Bear Lake Gold Announces Brokered Private Placement to Raise Up to $4.08 Million

LONGUEUIL, QUEBEC–(Marketwire – Sept. 29, 2008) –

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Bear Lake Gold Ltd. (TSX VENTURE:BLG) (“Bear Lake Gold” or the “Company”) announces plans to offer a brokered private placement of its securities comprised of up to $3,029,500 of flow through common shares (the “FT Shares”) and up to $1,050,000 of units (the “Units”, and together with the FT Shares, the “Offering”). The FT Shares will be priced at $0.83 per FT Share and the Units will be priced at $0.75 per Unit. Each Unit will consist of one common share of Bear Lake Gold (a “Share”) and one common share purchase warrant (a “Warrant”), with each Warrant exercisable to acquire one Share at $0.95 for a period of 24 months from the closing date of the Offering.

Dundee Securities Corporation (“Dundee Securities”) is acting as lead agent for the Offering and will offer the FT Shares and Units on a commercially reasonable efforts basis. The investment dealer syndicate includes PI Financial Corporation and Primary Capital Inc. (together with Dundee Securities, the “Agents”).

Bear Lake Gold has also granted to the Agents an overallotment option (the “Option”) to purchase up to an additional $1,012,600 of FT Shares or Units or combination thereof (the “Option Shares”) at $0.83 per Option Flow Through Share and $0.75 per Option Unit, exercisable until 6:00 p.m., Vancouver time, on the second business day before the closing of the Offering.

The FT Shares and the Units will be made available by way of private placement exemptions in British Columbia, Alberta and Ontario and the Units may be offered in such other jurisdictions, including the United States and Europe, where they can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

Closing of the Offering is subject to a number of conditions, including the receipt of all necessary corporate and regulatory approvals, including that of the TSX Venture Exchange, as well as the negotiation and execution of certain documentation, including an agency agreement between the Agents and Bear Lake Gold. Closing of the Offering is expected to take place October 21, 2008.

At closing, Bear Lake Gold will pay the Agents a cash commission equal to 5.0% of the gross proceeds of the securities sold, and will issue to the Agents broker warrants to acquire that number of Shares equal to 5.0% of the number of securities sold under the Offering (including the overallotment option). Each broker warrant will be exercisable at $0.75 per Share for a period of 24 months after closing. As well, the Company will pay the Agents’ reasonable fees and expenses incurred in connection with the Offering.

Bear Lake Gold intends to use the gross proceeds from the sale of the FT Shares for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)), using its best efforts to ensure that such Canadian Exploration Expenses qualify as a “flow-through mining expenditure” for purposes of the Income Tax Act (Canada)), related to the exploration of the Corporation’s exploration projects. Bear Lake Gold will renounce the Canadian Exploration Expenses with an effective date of no later than December 31, 2008. The net proceeds from sale of the Units will be used for general working capital purposes.

All securities issued in conjunction with the Offering will be subject to a four-month hold period under applicable securities laws and the policies of the TSX Venture Exchange.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the FT Shares, Units, Shares or Warrants (collectively, the “Securities”) in the United States. The Securities have not been and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws, or an applicable exemption from registration requirements.

About Bear Lake Gold

Bear Lake Gold is engaged in the exploration of gold and precious mineral properties in North America. On September 16, 2008, the Company completed a business combination with Maximus Ventures Ltd. (“Maximus”), its partner in the Larder Lake property. Maximus is now a wholly-owned subsidiary of Bear Lake Gold, and in connection with the transaction, the Company changed its name from NFX Gold Inc. to Bear Lake Gold. Additional information about the Company is available on the Company’s website, www.bearlakegold.com and on SEDAR at www.sedar.ca.

Cautionary Statement regarding “Forward-Looking” Information and Statements

This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as “forward-looking statements”). Forward-looking statements can often be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Specifically, this news release includes forward- looking statements regarding the Company’s proposed private placement, the size and timing of the private placement and the Company’s plans, projections, estimates and expectations. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company’s ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the uncertainties involved in the private placement financing and other risks involved in the gold exploration and development industry as well as those risk factors listed in the Company’s most recent financial statements and management discussion and analysis filed on SEDAR. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. 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.

(c) 2008 Marketwire. Provided by ProQuest LLC. All rights Reserved.