Bedrock samples return grades up to 50% antimony and 24.1 g/t gold at Mountain Lake’s Little River Property, Southern Newfoundland

Trenching and sampling will prioritize targets for fall drill program

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to report very encouraging results from the 2010 field exploration work on the Little River Property (the “Property”) in southern Newfoundland.

Field work got under way this year in June and has focused on examining the areas of the Property outside of the 2009/2008 soil sampling grid as well as more detailed soil sampling within the existing grid area where initial line spacing was at 200 metre intervals. Results have been received from the infill soil sampling and many new gold anomalies have been identified in addition to the delineation of several strong multiline anomalies where only single point anomalies existed before. Preparations are underway for trenching and sampling to prioritize targets for a fall drill program.

Most significant this year, is the sourcing of a historical antimony + gold (Sb+Au) vein that was originally discovered in the late 1970s by Hudson's Bay Oil and Gas Company. Analytical results from the initial bedrock samples taken from the vein prospect returned 34.9% Sb with 24.1 grams per tonne (g/t) Au and 27.6% Sb with 7.1 g/t Au. The vein is up to 30 centimetres wide and has been exposed by a series of hand dug pits over a 40 metre strike length (see photo). Results from subsequent bedrock samples taken from various spots along the exposed vein have returned very high grade antimony with lower grade gold including: 50% Sb with 219 ppb Au; 49.6% Sb with 483 ppb Au; 49.0% Sb with 110 ppb Au; 36.5% Sb with 118 ppb Au (see photo). The area is covered extensively by forest and bog and outcrop exposure in the general area of the vein is less than 1%. Further results are pending from detailed soil sampling, which has now been carried out for 300 metres in both directions along strike from the vein outcrop. The vein prospect, located in the northeast portion of the Property, 11.5 kilometres (km) northeast of the most northeasterly hole drilled in 2009, has never been drill tested.

According to one of Mountain Lake’s prospectors, who worked for Noranda on the Beaver Brook property when antimony (stibnite) mineralization was discovered in 1989, the vein at Little River is significantly larger than the vein that was initially discovered on the Beaver Brook property ~150 km to the north. That discovery resulted in extensive exploration and development and the Beaver Brook antimony mine being brought into production in 1998. Beaver Brook is one of the largest antimony deposits in the world, the only primary producing antimony mine in Canada or the United States, and the largest outside of China.

Gary Woods, President and CEO of Mountain Lake, commented, “It is highly unlikely that the strongly mineralized fluids that travelled 100’s to 1000’s of metres from their source to deposit the almost solid stibnite vein at Little River only resulted in one fracture being mineralized in the area. For example, the Beaver Brook Mine deposit is located 500 metres from the initial site where antimony mineralization was discovered.”

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: China is the world’s leading producer of antimony producing ~90% of total global output in 2009; and the latest available bid price for a metric tonne of antimony (99.6% pure ingot) is US$ 10,200 or US$ 4.63 per pound as compared to the latest spot price for copper of US$ 3.45 per pound.

About the Little River Property

The Little River Property consists of 452 mining claims comprising 11,300 hectares over a strike length of ~35 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 exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Mountain Lake’s current projects include: a 30% interest in the Valentine Lake gold Property (Newfoundland) with an option to acquire the remaining 70% interest from Richmont Mines Inc. (TSX/NYSE-Amex: RIC) and a subsequent sub-option and joint venture agreement whereby Marathon PGM Corp. can earn a 50% interest in the property; a 100% interest in the Bobby’s Pond base metals property (Newfoundland); an option to earn a 100% interest in the Little River gold exploration property (Newfoundland); and a 2,350,000 share (~6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project (South Africa). For more information visit: www.mountain-lake.com

For corporate, media, or investor inquiries, please contact:

Greg Lytle,
Lytle & Associates
Corporate Communications
North America toll-free: [phone]
International & Vancouver: [phone]
Email: [e-mail]

ON BEHALF OF THE BOARD OF DIRECTORS

s/“Gary Woods”
President & CEO

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