Mountain Lake Reports Latest Drill Results from Valentine Lake Gold Joint Venture in Central Newfoundland

Results include 4.31 g/t Au over 13.5m in hole 393, 11.28 g/t over 7.65m in hole 395 and 2.41 g/t over 17m in hole 400; all true widths

HALIFAX, Nova Scotia -- (BUSINESS WIRE) -- Mountain Lake Resources Inc. (TSX-V: MOA)(Pink Sheets: MLKRF) (“Mountain Lake” or the “Company”) is pleased to report the latest batch of 2012 drill results from the Leprechaun Gold Deposit area of the Valentine Lake Property in central Newfoundland.

The Valentine Lake Property, including the Leprechaun Gold Deposit, is a 50/50 joint venture between Mountain Lake and Marathon Gold Corp. Marathon is the operator of the Project.

A total of 47 drill holes have now been completed in 2012 (Figure 1) and additional analytical results will be reported as available.

Current drilling is now focused on expanding the Leprechaun Gold Deposit to the southwest along strike with three drills working the 1.5 kilometre area between the south-western boundary of the current Leprechaun Resource and the J. Frank Zone.


Latest results include:

- 4.31 grams per tonne (g/t) gold (Au) over 13.5 meters (m) including 25.42 g/t Au over 1.8m, and 8.85 g/t Au over 3.6m including 32.31 g/t Au over 0.9m in hole VL-12-393;

- 11.28 g/t Au over 7.65m including 41.80 g/t Au over 1.7m, and 1.75 g/t Au over 14.45m including 17.87 g/t Au over 0.85m in hole VL-12-395;

- 2.41 g/t Au over 17.0m including 16.84 g/t Au over 2.0m and 3.43 g/t Au over 5.7m including 19.61 g/t Au over 0.95m in hole VL-12-400.


Latest analytical results from the 2012 drill program at the Leprechaun Gold Deposit:

DDH     Section   Zone*   From   To   Core Width (m)  True Width (m) Gold (g/t)
VL-12-392    9825    HW     41     44       3 	  	3 	  	6.19
including            HW     42     43       1 	  	1 	  	17.94
                     MZ    129    132       3 	  	2.85 	  	1.05
VL-12-393   10400    MZ    115    130      15 	  	13.5 	  	4.31
including            MZ    120    122       2 	  	1.8 	  	25.42
                     MZ    135    139       4 	  	3.6 	  	8.85
including            MZ    136    137       1 	  	0.9 	  	32.31
                     MZ    195    198       3 	  	2.7 	  	2.03
                     FW    282    285       3 	  	2.1 	  	3.33
including            FW    282    283       1 	  	0.7 	  	8.43
VL-12-394            HW      3      8       5 	  	5 	  	1.17
including                    5      6       1 	  	1 	  	4.81
                     MZ    173    176       3 	  	2.7 	  	2.10
VL-12-395  10387.5   MZ    204    207       3 	  	2.55 	  	4.38
                     MZ    252    261       9 	  	7.65 	  	11.28
including            MZ    252    254       2 	  	1.7 	  	41.80
                     MZ    267    284      17 	  	14.45 	  	1.75
including            MZ    282    283       1 	  	0.85 	  	17.87
VL-12-396    9875    HW      3      6       3 	  	3 	  	0.58
VL-12-398    9925    HW    128    131       3 	  	3 	  	2.29
                     MZ    274    277       3    2.7 	  	2.56
VL-12-399  10362.5   MZ    201    206       5 	  	4 	  	2.50
including            MZ    203    204       1 	  	0.8 	  	6.46
VL-12-400  10137.5   MZ    101    108      7 	  	7 	  	5.29

* Denotes: MZ – main zone, HW – hanging wall zone and FW – foot wall zone


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 Gold 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.


About the Valentine Lake Property

The Valentine Lake Property has a 30 kilometre (km) strike length with the J. Frank Zone and Leprechaun Gold Deposit situated at the southwestern end of a gold-bearing mineralized corridor that extends for at least 23km in a northeasterly strike. The Leprechaun Deposit currently has a NI 43-101 compliant Measured and Indicated (M&I) Resource of 6,446,000 tonnes grading 2.05 g/t gold for a total estimated 424,000 ounces of gold; and an associated Inferred resource of 5,742,000 tonnes grading 1.65 g/t gold for an estimated 305,000 ounces of gold (news release of March 29,2012). The mineral resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 metre minimum width.

Mike Regular, P.Geo. and Qualified Person as defined in NI 43-101, has reviewed and verified the contents of this news release on behalf of Mountain Lake.


About Mountain Lake Resources Inc.

Mountain Lake Resources Inc. (TSX-V: MOA)(Pink Sheets: MLKRF) is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties all located on the pro-mining island of Newfoundland. Mountain Lake’s current projects include: a 50% interest in the Valentine Lake gold property under the joint venture with Marathon Gold Corp. (drilling in progress); a 100% interest in the Glover Island gold exploration property; an option to earn a 100% interest in the Little River gold-antimony exploration property; a 100% interest in the Bobby’s Pond base metals property. For more information visit: www.mountain-lake.com


ON BEHALF OF THE BOARD OF DIRECTORS

s/“Allen Sheito”
President & CEO



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Contacts

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Email: info@mountain-lake.com