Mountain Lake Resources Inc. (TSX-V: MOA)(Pink Sheets: MLKRF) ("Mountain Lake" or the "Company") is pleased to report the latest batch of drill results from its 100% owned Glover Island Gold Property in western Newfoundland. Thick intervals of gold mineralization continue to be encountered and undercut holes are demonstrating the gold mineralization continues and remains open at depth.

Highlights:

  • Drilling encountered a 53.5 metre (m) interval of 1.74 grams per tonne (g/t) Au in hole LPSE-11-55, which is situated 50m updip from LPSE-11-41 that contained 11.3m of 1.54 g/t Au, plus 3.5m of 1.49 g/t Au and 5.8m of 2.2 g/t Au over a 32m interval
  • Drill hole LPSE-11-53, located 100m below LPSE-11-41 referred to above, encountered a 16.0m zone of 1.27 g/t Au
  • Drill hole LPSE-11-57, the deepest hole on the section and situated 100m below the above mentioned LPSE-11-53, encountered a 44.7m zone of 1.65 g/t Au as well as a 3.2m zone of 2.06 g/t Au
  • Drill holes LPSE-11-56 & 58 are located near the eastern limits of the historic resource
  • Gold distribution continues to be very uniform over broad intervals

Gary Woods, President and CEO of Mountain Lake commented, "We continue to be pleased with the grades and widths of the mineralized intervals encountered to date. A total of 7,227 metres of diamond drilling were completed in 29 holes in the 2011 program and our plans are to continue to follow-up these broad intervals of mineralization once our 2012 drilling permits are in place. We will await receipt of the initial 2012 results before commencing the planned NI 43-101 resource calculation."

 

Latest analytical results from the Glover Island LPSE Prospect

 

 
DDH     Section     Grid     From     To    

Core

Width (m)

    

True

Width (m)

     Gold g/t
LPSE-11-52     9800E     East     67.00     78.70     11.70     10.80     1.39
LPSE-11-53     10050E     East     200.00     208.00     8.00     INS *     0.55
and                 327.00     343.00     16.00     14.70     1.27
LPSE-11-54     9750E     East     43.00     50.00     7.00     5.70     1.08
and                 114.60     117.60     3.00     2.50     1.05
LPSE-11-55     10050E     East     38.50     92.00     53.50     42.00     1.74
LPSE-11-56     10200E     East     85.00     88.00     3.00     2.90     0.76
and                 264.00     268.00     4.00     3.70     0.93
LPSE-11-57     10050E     East     344.30     389.00     44.70     39.00    

1.65

and                 404.80     408.00     3.20     2.80     2.06
LPSE-11-58     10250E     East     171.70     175.92     4.22     3.80     1.06
LPSE-11-59     9850E     East     234.60     247.00     12.40     10.80     1.03
and           East     265.00     270.00     5.00     4.40     1.56

* Insufficient information to determine true width

 

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. A rigorous quality control program is in place which involves insertion of blanks and multiple grades of standards at regular intervals, as well as submitting quarter splits of core in addition to the regular half split core roughly every 30th sample.

Gary Woods, P. Geo, is the Company's Qualified Person on the Glover Island Property and has reviewed and verified the contents of this news release.

About the Glover Island Property

  • The Company acquired a 100% interest in the Property in 2010.
  • The Property is located on the south-central portion of Glover Island and consists of two mineral licenses and one mining lease covering a total of 5,100 hectares. Notably, most of the exploration work on the Glover Island Project was conducted prior to 1995 with the exception of eight holes that were drilled in 2003, when the price of gold averaged $350 per ounce for the year.
  • The Property is host to several significant gold prospects over an 11 kilometre (km) strike length. Significant drill intercepts include 16.7m of 5.31 grams per tonne (g/t) gold (Au) at the Lunch Pond South East Prospect, 10m of 4.93 g/t Au at Kettle Pond South, and 8.0m of 10.18 g/t Au at the Lucky Smoke Deposit
  • Historical resources have been calculated (V.A. French, MSc, PGeo, 1994) for three areas of the Property: Kettle Pond South - 450,000 tonnes at 2.3 g/t Au for 33,276 troy ounces (oz); Lunch Pond South Main Zone - 2,730,000 tonnes at 2.1 g/t Au for 184,321 oz; and Lunch Pond South West Zone - 900,000 tonnes at 1.6 g/t Au for 46,297 oz.
  • For more information on and to see photos of the Property, the new field camp, the drill rigs at work, and a plan view map of the historical resource areas, etc., visit the Glover Island (http://www.mountain-lake.com/GloverIsland.html) page on the Mountain Lake website

Cautionary Statement: A qualified person has not done sufficient work to classify the historical estimate above as current mineral resources. Mountain Lake is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

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 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 this Quarter); a 100% interest in the Glover Island gold exploration property (drilling this Quarter); 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/"Gary Woods"

President & CEO

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:
Mountain Lake Resources Inc.
Greg Lytle, Communications Manager
N. America toll-free: 866-285-5817
Int?l. & Vancouver: 604-839-6946
info@mountain-lake.com