October 29, 2008

Bear Lake Gold Issues Units for Debt

Further to its news release issued October 23, 2008, Bear Lake Gold Ltd. (TSX VENTURE: BLG) ("Bear Lake Gold" or the "Company") announces that it has issued an aggregate of 1,416,666 units of its securities to Dundee Securities Corporation ("Dundee Securities") and Primary Capital Inc. ("Primary") at a deemed price of $0.30 per unit, pursuant to units for debt agreements between the Company and each of Dundee Securities and Primary dated October 22, 2008. These agreements include amounts owing to Dundee Securities and Primary as at that date for their fees as financial advisors of the Company and Maximus Ventures Ltd. (now a wholly-owned subsidiary the Company) in connection with their recently completed business combination. Each unit issued consists of one common share of Bear Lake Gold and one non-transferrable common share purchase warrant, with each warrant exercisable to acquire one common share at $0.40 per share until October 28, 2010.

The units and underlying securities are subject to a hold period from their date of issue expiring March 1, 2009.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

 Contacts: Bear Lake Gold Ltd. Francois Viens Chief Executive Officer 450-677-1009 450-677-2601 (FAX) [email protected]  Bear Lake Gold Ltd. Gerri Paxton/Louise Quinn Investor Relations 450-677-2054 / 677-3523 450-677-2601 (FAX) [email protected][email protected]

SOURCE: Bear Lake Gold Ltd.