Bear Lake Announces That Gold Fields has Completed its Due Diligence

Bear Lake Gold Ltd. (TSX VENTURE:BLG) (the "Company" or "Bear Lake") is pleased
to announce that Gold Fields has completed its due diligence on the Larder Lake
Project and will be proceeding with the Option and Joint Venture Agreement. In
the course of conducting its due diligence, Gold Fields has drilled two holes
for a total of 993 meters. One hole tested the Bear Lake zone and the second
hole was drilled at Cheminis. 


Bear Lake and Gold Fields expect to meet in the week of June 11, 2012 to review
the first work program and budget.


As previously announced, Bear Lake has entered into an option and joint venture
agreement with Gold Fields Abitibi Exploration Corporation ("Gold Fields") (a
subsidiary of Gold Fields Limited) under which it has the option to earn an
interest of up to 60% on a group of claims including the Company's 100%-held
Bear Lake, Cheminis and Fernland target areas and on the 75%-held Swansea
property by sole funding $40 million in exploration and development expenditures
on the projects. Gold Fields can earn an initial 51% interest by spending $25
million over a period of 36 months, including a firm commitment of $5 million
during the first 12 months. Gold Fields can earn an additional 9% interest by
spending a further $15 million over a period of 24 months following the initial
term. If a development decision is made, Bear Lake will have the option to
finance its share of the development costs through a loan arranged by Gold
Fields with it receiving an additional 5% interest in the projects against the
payment of a nominal strike price. If the Company arranges its own financing, it
will retain a 40% interest in the projects.


Gold Fields will manage all field work during the option period. A steering
committee including two representatives of each of Bear Lake and Gold Fields
will be formed to oversee the exploration work and review the work programs
during this period. If Gold Fields exercises the option, it will be the operator
of the resulting joint venture. 


About Bear Lake Gold

Bear Lake Gold Ltd. is focused on the exploration and development of the Larder
Lake gold project located on the Cadillac-Larder Lake Break in north-eastern
Ontario. In 2011, the Company announced the completion of a NI 43-101 compliant
mineral resource on the Bear Lake and Cheminis properties. The common shares of
the Company trade on the TSX Venture Exchange under the symbol BLG. Additional
information about the Company is available on its website at
www.bearlakegold.com and on SEDAR at www.sedar.com.


About Gold Fields Limited

Gold Fields is one of the world's largest unhedged producers of gold with
attributable, annualized production of 3.5 million ounces per annum from eight
operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has
an extensive and diverse growth pipeline with both greenfield and near mine
exploration projects at various stages of development. Gold Fields has total
attributable Mineral Reserves of 80.6 million ounces and Mineral Resources of
217 million ounces. Gold Fields has a primary listing on the JSE Limited in
South Africa and secondary listings on the New York Stock Exchange, NASDAQ Dubai
Limited, Euronext and the Swiss Exchange. For more information, visit the
company's website at www.goldfields.co.za.


Cautionary Statement 

This press release contains forward-looking information. In particular, this
press release contains statements concerning the intended work program.
Forward-looking information is subject to known and unknown risks and
uncertainties, and depends on assumptions and other factors, all of which may
cause actual results or events to differ materially from those anticipated in
such forward-looking information. The forward-looking statements contained in
this press release are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.