NR - VLake gold property drillingA good time to be drilling. Gold is strong and any new finds should be well rewarded. The Vlake property is huge and with just a comparatively small amount of drilling to date, MOA has already proved up close to 1/2 a million OZ of gold. I am sure that if they can do as well this time as in other drill campaigns, the talk of hitting a million OZ will begin to look likely. As can be seen from the NR, this is a rich property with the average grade coming in at over 10g/t(that's close to $400CND/ton!!!)...
Mountain Lake Commences Exploration and
Resource Expansion Drilling at Valentine Lake, in
Central Newfoundland
Property includes a NI 43-101 compliant inferred resource of 1,314,780
tonnes grading 10.50 g/t or 443,000 ounces of gold (uncut) and a total strike
length of 29 kms that remains significantly underexplored
Halifax, Nova Scotia, August 10, 2009 – Mountain Lake Resources Inc. (TSX-V: MOA)
(“Mountain Lake” or the “Company”) is pleased to report that it has commenced drilling onthe Valentine Lake property (the “Property”) located in Central Newfoundland, 55 km south of
the town of Buchans. The Property consists of four (4) mineral licenses covering a total area of
13,475 hectares. Mountain Lake currently owns a 30% interest in the Property and has an option toacquire the remaining 70% from Richmont Mines Inc.
Mountain Lake is the operator of the Valentine Lake project and the primary objective of the currentprogram will be to determine the significance of several, single to multi drill hole, isolated
intercepts that have been encountered in previous drill campaigns in areas several kilometers
northeast of the Leprechaun Pond deposit or Main Zone. The program will also focus on drill
testing the southwest end of the Leprechaun Pond deposit to determine if it remains open in thatdirection. This next phase of exploration is designed to demonstrate both the potential for further
deposits within the 29 km strike length of the property as well as the potential to increase the
current resource in the area of the Main Zone.
Mr. Gary Woods, P.Geo., President and CEO of Mountain Lake, is the Qualified Person on the
Valentine Lake project, and has reviewed and verified the contents of this news release.
About the Valentine Lake Property
The Valentine Lake Property's Leprechaun Pond Deposit hosts a NI 43-101 compliant inferred mineral
resource of 1,314,780 tonnes grading 10.50 grams per tonne (g/t) gold using a 5 gpt gold minimum cutoff
and a 3 metre minimum width for a total estimated mineral resource of 443,000 ounces of gold.
Cutting individual assays to 58 g/t gold, the average grade is 8.51 g/t gold, for a total estimated mineral
resource of 359,000 ounces of gold at the cut grade. The Deposit is open at depth. The resourceestimate of the Valentine Lake Property presented in the NI 43-101 Technical Report dated January 12,
News Release
2
2005 was performed by Larry Pilgrim, P. Geo. a Qualified Person (see: NI 43-101 Valentine LakeTechnical Report). Strong and extensive soil geochemistry over more than 20 km indicate excellentpotential for additional gold discoveries to be made on the Property.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior mining and exploration
company whose corporate strategy is to build shareholder value through the exploration and
development of economically viable mineral properties. Current projects include: a 30% interest
in the Valentine Lake gold project (Newfoundland) with and option to acquire the remaining
70% interest from Richmont Mines Inc.; a 100% interest in the Bobby’s Pond base metals
project (Newfoundland) with an option to acquire initially a 51% interest in the surrounding
claims from Cornerstone Capital Resources; an option to earn a 100% interest in the Little River
gold exploration property (Newfoundland); and a 13.07% stake in Etruscan Diamonds Limited,
an alluvial diamond operation (South Africa). For more information visit: www.mountainlake.com
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Communications Manager
Mountain Lake Resources Inc.
North America toll-free: (866) 285-5817
International & Vancouver: (604) 839-6946
Email: info@mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/“Gary Woods”
President & CEO
**********************
C.Gert