Oct. 12, 2010 (Filing Services Canada) -- Mountain Lake Resources Inc (MOA - TSX Venture, MLKRF - OTCBB_Pink_Sheets), ("Mountain Lake" or the "Company") is pleased to report that the third set of results from barge drilling at the Leprechaun Gold Deposit continue to define an area of near surface mineralization and improve overall drilling density. The Leprechaun Deposit is the first defined gold resource within the highly prospective, 30 kilometre strike length of the Valentine Lake Gold Property located in Central Newfoundland.
Highlights:
> hole VL-10-225, drilled in the main zone, returned 6.53 grams per tonne (g/t) gold (Au) over a true width of 19 metres (m)
> additional mineralization in the hanging wall and footwall improves open pit mining potential by reducing the stripping ratio
> 98 holes for a total of 10,908 m of drilling have been completed in 2010 - see highlights: http://www.mountain-lake.com/VL-Highlights2010.html
> new Leprechaun Deposit resource estimate is on track for completion before year end
> see drill hole map: (http://www.mountain-lake.com/VL-Highlights2010.html) of Leprechaun Deposit area
Marathon PGM Corp. (TSX: MAR) ("Marathon") is the operator of the Valentine Lake Project under the sub-option and joint venture agreement ("OJVA") between Mountain Lake and Marathon. For more information on the OJVA see the news release of December 23, 2009: http://www.mountain-lake.com/2009_MOA_News/MOA-NR-122309_VLake-MarathonJV.html.
"Barge based drilling is allowing us to get to areas that were previously inaccessible thereby filling in gaps and confirming continuity of both near surface mineralization and lenses of higher grade mineralization," said David Good, Marathon's VP of Exploration.
Latest analytical results from the Leprechaun Deposit are as follows:
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Section From To Core Width True Width Gold
(m) (m) (m) (m) (g/t)
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VL-10-221 10,050 24 30 6 4.2 1.20
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VL-10-222 10,050 66 74 8 5.6 1.15
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" 10,050 79 80 1 0.7 10.07
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" 10,050 98 101 3 2.1 0.73
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VL-10-223 10,037.5 10 17 7 4.2 1.49
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" 10,037.5 64 68 4 2.4 1.66
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" 10,037.5 97 108 11 7.7 7.45
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VL-10-224 10,037.5 37 38 1 0.7 18.59
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" 10,037.5 49 57 8 5.6 4.32
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" 10,037.5 72 74 2 1.4 3.18
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" 10,037.5 87 89 2 1.4 9.10
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VL-10-225 10,012.5 30 32 2 1.4 8.83
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" 10,012.5 64 91 27 19 6.53
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includes 10,012.5 64 68 4 2.8 11.30
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and 10,012.5 80 90 10 7.0 9.61
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also 10,012.5 119 120 1 0.7 4.39
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Mineralization in hole VL-10-225 correlates with deeper mineralization from VL-10-165, which returned 38.32 g/t (1.12 oz/t) gold over a true width of 9 metres (see news release of April 13th, 2010: http://www.mountain-lake.com/2010_MOA_news/MOA-NR-041310_VLake_Drill-resultsV.html). VL-10-225 also provides a true width of mineralization in historical hole VL-05-110, which was drilled down plunge and returned 3.87 g/t gold over a core length of 174 metres (see Valentine Lake NI 43-101 Technical Report: http://www.mountain-lake.com/Tech-Reports/ValentineLake_Mar2009_43-101.pdf dated March 23rd, 2009).
Hole VL-10-221 provides up-dip continuity of mineralization intersected in VL-10-222. Additional up-dip continuity is established in VL-10-224 from deeper intersections in VL-10-223.
These holes, typically having a -80 to -85 degree dip, were drilled along strike and to the west of the initial barge holes but on the mineralized trend. The latest intersections appear to establish good continuity of mineralization up-dip, near surface and along-strike of earlier drilling.
Mineralized lenses encountered both up-dip and along strike from the historical resource are very important as they provide a better understanding of the distribution of mineralization and help to build a more comprehensive geological model to be used during the revising of the resource estimate.
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. Duplicate assays were made on all assays above 30 g/t. Assay results for the planned updated resource estimate will be determined by a metallic screening process.
About the Valentine Lake Gold Property:
The Valentine Lake Property is over 30 km long and has anomalous gold values in rock and soils, reflecting widespread gold mineralization. Preliminary investigation of these areas has produced favourable drilling results that require follow up. Both Mountain Lake and Marathon believe that the setting of the Property is geologically analogous to other gold camps such as the Abitibi Belt.
About the Leprechaun Gold Deposit:
To date, the Leprechaun Deposit (3 ~km from the southwest limit of the claims) is the first defined gold resource within the highly prospective Valentine Lake Property. The Deposit, which has a NI 43-101 compliant underground inferred mineral resource of 1,314,780 tonnes grading 10.50 g/t Au using a 5 g/t Au minimum cut-off and a 3 m minimum width for a total estimated mineral resource of 443,000 ounces of gold. Cutting individual assays to 58 g/t Au, the average grade is 8.51 g/t Au for a total estimated mineral resource of 359,000 ounces of gold at the cut grade. The Deposit is open at depth and along strike. The resource estimate was performed by Larry Pilgrim, P. Geo., Qualified Person, and presented in the NI 43-101 Valentine Lake Technical Report: http://www.mountain-lake.com/Tech-Reports/ValentineLake_Jan2005_43-101.pdf dated January 12, 2005, when the closing spot price for gold was US$ 425.50 per ounce. A new resource estimate for the Leprechaun Deposit is to be completed before year end.
Gary Woods, P.Geo., President and CEO of Mountain Lake, is the Company's Qualified Person on the Valentine Lake Project and has reviewed and verified the contents of this news release.
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 30% interest in the Valentine Lake gold property (Newfoundland) with an option to acquire the remaining 70% interest from Richmont Mines Inc. (TSX/NYSE-Amex: RIC) and a subsequent sub-option and joint venture agreement whereby Marathon PGM Corp. can earn a 50% interest in the property; 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
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Lytle & Associates Corporate Communications
N. America toll-free: (866) 285-5817
Int'l. & Vancouver: (604) 839-6946
Email: info@mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/"Gary Woods"
President & CEO
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Source: Mountain Lake Resources Inc (TSX-V: MOA) http://www.mountain-lake.com
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