Mountain Lake News - Valentine Lake

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Latest Results Include 33.54 g/t (0.98 oz/ton) Gold Over 4 Metres at Mountain Lake’s Leprechaun Deposit

Results confirm new high grade lens in step out hole; drilling and sampling expand boundaries of gold mineralization on-strike

Halifax, NS, July 21, 2010 – Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to report that results from drilling and grab sampling have expanded the boundaries of gold mineralization on-strike to the southwest and northeast at the Leprechaun Deposit (the “Deposit”) on the Valentine Lake Gold Property (the “Property”) located in Central Newfoundland.

Highlights:

best drill interval contains 4 metres (m) at 33.54 grams per tonne (g/t) (0.98 oz/ton) gold in VL-10-190, which represents a new lens of high grade mineralization within the main mineralized plane

grab samples with assay values of between 49 and 79 g/t gold confirm the greater than 300 m wide corridor of mineralization and extends the strike to the southwest (see drill map for grab sample locations)

multiple, shallow intersections of gold mineralization were encountered in both sub-horizontal and sub-vertical vein sets

best intervals occur at intersections of sub-horizontal and steeply dipping vein sets

Leprechaun Deposit has now been drilled over a strike length of 700 m and is growing (click here to see drill map)

Marathon PGM Corp. (TSX: MAR) (“Marathon”) is the operator of the Valentine Lake Project under the sub-option and joint venture agreement (“OJVA”) between Mountain Lake and Marathon. For more information on the OJVA see the news release of December 23, 2009.

"The results from drilling and field work to date demonstrate that the gold system at the Leprechaun Deposit has very good size potential," said Phillip Walford, President and CEO of Marathon PGM. “The mineralizing system is robust at the Leprechaun Deposit with gold now found in the granitic rocks up to 300 metres west of the sedimentary contact. This Deposit is one of several gold zones and occurrences noted along the 30 kilometres of strike we have on the Property. Our long term goal is to develop resources with open pit potential and underground potential relying upon tightly focused drilling and geological work.”

Latest analytical results from the Leprechaun Deposit are as follows:

All holes were drilled normal to the strike of mineralization, with shallower holes typically having a -45 degree dip and deeper holes having a -75 to -85 degree dip. Holes VL-10-180 and -181 on Section 9,887.5 were drilled to test the western extension of mineralization encountered in VL-10-178. Mineralization encountered is continuous from VL-10-178 and -179 and open to the west and down dip. Hole VL-10-182 on Section 10337.5 had visible gold noted during core logging. Three zones of mineralization were intersected; the uppermost interval is the down dip flat extension from VL-10-173 and -174 which are on the same section. Holes VL-10-183, -184 and -185 are located on section 10,350 and intersected multiple stacked intervals of quartz with numerous occurrences of visible gold noted.

Hole VL-10-190 on Section 10,425 had 20 flecks of visible gold noted during core logging and returned 33.54 g/t (0.98 oz/ton) over 4 m. This intersection is of particular importance as it defines a new zone of high grade mineralization. Assays for holes VL-10-187 to -189 are pending.

All of the samples were sent to Eastern Analytical Laboratory Ltd. in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Duplicate assays were made on all assays above 30 g/t. Assay results for the planned updated resource estimate will be determined by a metallic screening process to be conducted at a later date.

Summer 2010 Drill Program

Marathon is drill validating the 2 kilometre (km) northeast-southwest trending zone of mineralization that hosts the Leprechaun Deposit. Mineralization remains open along strike and down dip, with drilling focused on finding additional lenses of high grade mineralization. The drill program continues to provide geological information on the gold-bearing vein sets, which helps to define the limits of gold mineralization.

Valentine Lake Background

The Valentine Lake Gold Property and Leprechaun Deposit were defined by previous operators with 23,872 m of drilling in 139 holes up to the end of 2009. Widely spaced historical holes intersected significant gold mineralization over a strike length of 2 km. Marathon is drilling on closely spaced holes in order to gain a better geological understanding from the ongoing drill program.

