Mountain Lake's Latest Drill Results Indicate the Valentine Lake Gold Deposit is Open to the Southwest

Opportunity now exists to expand the resource in all directions

• Press Release
• Source: Mountain Lake Resources Inc.
• On 8:30 am EDT, Tuesday September 29, 2009

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Mountain Lake Resources Inc. (TSX-V: MOA - News) (“Mountain Lake” or the “Company”) is pleased to announce results from the latest drill program on the Valentine Lake Gold Property (the “Property”) located in Central Newfoundland, 55 km south of the town of Buchans. Mountain Lake is the operator of the project and currently owns a 30% interest in the Property with an option to acquire the remaining 70% from Richmont Mines Inc.

Drilling in the vicinity of the Leprechaun Pond deposit (see resource figures below) was limited to one 350 metre hole, which was drilled to test the southwest end of the deposit; and two short holes (totalling 75 metres) drilled to try and determine the plunge of the mineralizing system.

It was interpreted that the deposit continued to the southwest beyond the limit of the current resource and drill hole VL09-132 encountered significant gold mineralization to verify this. Analytical results returned a broad 20.45 metre interval of 2.2 gpt Au, which includes 8.7 metres that are unassayed and are temporarily given a zero grade and the following higher grade intercepts:

Hole VL09-132

Drill results to date confirm the intensity of the mineralizing system just outside of the resource area in the southwest part of the deposit definitely increases with depth. Further drilling to the southwest, in addition to drilling below VL09-132 and historic hole VL04-105 on the adjacent section, will be a high priority for the next phase of drilling.

The two short drill holes, also completed in an area of the deposit that is not part of the current resource, were drilled to determine if a plunge could be delineated to connect a well mineralized surface outcrop to the resource at depth. One of the holes, VL09-133, returned 5.28 gpt Au over a 4.75 metre interval (from 2.0 to 6.75 m), which included 1.5 metres (2 to 3.5 m) of 9.0 gpt Au and 0.75 metre (6 to 6.75 m) of 13.9 gpt Au. More detailed drilling is required to understand the plunge of the mineralized system, which will play a significant role in future drill programs.

Additionally, 8 exploration holes totaling 1408.3 metres were drilled to test several isolated historical intercepts on the Property that were encountered in previous drill programs in areas several kilometers northeast of the Leprechaun Pond deposit. Despite indications that the mineralized zones continued beyond the single drill holes where gold had previously been reported, only low levels of gold were encountered in this drill program.

Gary Woods president and CEO of Mountain Lake stated, “We have proven that the deposit continues to the southwest and more drilling is required down dip and along strike to delineate the extent of the deposit in that direction.”

All samples were sent to Eastern Analytical Laboratories in Springdale, NL. Samples were analyzed for gold by fire assay with an AA finish. Samples from the resource area were crushed and pulverized in entirety and subjected to a screen analysis such that the final assay is a weighted average of the -150 mesh and +150 mesh screened material. The coarse material and a one assay tonne subsample of the -150 mesh material was assayed by standard fire assay with an AA finish. A certified gold standard was inserted in every batch of samples or every 20^th sample if more than 20 samples were submitted.

Mr. Gary Woods, P.Geo., 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 cut-off 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 and in all directions. The resource estimate of the Property presented in the NI 43-101 Technical Report dated January 12, 2005 was performed by Larry Pilgrim, P. Geo. a Qualified Person (see: NI 43-101 Valentine Lake Technical Report). The Property consists of four (4) mineral licenses covering a total area of 13,475 hectares. Strong and extensive soil geochemistry over more than 20 km indicate excellent potential to make additional gold discoveries on the Property.

About Mountain Lake Resources Inc.

Mountain Lake Resources Inc. (TSX-V: MOA - News) 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.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 NEWS RELEASE

Mountain Lake Resources Inc.
Greg Lytle, Communications Manager
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