Valentine Lake Joint Venture intersects New High-Grade Lens at Leprechaun Gold Deposit Grading 8.15 g/t Au Uncut Over 20 Metres (TW) in Upper Zone of Deposit

Marathon Gold Corporation (TSX: MOZ) and Mountain Lake Resources Inc.
(TSX-V: MOA) are pleased to announce very positive results from the
first 5 diamond drill holes of the 2011 Valentine Lake Property drilling
campaign (see 2011 drill hole plan map on either companies′ website).
The drilling has focused in the NE portion of the Leprechaun Gold
Deposit and has resulted in the discovery of three new high-grade lenses
including 8.15 g/t uncut over 25m (45-70m) with 21.12 g/t uncut over 9m
(45-54m) in VL-11-232. These new mineralized lenses are shallow dipping
within the hanging wall zone of the deposit and at depths of less than
60m from surface. Main zone intercepts of up to 3.73 g/t over 20m
including 5.39 g/t over 10m were identified in VL-10-236. Marathon is
the operator of the project.

The second drill rig, which started drilling at Valentine East late last
week, has intersected quartz-tourmaline-pyrite veins in the first drill
hole (VE-11-01).

Highlights:

• 
  High-grade hanging wall lens in VL-11-232 graded 8.15 g/t uncut over
  25m (45-70m) including 21.12 g/t uncut over 9m (45-54m)
  
• 
  High grade hanging wall lens in VL-11-235 graded 14.97 uncut g/t over
  3.97m (3.03-7m) including 61.03 g/t uncut over 0.97m (3.03-4m)
  
• 
  Hanging wall lens in VL-11-236 graded 3.75 g/t over 11m (8-19m)
  including 8.04 g/t over 4m (8-12m)
  
• 
  Main Zone intercept in VL-11-236 graded 3.73 g/t over 20m including
  5.39 g/t over 10m
  
• 
  Coarse (up to 1mm) free gold observed in VL-11-232 and VL-11-236 (see
  photos on either companies′ website)
  
• 
  The ongoing infill drilling is expected to continue to increase the
  Measured and Indicated Resource for the Leprechaun Gold Deposit
  
• 
  Drilling will continue in the NE part of the Leprechaun Deposit until
  site conditions allow for step out drilling further to the NE into the
  Sprite zone as well as westward into the hanging wall of the main
  deposit.
  
• 
  Drilling has commenced at the Valentine East Zone with intersection of
  mineralized quartz-tourmaline-pyrite veins in the first drill hole
  (VE-11-01). The next planned drill hole (VE-11-02) will collar into an
  area between known mineralization and the contact zone where there is
  no historical drilling.
  

Sherry Dunsworth, V.P. Exploration for Marathon Gold says, 'The
exploration program at Valentine Lake is off to an excellent start this
year. We have intersected new high grade gold intercepts over wide
intervals and that is with just 2% of this year′s planned 25,000m
drilling campaign. The Leprechaun drilling is designed to upgrade
inferred resources into measured and indicated resources as well as
increasing the overall resource. Marathon is looking forward to future
results as we continue to step out testing targets at increased depth
and along strike to the NE of the Leprechaun Gold Deposit as well as in
the Valentine East Zone.?

TABLE 1: Significant New Gold Intercepts for Leprechaun Deposit:

* Estimated true thicknesses, HW = hanging wall, MZ = main zone,

**
2 of the reported assay values were cut; historically the cutting factor
is 58 g/t Au

Gary Woods, President and CEO of Mountain Lake added, 'The presence of
significant gold intercepts in the hanging wall will be very important
to the economics of the project and will have a big impact on the ore to
waste ratio in an open pit operation.?

Leprechaun Gold Deposit: The Leprechaun Deposit has a new (Press
Release, December 16, 2010) NI 43-101 compliant Measured and Indicated
Resource of 3,284,000 tonnes grading 2.62 cut g/t gold for a total
estimated 277,000 ounces of gold. The Inferred mineral resource is
4,409,000 tonnes grading 2.01 cut g/t gold for an estimated 285,000
ounces of gold. The new resource was calculated using a 0.5 g/t gold
minimum cut-off and a 3 meter minimum width. The Leprechaun Gold Deposit
is open at depth and along strike with 74% of the current M & I ounces
occurring within 150m of surface.

