dissemination in the United States.

Longueuil, Québec: August 22, 2011. Bear Lake Gold Ltd. (the “Company” or “Bear Lake”) (TSX.V: BLG) is pleased to announce that the Company has increased the size of the $3.5 million private placement announced on August 11, 2011 to $3,925,000. The non-brokered private placement will consist of flow-through units (each comprised of one flow-through share and one-half of one share purchase warrant) and units (each comprised of one common share and one whole share purchase warrant) priced at $0.15 per flow-through unit or unit (the “Financing”).

The Company intends to use the gross proceeds of flow-through funds raised for exploration on its Larder Lake project and the net proceeds from the sale of units for exploration and general corporate purposes.

Closing of the Financing is subject to certain conditions, including without limitation the receipt of all necessary corporate and regulatory approvals, including that of the TSXV. The Company anticipates closing to take place on or about August 23, 2011.

The Company may pay finder’s fees to qualified finders in connection with the Financing, in accordance with applicable securities laws and the policies of the TSXV. All securities issued will be subject to a four-month hold period under applicable securities laws.

NI 43-101 Technical Report on Larder Lake Gold Project

Following the announcement on June 29, 2011 of an initial resource estimate on the Company’s Bear Lake zone of its Larder Lake gold project, the Company announces the completion and filing of a National Instrument 43-101 independent technical report on the Company’s 100% owned Larder Lake project. The technical report also includes the initial resources previously announced on the Cheminis zone of the Larder Lake gold project.

The report titled “Technical Report and Updated Resource Estimates on the Larder Lake Property” was prepared by P & E Mining Consultants Inc. of Brampton, Ontario. The report was filed on Sedar (www.sedar.com) and can be viewed on Bear Lake’s website (www.bearlakegold.com).

Forward-Looking Information

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 the Company’s plans to complete the private placement on the terms announced. 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 capital markets 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.

About Bear Lake Gold

Bear Lake is engaged in the exploration of gold and precious mineral properties in North America. Additional information about the Company is available on the Company’s website, www.bearlakegold.com, and on SEDAR at www.sedar.ca.

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.

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