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Mountain Lake Continues to Identify Gold and Antimony Targets on Little River Gold Property

Mountain Lake Resources Inc. (TSX-V: MOA) has reported the results of its trenching program continue to identify strong gold and antimony targets for the upcoming fall drill program on the Little River Gold Property, located in southern Newfoundland.

The Little River Property (the "Property") has a strike length of ~35 kilometres (km) and Mountain Lake has an option to earn a 100% interest in the Property.

Four high priority areas resulted from this trenching program and will be drill tested in the fall program. Drilling will also test the high grade stibnite vein (antimony-Sb) in the northeastern portion of the Property, where values of up to 50% Sb and 24 g/t Au were recently reported (see news release of September 8, 2010).

The trenching program focused on the grid area in the central part of the Property, where 24 trenches were excavated over a strike length of 10 km and targeted on soil geochemical anomalies. Multiple mineralized zones were encountered with strong gold +/- antimony mineralization coming from four main areas.

Gold values of 1.7 g/t and 1.9 g/t occurred in grab samples from a 10 metre (m) wide strongly sheared and altered zone containing veins of quartz-arsenopyrite-stibnite with up to 1.12% Sb at 193N. A trench located 200 m along strike to the north contained gold values to 1.1 g/t and several antimony bearing veins with values ranging from 1.3% to 3.1% Sb. A sample containing 15.3% Sb came from a trench at 182N from a 20 to 30 centimetre (cm) wide quartz-stibnite vein. A 1.5 m chip sample containing 2.7 gpt Au was taken from a trench on 167N. A 2 m wide zone in a trench located 120 m away contained disseminated arsenopyrite in shale and samples from this area contained gold values of 3.2, 4.0, 9.3, 10.8, 14.5, 18.3, and 20.9 g/t Au.

One of the most interesting trenches of the program was from an area 5 km south of 167N at 117N, where only one trench of 4 proposed trenches could be excavated as a result of boggy conditions. The trench is located near the north end of strong, discrete 500 m long Au-Sb anomaly in soils. Samples from a 6 m wide silicified and quartz veined shear zone contained gold values of 1.1 to 1.8 g/t Au and Sb values from veins up to 30 cm of 1.6, 1.8, 2.2, 2.9, 3.0, and 7.2% Sb.

Mountain Lake President and CEO Gary Woods stated, "We continue to encounter interesting antimony values in our search for gold at Little River with antimony bearing veins having now been identified over a 20 km strike length. Once the drilling is completed we will have a much better idea of how the gold and antimony mineralization behave at depth".

Mountain Lake would also like to extend its gratitude again this year to the Newfoundland and Labrador Department of Natural Resources, Mines and Energy Division, for its approval of a $100,000 grant through the Junior Exploration Assistance Program to offset some of this year's exploration costs on the Little River Project.

Gary Woods, P.Geo., is the Qualified Person on the Little River Property, and has reviewed and verified the contents of this news release.

Source: Mountain Lake Resources Inc.

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