Bear Lake Gold Changes Year End; Grants Stock Options

Bear Lake Gold Ltd. announces that the Company has changed its financial year-end to September 30, from its prior year-end of December 31. The Company made this change to align its year-end with that of its wholly-owned subsidiary Maximus Ventures Ltd., which it acquired through a business combination by way of statutory plan of arrangement that became effective on September 16, 2008.

Option Grant

The Company announces the grant to a director of an incentive stock option to acquire 100,000 common shares of Bear Lake (adjusted to reflect the Company’s two-for-one share consolidation that came into effect on September 23, 2008), under the Company’s stock option plan. The option is exercisable at $0.70 per share, which is equivalent to the market closing price on the day preceding the grant. The option has a five-year term and will vest over a two-year period. The option is subject to the policies of the TSX Venture Exchange.

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., its partner in the Larder Lake project. In connection with the transaction, the Company changed its name from NFX Gold Inc. to Bear Lake Gold Ltd. Additional information about the Company is available on the Company’s website at www.bearlakegold.com and on SEDAR at www.sedar.ca.