Mountain Lake Resources Inc (C:MOA)
Shares Issued 25,401,938
Last Close 4/11/2008 $0.75
Monday April 14 2008 - News Release

Mr. Gary Woods reports

MOUNTAIN LAKE COMPLETES LATEST DRILLING CAMPAIGN AT BOBBY'S POND BASE METALS PROJECT

Mountain Lake Resources Inc. has released the latest results from recently completed drilling on its Bobby's Pond base metals deposit in Newfoundland.

Prior drilling results from this program have already been reported.

Drill hole MOA08-35 was targeted to hit the mineralized horizon roughly 50 metres above drill hole MOA08-34 (see news in Stockwatch on Jan. 29, 2008), which encountered a wide copper stringer zone grading 0.92 per cent copper over 22.5 metres (core width) followed by massive sulphides grading 23.3 per cent zinc, 3.25 per cent copper, 2.51 per cent lead, 88 grams per tonne silver and 153 parts per billion gold over 1.75 metres. Hole MOA08-35 encountered a widening of this copper stringer mineralization, returning 0.93 per cent Cu over 33.55 metres, as well as the updip extension of the zone of massive sulphide in two closely spaced zones, consisting of 2.31 per cent Cu, 2.7 per cent Pb, 9.1 per cent Zn, 54 g/t Ag and 49 parts per billion Au over one metre, and 3.52 per cent Cu, 3.09 per cent Pb, 13.73 per cent Zn, 73 g/t Ag and 100 parts per billion Au over 1.35 metres.

MOA08-36 was drilled to test for a continuation of the deposit to the southwest and more specifically on a downplunge extension from mineralization in earlier drill holes by Inco. A zone of copper stringer mineralization was intersected grading 0.62 per cent Cu over 13.5 metres.

This hole was undercut by MOA08-37, which targeted the vicinity of a downhole pulse electromagnetic conductor indicated by the survey on MOA07-30. The best mineralization in hole 37 was 0.52 per cent Cu, 0.04 per cent Pb, 0.26 per cent Zn, 7.2 g/t Ag and 71 parts per billion Au over four metres.

The last two holes, MOA08-38 and MOA08-39, were targeted for follow-up drilling on holes 35 and 28, respectively. Numerous zones of low-grade base metal mineralization were intersected as well as a 0.5-metre interval in hole 39 of 1.07 per cent Cu, 0.22 per cent Pb, 7.5 per cent Zn, 5.5 g/t Ag and 21 parts per billion Au.

Gary Woods, president and chief executive officer of Mountain Lake, stated that: "The focus of the 2007/2008 drill program was to increase the size and define the edges of the deposit. The deposit is still open to the north, to the south and at depth, with the current edges being defined by thick but lower-grade mineralization. The width of the mineralization at the edges indicates that further drilling is warranted to determine whether other areas of high-grade mineralization occur beyond the extent of the currently defined mineralized zone. Our immediate focus, however, will be to evaluate the adjacent claims optioned from Cornerstone to determine if additional near-surface deposits exist in the area."

All the drill results are tabulated on the Mountain Lake website as are longitudinal sections showing where the drill holes have intersected the two main mineralized horizons.

A new National Instrument 43-101-compliant resource calculation is now in progress by Scott Wilson Roscoe Postle Associates Inc. The last estimate contains an indicated resource of 840,000 tonnes of 6.30 per cent Zn, 0.93 per cent Cu, 0.53 per cent Pb, 20 g/t Ag and minor Au values; and an inferred resource of 480,000 tonnes of 6.36 per cent Zn, 1.07 per cent Cu, 0.38 per cent Pb, 15 g/t Ag and minor Au values. The new estimate will include all the analytical results from holes (MOA07-24 to MOA08-39) drilled since the last NI 43-101-compliant resource calculation was completed by Scott Wilson Roscoe Postle Associates in January, 2007.

Quality control

The company employs a rigorous QA/QC protocol on all aspects of the analytical procedures. With respect to diamond drilling, sample analyses and quality assurance/quality control procedures: all holes are NQ-sized core which have been photographed, logged and diamond saw cut at the core logging facility located in Buchans, Nfld. Half of the core is submitted to Eastern Analytical Laboratories in Springdale, Nfld., for analysis for base metals (zinc, copper, lead and silver) with atomic absorption. Gold is analyzed by 30-gram fire assay. QA/QC procedures involve the inclusion of various company standards (one in 20), blank samples (one in 30 to 40) and sample duplicates (one in 20), using Eastern Analytical's internal standards and blank samples.

Mr. Woods, PGeo, president and chief executive officer of Mountain Lake, is the qualified person on the Bobby's Pond project, and has reviewed and verified the contents of this news release.

About the Bobby's Pond project

Bobby's Pond deposit hosts an NI 43-101-compliant mineral resource located in the Buchans area of Newfoundland, renowned for the historic Buchans mines (production 1928-1984) and host to several other active massive sulphide projects, including Teck Cominco's Duck Pond deposit and mine/mill operation. The Bobby's Pond deposit is located approximately 45 kilometres west (by road) of Duck Pond.