Bear Lake and Gold Fields Enter Into an Option and Joint Venture Agreement to Acquire 60% of the Larder Lake Gold Project by ...

Bear Lake Gold Ltd. (TSX VENTURE:BLG) (the "Company" or "Bear Lake") is pleased
to announce that it has entered into an option and joint venture agreement with
Gold Fields Abitibi Exploration Corporation, a 100% subsidiary of Gold Fields
Limited ("Gold Fields"). Subject to certain conditions, Gold Fields has the
option to earn an interest of up to 60% on the Company's 100%-held Bear Lake,
Cheminis and Fernland properties and on the 75%-held Swansea property (the
"Projects") by sole funding $40 million in exploration and development
expenditures on the Projects. The Projects are part of the Company's Larder Lake
gold project located in northeastern Ontario.


Gold Fields can earn an initial 51% interest by spending $25 million on the
Projects 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. 


The transaction is subject to Gold Fields completing its due diligence enquiries
by May 21, 2012 and Bear Lake obtaining all necessary regulatory approvals
including the TSX Venture Exchange approval. If required, the transaction will
be submitted for approval at the general and special meeting of Bear Lake
shareholders scheduled to be held on May 23, 2012. The board of directors of
Bear Lake has unanimously approved the transaction.


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. The Larder Lake project consists of a 100% interest in the Bear Lake,
Cheminis, Fernland and Barber Larder properties and a 75% interest in the
Swansea property. 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,
www.bearlakegold.com and on SEDAR at www.sedar.ca.


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 transaction between
Bear Lake and Gold Fields. 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 terms and conditions of the
proposed transaction may change, including based on completion of due diligence
by Gold Fields. There can be no assurance that Gold Fields will be satisfied
with the results of the due diligence or that Bear Lake will obtained all
necessary approvals. 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.