Leprechaun Delivers Again in Newfoundland with High Grade Intervals Up to 109.94 g/t (3.2oz/ton) Gold within Broader 18.05 Metre Interval of 13.81 g/t (0.4oz/ton) Gold

Additional results include: 7.23 g/t (0.21 oz/t) Au over 20.9m including 48.99 g/t (1.43 oz/t) Au over 1.9m, and 9.19 g/t (0.27 oz/t) Au over 13.5m including 34.92 g/t (1.02 oz/t) Au over 1.8m; all true widths

Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to report the intersection of multiple intervals of high-grade gold in the latest batch of 2012 drill results from the Leprechaun Gold Deposit area (see Figure 1) of the Valentine Lake Property in central Newfoundland.

The Valentine Lake Property, including the Leprechaun Deposit, is a 50/50 joint venture between Mountain Lake and Marathon Gold Corp. Marathon is the operator of the Project.

Significantly, the latest results confirm the potential to expand the Leprechaun Deposit’s Main Zone down-dip and demonstrate that additional high-grade gold mineralization occurs within the existing Resource boundary in areas currently estimated as low grade and classified in the Inferred category.


Highlights from the latest 2012 analytical results include:

- 7.23 g/t gold (Au) over 20.9 meters (m) including 48.99 g/t Au over 1.9m in hole VL-12-403, and 9.19 g/t Au over 13.5m including 34.92 g/t Au over 1.8m in hole VL-12-407. This represents both down-dip and strike continuity of high-grade mineralization previously reported in hole VL-12-400.

- 4.05 g/t Au over 21.6m including 24.55 g/t Au over 1.8m in hole VL-12-402, and 13.81 g/t Au over 18.05m including 109.94 g/t Au over 1.9m in hole VL-12-408. These holes intersected the Main Zone in an area of mineralization previously estimated to be from 1 to 5 g/t Au in grade.

- 3.93 g/t Au over 24.0m including 19.01 g/t Au over 4.0m in hole VL-12-401, and 2.78 g/t Au over 18.7m including 15.66 g/t Au over 1.7m in hole VL-12-404. These holes confirm the continuation of high grade Main Zone mineralization at increased depths within the northeast section of the current Resource boundary.


Significant assay intervals from latest batch of drill results for the Leprechaun Gold Deposit:

  	  	  	  	  	  	 
DDH          Section  Zone*  From    To  Core Width(m)  True Width(m)  Gold(g/t)
VL-12-401    10350     MZ     176   206        30            24.00       3.93
including              MZ     199   204         5             4.00      19.01
VL-12-402     9950     HW      68    71         3             3.00       0.81
and                    MZ     277   301        24            21.60       4.05
including              MZ     282   283         1             0.90      10.34
including              MZ     292   293         1             0.90       9.13
including              MZ     297   299         2             1.80      24.55
and                    MZ     305   308         3             2.70       4.75
VL-12-403    10175     HW      70    73         3             3.00       1.37
and                    HW      75    78         3             3.00       1.75
and                    HW      91    94         3             3.00       2.06
and                    MZ     210   232        22            20.90       7.23
including              MZ     210   211         1             0.95      10.63
including              MZ     215   216         1             0.95      17.80 
including              MZ     221   232        11            10.45      11.71 
including              MZ     228   230         2             1.90      48.99
and                    MZ     272   278         6             5.70       2.80
including              MZ     273   274         1             0.95      11.71
and                    FW     291   295         4             3.80      11.29
including              FW     292   293         1             0.95      29.08
VL-12-404   10412.5    MZ     182   185         3             2.55       4.93
including              MZ     183   184         1             0.85      14.27
and                    MZ     192   214        22            18.70       2.78
including              MZ     192   194         2             1.70      15.66
including              MZ     206   207         1             0.85      12.55
including              MZ     210   211         1             0.85       6.52
VL-12-405   10025      MZ     200   203         3             3.00       1.71
and                    MZ     211   214         3             3.00       1.75
VL-12-406   10337.5    HW      22    25         3             3.00       3.27
including              HW      23    24         1             1.00       9.75
and                    MZ     190   193         3             2.85       4.11
including              MZ     190   191         1             0.95      10.96
and                    MZ     200   203         3             2.85       6.93
and                    MZ     215   218         3             2.85       9.51
including              MZ     216   217         1             0.95      19.89
VL-12-407   10125      MZ      85    88         3             3.00       0.90
and                    MZ      98   101         3             3.00       1.18
and                    MZ     247   250         3             2.70       4.01
including              MZ     248   249         1             0.90      10.32
and                    MZ     289   304        15            13.50       9.19
including              MZ     291   293         2             1.80      34.92
including              MZ     295   297         2             1.80      13.46
VL-12-408    10000     MZ      22    25         3             2.85       0.79
and                    MZ     153   172        19            18.05      13.81
including              MZ     160   167         7             6.65      34.97
including              MZ     160   161         1             0.95       9.57
including              MZ     164   166         2             1.90     109.94

* Denotes: MZ – main zone, HW – hanging wall zone and FW – foot wall 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. Due to the coarse nature of the gold at the Leprechaun Gold 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.

The Leprechaun Deposit remains open both down-dip and along strike to the northeast and southwest as 2012 drilling continues to expand the boundary of the gold Resource. A total of 53 drill holes have now been completed in 2012 (see Figure 1) of which analytical results for 31 holes have now been reported. Additional results will be reported as available.


About the Valentine Lake Property

The Valentine Lake Property has a 30 kilometre (km) strike length with the J. Frank Zone and Leprechaun Gold Deposit situated at the southwestern end of a gold-bearing mineralized corridor that extends for at least 23km in a northeasterly strike. The Leprechaun Deposit currently has a National Instrument 43-101 compliant Measured and Indicated (M&I) Resource of 6,446,000 tonnes grading 2.05 g/t gold for a total estimated 424,000 ounces of gold; and an associated Inferred resource of 5,742,000 tonnes grading 1.65 g/t gold for an estimated 305,000 ounces of gold (news release of March 29,2012). The Mineral Resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 metre minimum width.

Mike Regular, P.Geo. and Qualified Person as defined in NI 43-101, has reviewed and verified the contents of this news release on behalf of Mountain Lake.


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 under the joint venture with Marathon Gold Corp. (drilling in progress); a 100% interest in the Glover Island gold exploration property; an option to earn a 100% interest in the Little River gold-antimony exploration property; 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/“Allen Sheito”
President & CEO



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Contacts

For corporate, media, or investor inquiries:
Mountain Lake Resources Inc.
Greg Lytle, Communications Manager
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Int’l. & Vancouver: 604-839-6946
info@mountain-lake.com