Mountain Lake Reports More High-Grade Gold at Leprechaun with Intersection of 16.15 g/t Over True Width of 13.3 Metres in Step-Out Hole VL-11-306

Mountain Lake Resources Inc. (TSX-V: MOA) ("Mountain Lake”) is pleased to announce the latest results from step-out and infill drilling in the southwest and northeast sections of the Leprechaun Gold Deposit on the Valentine Lake Property in Central Newfoundland. Results include the intersection of 16.15 grams per tonne (g/t) gold (Au) over 13.3 metres (m) in step-out drill hole VL-11-306, and the intersection of 3.96 g/t Au over 13.5m in infill drill hole VL-11-301. All reported intersections are true widths; see Figure - LP for a plan view of the latest drill holes.

The Valentine Lake Project is a 50/50 joint venture between Marathon Gold Corporation ("Marathon”) and Mountain Lake. Marathon is the operator of the Project and a total of 97 drill holes totaling 15,496m (62%) of the 25,000m of drilling planned for 2011 have been completed to date. The balance of the drilling is expected to be completed this quarter with results being released as available into the fall, and an updated resource estimate for the Leprechaun Deposit is scheduled for completion before year’s end.

"We had such great success last year in the Heart of Gold area of the Leprechaun Deposit and it’s very encouraging to get back there and hit another high-grade interval in a step-out hole as we did in VL-11-306. It must also be emphasized that the interval in hole 306 starts within 175 metres of surface and further demonstrates the open pit mining potential of the Leprechaun area that has consistently returned results within 200 metres of surface as the resource continues to grow,” commented Gary Woods, President and CEO of Mountain Lake.

Highlights:

• Step-out drill holes VL-11-304 with 1.56 g/t Au over 24.7m and VL-11-306 with 16.15 g/t Au over 13.3m show the continued expansion of the large, high-grade, "Heart of Gold” zone (within the 750 metre Leprechaun Deposit) that currently extends for over 200m along strike to the NE and is open down dip as well as towards the southwest.
• This intercept in VL-11-306 is situated 50m down dip from an interval encountered last year in drill hole VL-10-165 containing 38.32 g/t (1.12 oz/ton) Au over 9.0m.
• Infill drill holes VL-11-305 with 1.06 g/t Au over 18.2m including 3.25 over 4.2m, and VL-11-307 with 1.71 g/t Au over 11.7m confirm the continuity of the main zone mineralization that occurs on strike in adjacent sections.
• Infill drill hole VL-11-301 with 3.96 g/t Au over 13.5 m including 7.94 g/t Au over 6.3 m confirms the continuity of near surface main zone mineralization in section as well as along strike for 12.5 m to the NE on the adjacent section.

Note: There were no significant results to report in VL-11-302; and "*” denotes: HW – hanging wall zone and MZ – main 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. Results from fire assay are used for drill hole planning only. Assay results for the future updates of the December 2010 resource estimate will be determined by an ongoing metallic screening process. Due to the coarse nature of the gold at the Leprechaun 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. No lower cut off was applied during calculation of the composite grades.

About the Valentine Lake Joint Venture: The Valentine Lake Project is a 50/50 joint venture between Marathon Gold and Mountain Lake. The Leprechaun Gold Deposit (750 metre strike length) is situated at the south-western end of the Valentine Lake Property with the Sprite Zone and the Valentine East Zone located ~700 metres and ~13 kilometres (km) respectively along strike to the northeast. These gold occurrences form part of a 23 km long, highly prospective gold-bearing mineralized corridor. Marathon is the operator of the Project, and the Partners have agreed to jointly fund a $7.1 million budget in 2011 that will include a planned 25,000 metres of drilling.

Leprechaun Gold Deposit: The Deposit has a NI 43-101 compliant Measured and Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces of gold; and an associated inferred resource of 4,409,000 tonnes grading 2.01 g/t gold for an estimated 285,000 ounces of gold. The 2010 resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 metre minimum width. The Deposit is open at depth and along strike with 74% of the current Measured & Indicated ounces occurring within 150 metres of surface (see news release of December 16, 2010). For more information and to see a plan view of the Deposit area and a longitudinal section of the Deposit visit the Valentine Lake page of the Mountain Lake website).

Gary Woods, P. Geo, is the Company’s Qualified Person on the Valentine Lake Joint 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 all located on the pro-mining island of Newfoundland. Mountain Lake’s current projects include: a 50% interest in the Valentine Lake gold property (currently drilling) under the joint venture with Marathon Gold Corp.; a 100% interest in the Glover Island gold exploration property (drilling later this month); an option to earn a 100% interest in the Little River gold-antimony exploration property (drilling results pending); 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.