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Mountain Lake Hits High-Grade Gold in Central Newfoundland Drilling

Mountain Lake Resources Inc. has reported the latest drill results from the Valentine Lake Gold Property in central Newfoundland include the intersection of additional high-grade mineralization in the "Heart of Gold" area of the Leprechaun Deposit with 5.99 grams per tonne (g/t) gold (Au) over 10.8 meters (m) including 28.88 g/t Au over 1.8 m in VL-11-345, and 3.69 g/t Au over 12.4 m including 39.80 g/t Au over 1.0 m in VL-11-343.

"Good lateral continuity between high-grade intercepts within the high-grade shoots of the Leprechaun Deposit continues to be demonstrated and this will have a positive impact on the upcoming new resource estimate. The remaining 2011 drilling will focus on initial testing of the newly discovered J. Frank Zone and hanging wall mineralization where coarse visible gold has been exposed, as well as the underlying structurally equivalent setting to the Main Zone at the Leprechaun Deposit," said Mountain Lake's President and CEO Gary Woods.

The Valentine Lake Property is a 50/50 joint venture between Marathon Gold and Mountain Lake with the Leprechaun Gold Deposit situated at the south-western end of a 23 kilometre (km) long, gold-bearing mineralized corridor. Marathon is the operator of the project, and the Partners are jointly funding a $7.1 million resource expansion and exploration budget in 2011.

Highlights:

  • Infill drill holes within the "Heart of Gold" area continue to confirm along-strike continuity of high-grade mineralization with intervals of 5.99 g/t Au over 10.8 m including 28.88 g/t Au over 1.8 m in VL-11-345, 3.69 g/t Au over 12.4 m including 39.80 g/t Au over 1.0 m in VL-11-343, and 3.34 g/t Au over 9.0 m including 9.52 g/t Au over 2.7 m in VL-11-344.
  • The new Hanging Wall Zone reported on October 3, 2011 and October 6, 2011, continues to expand with significant new mineralization intersected in drill holes VL-11-345 with 6.53 g/t Au over 2.6 m, VL-11-347 with 4.41 g/t Au over 2.9 m, and VL-11-343 with 2.15 g/t Au over 2.9 m.
  • Significant new Footwall Zone intercepts include 5.73 g/t Au over 2.4 m with 17.09 g/t Au over 0.8 m in VL-11-353 and 3.20 g/t Au over 2.8 m in VL-11-355.

Analytical results for drill holes VL-11-348, 349, 350, 351 and 352 were reported October 6, 2011, and drill hole VL-11-356 drilled into mafic dike and had no significant assay results.

All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Due to the coarse nature of the gold at the Leprechaun Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results. No lower cut off was applied during calculation of the composite grades.

The 2011 resource expansion drilling of the Leprechaun Deposit area has now been completed with a total of 24,938 meters (99.8%) of the planned 25,000 meter drilling campaign having been completed in 145 drill holes. Analytical results for the remaining 22 drill holes will be reported as available, and an updated resource estimate for the Leprechaun Deposit is scheduled for completion before year's end.

The drill rigs have now moved 1.5 km southwest along strike to conduct initial drill testing of the newly discovered J. Frank Zone, where bedrock grab samples from trenching have returned gold values from <5ppb Au (detection limit) up to 581,875 ppb or 581.88 g/t (1000 ppb Au = 1.0 g/t Au). Grab samples are selective in nature and are unlikely to represent averages grades of the deposit. See news release of October 20 below for more information on the J. Frank Zone.

Leprechaun Gold Deposit: The Deposit has a NI 43-101 compliant Measured and Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces of gold; and an associated Inferred resource of 4,409,000 tonnes grading 2.01 g/t gold for an estimated 285,000 ounces of gold (news release of December 16, 2010). The 2010 resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 metre minimum width. The Deposit is open at depth and along strike with 74% of the current Measured & Indicated ounces occurring within 150m of surface. See the news releases detailing the 2011 exploration results which have been announced: February 3, February 18, March 2, March 8, March 29, April 26, May 4, June 29, July 27, August 9, August 25, August 30, September 8 October 3, October 6, and October 20.

Source: www.mountain-lake.com

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