Mountain Lake Increases Vertical Depth of Zinc-Copper Massive Sulphide Deposit at Bobby's Pond by 90 Meters



    Further drilling required to test the depth extension of the deposit

    PORT WILLIAMS, NS, June 20 /CNW/ - Mountain Lake Resources Inc. (TSX-V:
MOA) ("Mountain Lake" or the "Company") is pleased to report it has
encountered additional massive sulphides at depth at its Bobby's Pond base
metals (Zn-Cu) deposit in Central Newfoundland.
    Drill hole MOA07-26A encountered two zones containing variable but strong
sulphide intercepts from 406 to 460 meters and from 470 to 480.25 meters.
Sections of massive sulphide and semi massive sulphide were accompanied by
disseminations, stringers and narrow bands of pyrite with streaks and blebs of
chalcopyrite, sphalerite and galena. Intervals with significant base metals
include 4.5 meters of 1.66% Cu, 0.01% Pb, 1.1% Zn, 11.05 gpt Ag and 218 ppb
Au, and 9.0 meters of 1.22% Cu, 0.01% Pb, 0.32% Zn, 7.1 gpt Ag, and 143 ppb Au
at vertical depths of 380 meters and 400 meters respectively. These intercepts
add an additional 90 meters of depth to the mineralized intervals encountered
in previously reported hole MOA06-22 which contained 11.0 meters of 1.1% Cu
and 7.71% Zn and 7.5 meters of 0.51% Cu and 9.56% Zn in two similarly spaced
zones. High Cu:Zn ratios in volcanogenic massive sulphide ("VMS") deposits are
typically at the centre of the mineralizing system and much more drilling will
be required to determine if a zinc rich zone exists beneath and/or along
strike from this pyrite and chalcopyrite rich section.
    Drill hole MOA07-24, targeted to intersect the mineralized plane roughly
100 meters below the high grade intercept in hole MOA06-20 (18.50 meters of
0.70% Cu, 0.22% Pb, 6.18% Zn), intersected the projected plane of the
mineralization at a much lower than anticipated depth of 170 meters below
MOA06-20 as a result of the drill hole maintaining a much straighter
trajectory than planned. Only trace amounts of sulphides were encountered.
    Drill hole MOA07-25 was targeted to intersect the projected mineralized
plane 100 meters below the intercept in MOA06-20 and 50 meters north. An
unexpected zone of mineralization was encountered near surface which contained
4.5 meters of 0.19% Cu and 1.2% Zn but only trace amounts of mineralization
were encountered at depth.
    Although MOA07-24 and MOA07-25 did not intersect significant
mineralization at depth, a previous INCO drill hole intersected 0.85 meters of
0.87% Cu, 3.1% Pb, 6.3% Zn, and 64 gpt Ag within a much wider zone of low
grade mineralization roughly 100 meters beneath the projected pierce point for
MOA07-25. Clearly the mineralized system continues at depth and one of the
upcoming projects will be to carefully reexamine all the historic Bobby's Pond
drill core to try to increase the understanding of the geology of the deposit
area prior to the commencement of the next drill campaign that is planned for
September. The objective of the upcoming drill program will be to evaluate the
deposit at the 250 meter to 500 meter level where little information is
currently known.
    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, Newfoundland. Half of the core was submitted to Eastern
Analytical Laboratories in Springdale, Newfoundland for analysis for base
metals (zinc, copper, lead and silver) with an AA finish. Gold was analyzed by
30 gram Fire Assay with an AA finish. QA QC procedures involve the inclusion
of Standards (1 in 20), Blank Samples (l in 20), and Sample Duplicates (1 in
20) using Eastern Analytical's internal Standards and Blank Samples. True
widths will be determined following completion of additional holes in close
proximity to MOA 07 26A.
    Mr. Gary Woods, P.Geo., President and CEO 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 a NI 43-101 compliant mineral resource
estimate (Jan. 2007), which includes: an indicated resource of 840,000 tonnes
of 6.30% Zn, 0.93% Cu, 0.53 Pb%, 20 g/t Ag and minor Au values; and an
inferred resource of 480,000 tonnes of 6.36% Zn, 1.07% Cu, 0.38 Pb%, 15 g/t Ag
and minor Au values. The Bobby's Pond project (Mining Lease 187/4881M) is
located in the Buchans area of central Newfoundland, renowned for the historic
Buchans Mines (Production 1928-1984) and host to several other active massive
sulphide projects including Aur Resources' Duck Pond deposit and new mine/mill
operation. The Bobby's Pond deposit is located approximately 45 kilometers
west (by road) of Duck Pond.

    About Mountain Lake Resources Inc.
    ----------------------------------

    Mountain Lake Resources Inc. (TSX-V: MOA) 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 100% interest in the Bobby's Pond Base
Metal Project; the Valentine Lake Gold Project, in which Richmont Mines Inc.
is earning a 70% interest; and a 17.2% stake in Etruscan Diamonds Limited, a
producing diamond miner in South Africa. For more information visit:
www.mountain-lake.com

    ON BEHALF OF THE BOARD OF DIRECTORS

    s/"Gary Woods"
    President & CEO

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
    RELEASE.




For further information:

For further information: Greg Lytle, Lytle & Associates, North America
toll-free: (866) 285-5817; International & Vancouver: (604) 839-6946;
info@mountain-lake.com

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MOUNTAIN LAKE RESOURCES INC.

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