Bear Lake Gold Announces Data Inconsistencies that may
Compromise Prior Technical Disclosure related to the Larder Lake Property
Longueuil, Quebec: July 21, 2009. Bear Lake Gold Ltd. (the Company) (TSX.V: BLG) today said that it
has become aware of material inconsistencies regarding the Company’s
exploration data that appear to compromise the Company’s prior reporting
of exploration results in respect of the Company’s Larder Lake Property.
These matters were uncovered on Friday, July 17, 2009, when InnovExplo Inc., the independent technical consulting firm
engaged by the Company to complete a resource estimation of the Bear Lake zone
and draft a NI 43-101 technical report in respect of the Larder Lake Property, detected certain data
inconsistencies and raised concerns with senior management of the Company.
Management immediately brought these matters to the attention of the Board
of Directors.
The
Company said that the inconsistencies appear to involve core drilled to
evaluate the Larder Lake Property and the validity and reporting of assay data
related thereto, potentially affecting a significant portion of the database
for the Bear Lake zone of the Larder Lake Property. Upon learning
of these matters, the Company immediately commenced an investigation, both
internally and externally with the assistance of InnovExplo
Inc., which investigation has been proceeding expeditiously. Given the
nature of these matters, the Company has retained Scott Wilson Roscoe Postle Associates to lead the technical investigation and Stikeman Elliott LLP to lead the legal aspects of the
investigation and to advise the Board.
The
Company said that although it is too early in the investigation to determine
precisely the effect of the inconsistencies, based upon the results of the
investigation to date it appears that the data inconsistencies are of a serious
nature and the Company believes that the reporting of corrected assay results
may result in significant reductions of gold values for some of the previously
announced drilling intercepts.
Based upon
what the Company has learned to date, the Company’s Vice President
Exploration, who has also been the Company’s internal qualified person in
respect of the technical content of the Company’s public disclosure about
its exploration program at the Larder Lake Property, has been suspended pending
the finalization/outcome of the Company’s complete internal investigation.
The
Company’s Chairman, David Fennell, said The Board and I are deeply
concerned about what we have learned and we are working with our independent
advisors to ascertain as quickly as possible exactly the nature, scope and
effect of the inconsistencies.
The Board has established a
Technical Committee comprised of Messrs Fennell, Stephen Quin
and Alex Horvath, to supervise the investigation, review internal technical
procedures and make recommendations to the Board. The investigation will
address, among other things, the extent of the time frame over which the
inconsistencies occurred.
At this time the Company is not
aware of any inconsistencies with respect to any of its projects other
than the Larder Lake Property. The Company will review the data with
respect to its other projects.
It is the
Company's understanding that trading in the Company's shares will remain halted
as the Exchange reviews this matter and the Company provides additional
clarification to the Exchange on the status of its internal and external
investigations.
The
Company is investigating as quickly as possible and will provide additional
information as soon as practicable.
For
further information, please contact:
Carole Plante, Corporate Secretary
Bear
Lake Gold Ltd.
Tel:
450-677-2065
Fax:
450-677-2601
|
Evie
Sheppard, Legal Counsel
Bear
Lake Gold Ltd.
Tel:
450-677-2296
Fax:
450-677-2601
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