Active projects collectively offer multi-million ounce gold resource potential and include: a 50% interest in the Valentine Lake Property (advanced stage gold exploration & resource development – two drills currently turning); a 100% interest in the Glover Island Property (gold exploration & resource development – one drill currently turning); and an option to earn a 100% interest in the Little River Property (discovery stage antimony-gold exploration – seeking joint venture partner).

What We Like About Mountain Lake:

• Working Capital – $3 million 
• Low share float – 50.4 million issued
• Institutional ownership ~40% - Sprott Funds hold ~13%)
• Project Diversity – three projects all offering large scale potential
• Lots of activity – 45,000m of drilling in 2012; currently drilling 2 projects
• Experienced management - accomplished in project exploration and development 
• No geopolitical risk - Newfoundland's favourable mining policy is among the best in the World  

Forthcoming Milestones Q1 2012:

• Open pit resource estimate - Valentine Lake Project (Leprechaun Gold Deposit)
• Initial resource estimate - Glover Island Project (Lunch Pond South East Gold Prospect)

Most Advanced Project:

Valentine Lake Gold Property

Located in central Newfoundland, the Valentine Lake Property is 30 kilometers (”km”) long with the Leprechaun Gold Deposit situated at the south-western end and the Sprite Zone and Valentine East Zone located 700 m and 13 km respectively along strike running in a north-easterly direction.  These gold deposits form part of a 23 km long, highly prospective gold-bearing mineralized corridor.

The 2012 drilling campaign commenced in early January and 40,000 metres (m) are planned. Resource expansion remains the objective this year with drilling starting in the Leprechaun Deposit area and working southwest to the J. Frank Zone and northeast toward the Sprite Zone.

The release of the first open pit resource estimate for the Leprechaun Deposit is expected in the later part of this Quarter. The resource estimate will incorporate the results from ~20,000m of resource expansion drilling (130 holes) completed in 2011. Review all 2011 drill results by visiting the News releases section of the Mountain Lake website.

Current Resource Estimate (Dec 2010 prior to 20,000m of 2011 drilling)

The NI 43-101 compliant gold resource on the Leprechaun Deposit includes:

• Measured (M) Resource of 2,104,000 tonnes at 2.768 g/t for 187,000 ozs;
• Indicated (I) Resource of 1,180,000 tonnes at 2.363 g/t for 90,000 ozs;
• M & I combined total of 3,284,000 tonnes at 2.622 g/t for 277,000 ozs
• Inferred Resource of 4,409,000 tonnes at 2.007 g/t for 285,000 ozs

On Jan 25, 2011, Marathon Gold Corp. (TSX: MOZ) (“Marathon”) completed its earn-in obligation under the sub-option and joint venture agreement (“OJVA”) and Mountain Lake and Marathon now own 100% of the Valentine Lake Property on a 50/50 joint venture basis.  Marathon is the operator of the project, and the companies have agreed to jointly fund a $11.5 million budget in 2012 that will include a planned 40,000m of drilling.  Results from the 2011 drilling campaign are expected to add significantly to the current (Dec 2010) resource.

For more information visit the Valentine Lake page of the Mountain Lake website.

Latest Project Acquisiton:

Glover Island Gold Property

Mountain Lake acquired a 100% interest in the Glover Island Gold Property in October 2010.  The Property, referred to as "the most overlooked exploration property on the island of Newfoundland", hosts several significant gold prospects over an 11 kilometre (km) strike length with historical gold resources on 3 of the prospects. The Property is located on the south-central portion of Glover Island in west-central Newfoundland.  More than 20 prospects have been identified on the Property to date over a strike length of approximately 7.5 km and excellent potential exists for further discoveries and the development of high tonnage, bulk-mineable gold deposit(s).  Several of the prospects represent high priority, near surface, targets that are undrilled.

A review of historic drilling results indicates that all areas, including those with historic resources, are open in all directions and that significant upside exists for adding additional resources.

A review of historic drilling results indicates that all areas, including those with historic resources, are open in all directions and that significant upside exists for adding additional resources.

Historical Resources:

Historic resources have been reported for three prospects on the Property as follows:

• Kettle Pond South - 450,000 tonnes at 2.3 g/t Au for 33,276 ozs
• Lunch Pond South Main Zone - 2,730,000 tonnes at 2.1 g/t Au for 184,321 ozs
• Lunch Pond South West Zone - 900,000 tonnes at 1.6 g/t Au for 46,297 oz s

Dave Barbour P.Geo., Dave Barbour, P.Geo., an independent geological consultant and Qualified Person in compliance with National Instrument 43-101 who was involved with the Valentine Lake Gold Project going back to the discovery phase, recently commented, “In addition to working on the Glover Island Property the gold mineralization formed the basis of my Master of Science studies and in my opinion it’s the most overlooked project on the island of Newfoundland and second only to the Valentine Lake Property for its gold exploration potential.”

The NI 43-101 resource estimate forthcoming will combine the 2011 drill results with the historical resources from the Lunch Pond South East Prospect (LPSE) area.

 
Drilling is also underway in 2012 with an initial 2,500 metre winter program in the LPSE area to follow-up the 7,227metre program completed in December, which returned thick intervals of gold mineralization near surface and undercut holes demonstrated that gold mineralization continues and remains open at depth.