Generalized Geology - Leprechaun Deposit and On-Strike Extensions:

The Leprechaun Gold Deposit is hosted by sub horizontal and steeply dipping quartz-tourmaline-pyrite veins that occur within a major regional fault zone that strikes for over 30 km across the Valentine Lake Gold Property. At the southwest end of the Property, gold mineralization has been identified by drilling in a zone that is up to 300 m wide and 2 km along strike. In this area, detailed drilling has occurred along only 550 m of the structure. The potential to improve the resource and introduce hanging wall mineralization into the up-coming resource estimate has significantly increased as a result of a better understanding of the orientation and good continuity of the mineralized veins near surface.

Closely spaced drilling has resulted in a better structural understanding of the mineralization and shallowly dipping mineralization is now recognized to extend beyond the boundaries of the main steeply dipping mineralized structure and into the hanging wall.

Drilling is focused on finding extensions of high grade lenses along the mineralized trend. To date, approximately 4,000 m have been completed of the current 8,000 m program (Hole VL-10-170 to -202). The plan is to continue moving the drill to the northeast and infill the 50-100 m wide gaps between current drilling and historical drill holes VL-05-115 and VL-99-7, which intersected multiple zones including 2.96 g/t gold across 11.1 m and 2.41 g/t gold across 11.8 m, respectively.

About the Valentine Lake Gold Property

The Valentine Lake Property is over 30 km long and has anomalous gold values in rock and soils, reflecting widespread gold mineralization. Preliminary investigation of these areas has produced favourable drilling results that require follow up. Both Mountain Lake and Marathon believe that the setting of Property is geologically analogous to other gold camps such as the Abitibi Belt.

About the Leprechaun Gold Deposit

To date, the Leprechaun Deposit (at ~km 3 going northeast along strike) is the first defined gold resource within the highly prospective Valentine Lake Property. The Deposit, which has a NI 43-101 compliant underground inferred mineral resource of 1,314,780 tonnes grading 10.50 g/t gold using a 5 g/t gold minimum cut-off and a 3 m minimum width for a total estimated mineral resource of 443,000 ounces of gold. Cutting individual assays to 58 g/t gold, the average grade is 8.51 g/t gold for a total estimated mineral resource of 359,000 ounces of gold at the cut grade. The Deposit is open at depth and along strike. The resource estimate was performed by Larry Pilgrim, P. Geo., Qualified Person, and presented in the NI 43-101 Valentine Lake Technical Report dated January 12, 2005, when the closing spot price for gold was US$ 425.50 per ounce. For highlights from the winter 2010 drill program visit the Valentine Lake page of the Mountain Lake website.

Gary Woods, P.Geo., President and CEO of Mountain Lake, is the Company’s Qualified Person on the Valentine Lake Project and has reviewed and verified the contents of this news release.

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. Mountain Lake’s current projects include: a 30% interest in the Valentine Lake gold property (Newfoundland) with an option to acquire the remaining 70% interest from Richmont Mines Inc. (TSX/NYSE-Amex: RIC) and a subsequent sub-option and joint venture agreement whereby Marathon PGM Corp. can earn a 50% interest in the property; a 100% interest in the Bobby’s Pond base metals property (Newfoundland); an option to earn a 100% interest in the Little River gold exploration property (Newfoundland); and a 2,350,000 share (~6.5%) stake in Etruscan Diamonds Limited, an alluvial diamond project (South Africa).

For more information visit: www.mountain-lake.com

For corporate, media, or investor inquiries, please contact:

Greg Lytle,

Communications Manager

Mountain Lake Resources Inc.

North America toll-free: (866) 285-5817

International & Vancouver: (604) 839-6946

Email: info@mountain-lake.com

ON BEHALF OF THE BOARD OF DIRECTORS

s/“Gary Woods”

President & CEO

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