Initial Results from Spring Drilling at Valentine Lake Gold Project in Newfoundland include 3.81 g/t Au Over 21.6 Meters in Step-Out Hole VL-12-440

Mountain Lake Resources Inc. (TSX-V: MOA)(Pink Sheets:
MLKRF)('Mountain Lake? or the 'Company?) is pleased to report
initial results from the start of the spring/summer drilling program at
the Valentine Lake Project, in central Newfoundland (Figure
1). Step-out drilling at the Leprechaun Gold Deposit has intersected
new high-grade gold mineralization up to 110 meters down-dip from
previously defined Main Zone mineralization. Current drilling continues
to define an expanding high-grade down-dip auriferous shoot in the
central part of the Leprechaun Deposit, which remains open both
along-strike and down dip.

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

Highlights from the Leprechaun Deposit include:

• 
  Intersection of new high-grade Main and Footwall Zone mineralization
  adds to the development of down-dip underground mining targets with
  3.81 grams per tonne (g/t) gold (Au) over 21.6 meters (m) including
  10.16 g/t Au over 2.4m, 10.41 g/t Au over 2.4m, and 11.37 g/t Au over
  1.6m in VL-12-440, and 6.1 g/t Au over 10.2m including 13.33 g/t Au
  over 3.4m and 1.57 g/t Au over 12.75m including 3.43 g/t Au over 3.4m
  in VL-12-437.
  
• 
  Growth of the high-grade, down-dip Main Zone and Footwall Zone
  mineralization in the northeast end of the Leprechaun Gold Deposit
  with 4.42 g/t Au over 9.0m including 39.36 g/t Au over 0.90m and 4.40
  g/t Au over 2.55m including 12.79 g/t Au over 0.85m in VL-12-439, and
  4.79 g/t Au over 2.4m including 13.43 g/t Au over 0.8m and 5.17 g/t Au
  over 4.0m including 10.98 g/t Au over 0.8m in VL-12-436.
  
• 
  Significant new Main Zone intersections southwest of the current
  Leprechaun Gold Deposit boundary with 6.24 g/t Au over 2.85m including
  18.70 g/t Au over 0.95m and 3.70 g/t Au over 2.85m including 11.08 g/t
  Au over 0.95m in VL-12-435.
  

The table below includes significant assay intervals from the latest
batch of 2012 drill results:

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.

A total of 74 drill holes amounting to 20,292 meters (50.7%) of the
planned 40,000 meter 2012 program have been completed, which is ahead of
schedule. Drilling will slow down for the summer as a result of the
binding Arrangement Agreement between Marathon and Mountain Lake, which
includes a suspension of Mountain Lake′s funding contributions to the
budgeted 2012 program at Valentine Lake since the end of March. The
summer-fall 2012 program will consist of prospecting, geological mapping
and trenching along the highly prospective 23 kilometer strike length of
the property outside of the current boundary of the Leprechaun Gold
Deposit. The summer-fall program is currently underway with the purpose
of finding new gold zones along the belt. Some of the future drilling is
planned for follow-up along these potential new zones.

About the Valentine Lake Property

The Valentine Lake Property has a 30 kilometer (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 Depositcurrently
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 Marathon′s Pending 100% Acquisition of
the Valentine Lake Project

The Valentine Lake Project is subject of a binding Arrangement Agreement
('Arrangement?) (see news release of May
24, 2012) whereby Marathon will acquire all of the outstanding
common shares of Mountain Lake to consolidate Mountain Lake and
Marathon′s respective 50% interests in the Valentine Lake Project,
resulting in Marathon becoming the 100% owner of the project.Mountain
Lake′s remaining projects will be transferred to Mountain Lake Minerals
Inc. ('Spinco?), a newly incorporated exploration company.

Under the terms of the Arrangement, Mountain Lake shareholders will
receive 0.40 of a Marathon common share (the 'Share Consideration?) and
0.40 of a common share in Spinco (the 'Spinco Consideration?) for every
Mountain Lake share held.

A Special Meeting of Mountain Lake securityholders will be held at The
Halifax Club, 1682 Hollis Street, Halifax, Nova Scotia on June 29, 2012
at 10:00 a.m. (local time). The Arrangement Resolution must be passed by
at least 66?% of the votes cast by Mountain Lake securityholders,
present in person or by proxy at the Meeting. An Information Circular in
respect of the Meeting will be mailed to securityholders of record and
available on SEDAR
June 6, 2012. The Circular will include the full text of the Arrangement
Resolution and detailed information relating to the matters to be
addressed at the Meeting, and a form of Proxy.

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

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.

For corporate, media, or investor inquiries:

Mountain Lake Resources

Greg
Lytle, Communications Manager

N. America toll-free: 866-285-5817

International
or Vancouver direct: 604-839-6946

info@mountain-lake.com