Mountain Lake: Over 25,000 Metres of Drilling in 150 Drill Holes Completed in 2011 at the Valentine Lake Gold Project in Central Newfoundland

Mountain Lake Resources Inc. (TSXV:MOA) reported the final batch of analytical results from the resource expansion drilling done this year on the Leprechaun Deposit area on the Valentine Lake Gold Property in central Newfoundland.

As quoted in the press release:

These results come from the last 9 holes drilled in the central portion of the current Leprechaun Deposit resource boundary (Figure 1) and include 6.89 grams per tonne (g/t) gold (Au) over 4.8 meters (m) including 14.12 g/t Au over 1.9 m in step-out hole VL-11-365, and 2.86 g/t Au over 8.0 m including 9.53 g/t Au over 2.0 m in infill hole VL-11-357.

A total of 25,250 metres of diamond drilling were completed in 150 drill holes on the Valentine Lake Property in 2011. The Winter Campaign included 59 holes with 53 holes in the Leprechaun Deposit area and immediately northeast along strike (VL-11-232 to 284) and 6 holes in the Valentine East area 13 kilometres (km) along strike (VE-11-001 to 006). The Summer-Fall Campaign included 93 holes with 81 holes in the Leprechaun Deposit area (VL-11-285 to 365 of which 298 & 351 were lost holes), and 12 holes in the J. Frank Zone 1.5 km southwest and along strike (VL-11-366 to 377). Results for all but the 12 holes drilled in the J. Frank Zone have now been reported, and the balance of outstanding results will be reported as available.

Due to a combination of unforeseen factors, Mountain Lake now anticipates the release of the updated Resource Estimate in late Q4 2011 or early Q1 2012.

Highlights:

• Step-out drill hole VL-11-365 within the “Heart of Gold” area showed a 50 m down dip extension of the main zone mineralization with intervals of 6.89 g/t Au over 4.8 m, including 14.12 g/t Au over 1.9 m and 6.86 g/t Au over 2.9 m, including 18.38 g/t Au over 1.0 m as well as significant hanging wall mineralization with 1.60 g/t Au over 2.9 m.
• Infill drill hole VL-11-357 intersected significant main zone mineralization with intervals of 2.86 g/t Au over 8.0 m, including 9.53 g/t Au over 2.0 m as well as footwall mineralization with 0.84 g/t Au over 4.0 m.

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