 
2011 drill program highlights include the following intervals (all core widths):

• Step-out drill hole LPSE-11-44 intersected 0.7 grams per tonne (g/t) gold (Au) over 130.9 metres (m) from a vertical depth of 135m and in an area outside of the historical LPSE Prospect resource boundary
• Step-out hole LPSE-11-48, adjacent to and 40m west of hole LPSE-11-44, intersected 1.34 g/t Au over 99.3m from a vertical depth of 131m
• Step-out hole LPSE-11-49, drilled 50m west of LPSE-11-48, intersected 0.54 g/t Au over 40.7m from a vertical depth of 160m, in addition to a deeper interval of 1.53 g/t Au over 7.5m from a vertical depth of 215m
• Step-out hole LPSE-11-50, drilled 80m updip from LPSE-11-49, intersected 1.76 g/t Au over 26.6m from a vertical depth of 115m
• Hole LPSE-11-53 intersected 1.27 g/t Au over 16.0m, and is located 100m below LPSE-11-41 that contained 11.3m of 1.54 g/t Au, plus 3.5m of 1.49 g/t Au and 5.8m of 2.2 g/t Au over a 32m interval
• Hole LPSE-11-55 intersected 1.74 g/t Au over 53.5 m, and is situated 50m updip from LPSE-11-41
• Drill hole LPSE-11-57, the deepest hole on the section and situated 100m below the above mentioned LPSE-11-53, intersected a 44.7m zone of 1.67 g/t Au as well as a 3.2m zone of 2.06 g/t Au

For more information visit the Glover Island Project page on the Mountain Lake website.

Discovery Stage Project:

Little River Antimony+/-Gold Property

Originally optioned in 2008 for its numerous gold occurrences, Mountain Lake continues to encounter interesting antimony (“Sb”) values on the Little River Property and antimony bearing veins having now been identified intermittently over a 20 km strike length.  Grab samples from a vein exposed in shallow pits during the 2010 prospecting campaign returned values from 27.6 % to 50 % Sb with gold (“Au”) values up to 24.1 grams per tonne (“g/t”).  Follow-up drill results announced December 21, 2010 confirmed antimony in the Le Pouvoir Zone, located in the northeast area of the Property, and the Southern Zone, located 21 km southwest of the Le Pouvoir Zone.  The best intercept to date occurred in drill hole LR-10-16, which contained a 0.92 m interval (true width) of 30.6% Sb at a vertical depth of 18m.  The intervals of high grade antimony are significant and are typical of the material being mined at the Beaver Brook Mine situated 80 km to the north of the Property.  Beaver Brook is one of the world's largest antimony deposits outside China, and the only primary antimony mine in North America. 

The Little River Property consists of 382 mining claims comprising 9,550 hectares over a strike length of ~31 km in the Baie D’Espoir area of southern Newfoundland, where infrastructure is excellent.  Mountain Lake is on plan to earn a 100% interest in the Property in Sep 2012 and is considering joint venture opportunities to fast track the exploration effort on the Property.

For more information visit the Little River Project page on the Mountain Lake website.

Non-Core Asset Sale:

Bobby’s Pond Deposit (base metals) – Central Newfoundland

 Mountain Mountain Lake has entered into a definitive agreement with SG Spirit Gold Inc. (TSXV:SG) to sell its 100% interest in its Bobby’s Pond base metals project (“Bobby’s Pond”) in exchange for common shares of SG, a cash payment of $100,000 and a 0.5% Net Smelter Royalty, pursuant to certain terms and conditions as outlined in the news release of January 26, 2012.  The transaction will see Bobby’s Pond and other significant base metals assets in the Buchans Area consolidated into one publicly traded company. 

The latest NI 43-101 compliant resource (July 2008) estimates the Deposit contains an Indicated resource of 1,095,000 tonnes of 0.86 % Cu, 4.61 % Zn, 0.44 % Pb, 16.6 g/t Ag, and 0.2 g/t Au in addition to an Inferred resource of 1,177,000 tonnes of 0.95 % Cu, 3.75 % Zn, 0.27 % Pb, 10.95 g/t Ag and 0.06 g/t Au.  The Deposit remains open at depth.

For more information visit the Bobby’s Pond page on the Mountain Lake website.

Gary Woods – President & Chief Executive Officer, Director
Gary, a geologist who has been actively involved in mineral exploration for over 30 years, became President and CEO of Mountain Lake in May 2007. Prior to joining the Company, Gary was based in Hermosillo, Mexico for 4½ years as country manager for Falconbridge/Noranda. Prior to Mexico, he was the exploration manager for Noranda in both New Brunswick and Newfoundland, and was actively involved in exploring the volcanic belts of northern New Brunswick and central Newfoundland where Mountain Lake is primarily focused today.

Allen Sheito – Chairman, Director
Allen, a geologist with over 40 years of experience in mineral exploration, was responsible for the acquisition of the Company’s key mineral assets. He was President of Mountain Lake from Nov 1994 through May 2007. Allen’s prior experience includes a 30 year career (1966 to 1996) with Inco.

William Rogers – Director
Bill is a mining engineer who brings 35 years of operational, project and mine management experience to the Company. His career began in the mid-1970s and has included positions with: Inco, Potash Company of America, Hudson Bay Mining & Smelting, and Noranda / Falconbridge / Xstrata; and most recently as mines manager responsible for the operation and maintenance of Xstrata’s underground Ni-Cu mines located near Sudbury, Ontario.

Stock Market Data

Exchange: TSX - Venture

Symbol: MOA

CUSIP# (ISIN) 62419J 10 3

Incorporated: British Columbia, March 1986

Shares Outstanding: 50,411,974

Shares Fully Diluted: 60,135,862                                                                     

Institutional shareholders include:

• Sprott Asset Management
• Dundee Wealth
• Front Street Capital
• Williams de Broe

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