Mountain Lake Resources Inc. (TSXV:MOA) reports that the latest results from step-out and infill drilling in the southwest and northeast sections of the Leprechaun gold deposit on the Valentine Lake property, Central Newfoundland.

The press release is quoted as saying:

The Valentine Lake Project is a 50/50 joint venture between Marathon Gold Corporation (“Marathon”) and Mountain Lake. Marathon is the operator of the Project and a total of 97 drill holes totaling 15,496m (62%) of the 25,000m of drilling planned for 2011 have been completed to date. The balance of the drilling is expected to be completed this quarter with results being released as available into the fall, and an updated resource estimate for the Leprechaun Deposit is scheduled for completion before year’s end.

Mountain Lake Resources’ President and CEO, Gary Woods says:

“We had such great success last year in the Heart of Gold area of the Leprechaun Deposit and it’s very encouraging to get back there and hit another high-grade interval in a step-out hole as we did in VL-11-306. It must also be emphasized that the interval in hole 306 starts within 175 metres of surface and further demonstrates the open pit mining potential of the Leprechaun area that has consistently returned results within 200 metres of surface as the resource continues to grow.”

Click here to access the entire news release.

Click here to access Mountain Lake’s company profile.(TSXV:MOA)