Bear Lake Gold Completes Share Consolidation

Bear Lake Gold Completes Share Consolidation

Bear Lake Gold Ltd. announce that it has proceeded with its previously announced consolidation of the common shares of the Company. The consolidation was approved at the special meeting of the shareholders of the Company held on September 11, 2008. The consolidation results in each shareholder of the Company receiving one post-consolidation share for every two pre-consolidation common shares held. Prior to the completion of the consolidation the Company had 127,966,114 common shares outstanding, and upon completion of the consolidation, the Company has approximately 63,983,057 post-consolidation common shares outstanding.

The Company filed articles of amendment pursuant to the Business Corporations Act (Ontario) to effect the consolidation on September 23, 2008. The consolidation has been accepted by the TSX Venture Exchange (“TSXV”). The post-consolidation common shares will commence trading on the TSXV as of the opening of trading on Wednesday September 24, 2008.

The consolidation followed the business combination of NFX Gold Inc. (“NFX”) and Maximus Ventures Ltd. (“Maximus”) which was completed by way of a plan of arrangement on September 16, 2008 (the “Arrangement”). Under the Arrangement, NFX acquired all the issued and outstanding shares of Maximus in exchange for NFX common shares on a one-for-one basis and NFX changed its name to “Bear Lake Gold Ltd.”. On September 18, 2008, the common shares of Bear Lake began trading under their new name and trading symbol, BLG. The trading of the common shares of Maximus on the TSXV was halted on September 16, 2008 and the Maximus common shares were delisted from the TSXV effective at the close of trading on September 18, 2008.

Letters of transmittal with respect to the consolidation will be mailed to former NFX registered shareholders. All registered shareholders of the Company will be required to send their certificates representing pre-consolidation common shares with a properly executed letter of transmittal to the Company’s transfer agent – Equity Transfer & Trust Company in Toronto, Ontario. Additional copies of the letter of transmittal can be obtained through Equity Transfer. Letters of transmittal for the Arrangement were sent to former Maximus registered shareholders and all holders who have duly completed letters of transmittal and submitted their Maximus common share certificates in connection with the Arrangement will receive post-consolidation Bear Lake common shares.

No certificates representing fractional post-consolidation common shares will be issued pursuant to the consolidation. All fractional shares resulting from the consolidation will be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares.

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