All of the samples were sent to Eastern Analytical Laboratory Ltd., in
Springdale, Newfoundland. Samples were assayed using lead collection
fire assay with AA (atomic absorption) finish. Results from fire assay
are used for drill hole planning only. Assay results for the planned
update of the December, 2010 resource will be determined by an ongoing
metallic screening process. Due to the coarse nature of the gold at the
Leprechaun Deposit, the metallic screening method is used on
economically important intersections followed by standard fire assay
techniques. The reported values in this release are fire assay results.

Valentine East Zone: Valentine East is a gold zone located 13 km
along strike to the northeast of the Leprechaun Deposit. Twenty one
widely spaced drill holes tested the zone over a strike length of 800 m.
Most of the drilling was focused on mineralization approximately 250 m
northwest of the sedimentary contact with the gold bearing granite.
These holes indicated potential for wide zones of low-grade gold
mineralization near surface. The best hole was VL99-17, which
intersected 61.06 m grading 1.09 g/t; however 39.91 m of that intercept
was not sampled and was therefore added as zeros values to the grade
calculation. The current program will test the potential of this zone
and the 250 m of rock to the sedimentary contact where some gold has
been found on surface and in 4 historical drill holes drilled along the
granite/sedimentary contact

Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, is Marathon′s
Qualified Person in compliance with National Instrument 43-101 with
respect to this release. Ms. Dunsworth has reviewed the contents for
accuracy and has approved this press release on behalf of Marathon.

Gary Woods, P. Geo, President and CEO, is Mountain Lake′s Qualified
Person and has reviewed and approved the contents of this news release
on behalf of Mountain Lake.

About Marathon Gold Corporation:

Marathon Gold Corporation ('Marathon?) is one of Canada′s newest gold
resource development companies, with projects located in the mining
friendly province of Newfoundland and Labrador and now a project in the
prolific Coeur d′Alene Mining District of Idaho. Marathon has a tiered
project pipeline consisting of early stage exploration to advanced
resource development projects which can be built into mineable reserves.
Marathon is continually evaluating new gold resource development
projects of merit that are located within the Americas. Marathon′s
focused and low-cost approach to resource development and exploration
has an established record of delivering rapid growth. Marathon is the
operator of the Valentine Lake Project under the joint venture with MOA.
For more information visit: www.marathon-gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Marathon Gold,
certain information contained herein constitutes 'forward-looking
statements'. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, or include words such as 'expects', 'anticipates', 'plans',
'believes', 'considers', 'intends', 'targets', or negative versions
thereof and other similar expressions, or future or conditional verbs
such as 'may', 'will', 'should', 'would' and 'could'. We provide
forward-looking statements for the purpose of conveying information
about our current expectations and plans relating to the future and
readers are cautioned that such statements may not be appropriate for
other purposes.By its nature, this information is subject to
inherent risks and uncertainties that may be general or specific and
which give rise to the possibility that expectations, forecasts,
predictions, projections or conclusions will not prove to be accurate,
that assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. These risks and uncertainties
include but are not limited to those identified and reported in Marathon
Gold's public filings, which may be accessed at www.sedar.com.Other than as specifically required by law, we undertake no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events, whether as a result of
new information, future events or results otherwise.

About Mountain Lake Resources Inc:

Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior
exploration company, whose corporate strategy is to build shareholder
value through the exploration and development of economically viable
mineral properties. Mountain Lake′s current projects include: a 50%
interest in the Valentine Lake gold property (Newfoundland) under the
joint venture with Marathon Gold Corp; a 100% interest in the Glover
Island gold exploration property (Newfoundland); an option to earn a
100% interest in the Little River gold-antimony exploration property
(Newfoundland); a 100% interest in the Bobby′s Pond base metals property
(Newfoundland); and a minority (~6.4%) stake in Etruscan Diamonds Ltd.,
an alluvial diamond project (South Africa). For more information visit: www.mountain-lake.com.

NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER
(AS THAT

TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE)
ACCEPTS RESPONSIBILITY

FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE.

For Corporate, Media, or Investor Inquiries:

Lytle & Associates

Greg
Lytle

North America toll-free: 866-285-5817

International &
Vancouver: 604-839-6946

info@mountain-lake.com

or

Terre
Partners

Christina McCarthy, 1 416-238-1414

Vice President

cmccarthy@terrepartners.com