News Release - New Antimony Discovery...plus big gBusy yesterday and missed this great News. Gold showings are over over 1 OZ !!! and as well appears a Big Surprise of some High Grade Antimony. As it states in the NR, Antimony is very rare in the world only showing up in a very few places or countries. Newfoundland is one of these few places in the world and it currently has the only producing mine in North America which is owned by the Chinese!!...Drilling Little River is planned immediately so more news will be coming again soon,,,C.Gert
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Mountain Lake Resources Inc.
Purdy’s Wharf, Tower 1
1700-1959 Upper Water Street
Halifax, NS, B3J 3N2
Tel.: 604.839.6946
Trenching Results Reveal Strong Gold Values Plus
New Discovery of Antimony Mineralization at
Mountain Lake’s Little River Property,
Newfoundland
Bedrock grab samples return up to 32.7 gpt gold and 5.5% antimony in an
area with no historic drilling
Halifax, Nova Scotia, October 15, 2009 – Mountain Lake Resources Inc. (TSX-V: MOA)
(“Mountain Lake” or the “Company”) is pleased to report the results of its trenching programon the Little River Gold Property (the “Property”) in southern Newfoundland. The follow-up
drill program will be the first ever in this area of the Property.
Twenty-one trenches excavated over a strike length of 8 kilometres (km) were targeted on soil
geochemical anomalies and known gold occurrences. Results from bedrock grab samples taken
from the trenches identified multiple mineralized zones with strong gold +/- antimony (stibnite
or Sb; see more information below) mineralization values coming from five areas.
The highest values from bedrock grab samples from three of the zones ranged from 6.1 grams
per tonne (gpt) Au to 32.7 gpt Au averaging 15.8 gpt Au, and an additional twenty-three samples
contained from 1 to 6 gpt Au. Strong antimony values were discovered in two separate trench
areas. Five samples from a 2.5 metre wide sulphide zone in the first trench ranged from 0.57% to
3.06% Sb (average of 1.6% Sb) and a sample from a pit dug 12 metres along strike contained an
average of 1.31% Sb. Three samples from a 2 metre wide zone in the second trench area located
1.2 km to the south contained 4.6%, 5.2% and 5.5% Sb. Notably, the 5.2% Sb sample also
contained 4 gpt Au. Both zones are hosted by a schistose felsic volcanic containing numerous
quartz – arsenopyrite – stibnite veins as well as disseminated mineralization. No historic drilling
has ever taken place in the area of the 2009 trenching program.
Mountain Lake President and CEO Gary Woods commented, “We are extremely encouraged by
the exploration results from Little River to date and particularly by the results from the trenching
program. The discovery of the new antimony occurrences, one with up to 4 grams of gold, in
addition to the areas with significant gold values has provided several high priority targets for the
upcoming drill program.”
News Release
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Mountain Lake would also like to extend its gratitude to the Newfoundland and Labrador
Department of Natural Resources, Mines and Energy Division, for its approval of a $100,000
grant through the Junior Exploration Assistance Program to offset some of this year’s
exploration costs on the Little River project.
Gary Woods, P.Geo., is the Qualified Person on the Little River project, and has reviewed and
verified the contents of this news release.
About Antimony
Antimony can occur in its native form, but is usually found in other minerals and most
commonly in the mineral stibnite. A silvery-white crystalline metal, antimony is used to increase
hardness and strength of metal alloys. Antimony and its compounds are widely used in the
production of batteries, bullets, cable sheathing, flame-proofing compounds, glass, ceramics,
paints, pottery and in the semiconductor industry. According to MinorMetals.com the latestavailable bid price for a metric tonne of antimony (99.6% pure ingot) is US$ 6,100 or US$ 2.77
per pound as compared to the latest spot price for copper of US$ 2.81 per pound.
Newfoundland’s Beaver Brook Antimony Mine, located near Gander ~150 km north of the Little
River Property, is the only operating antimony mine in North America. The 550 ton per day
underground mine boasts a high-grade antimony deposit--one of the world's largest deposits
outside China--with an expected 10-year mine life. In September, Hunan Nonferrous Metals
Corp. (HNC), the largest integral metals producer in China by production volume excluding
aluminum, agreed to acquire a 100% equity interest in the Beaver Brook Mine for $29.5 million
in cash.
About the Little River Property
The Little River Property, consists of 448 mining claims comprising 11,200 hectares over a
strike length of ~33 km in the Baie D’Espoir area of southern Newfoundland. The Property is
close to local population centres, is cross cut by major power lines, and can be accessed by way
of the Bishop Falls to Harbour Breton highway and secondary roads and trails that exist on the
Property. Mountain Lake has an option to earn a 100% interest in 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 Resources; an option to earn a 100% interest in the Little River gold
exploration property (Newfoundland); and a 4,350,000 share (~13.07%) stake in Etruscan
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Diamonds Limited, an alluvial diamond operation (South Africa). For more information visit:www.mountain-lake.com
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Lytle & Associates
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.