Bear Lake Gold Announces Option on the Swansea Property

Bear Lake Gold Ltd. (TSXV:BLG) reports that Newstrike Resources Ltd. (TSXV: NR) and Odyssey Resources Limited (TSXV: ODX) have entered into an option agreement dated October 22, 2010 under which Odyssey may acquire a 25% interest in the Swansea property in Northeastern Ontario by spending $1.1 million on the Property.

The press release is quoted as saying:

Bear Lake and Newstrike respectively own an interest of 75% and 25% in the Property. Pursuant to the Option, Odyssey is entitled, subject to the terms and conditions of the Option, to acquire 18.75% from Bear Lake and 6.25% from Newstrike for a total of 25%. Bear Lake will be the operator of the exploration program on the Property and a drilling program should start in early November.

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