Mountain Lake News - Valentine Lake

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Latest Results Confirm Mountain Lake’s Leprechaun Deposit has a High Grade Heart of Gold

Results from Hole VL-10-205 further define a 200 m zone of continuous high grade mineralization; step out and infill drilling will be added to current program to define and expand the zone

Halifax, NS, August 16, 2010 – Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to report that the latest drill results have further defined and confirmed an area of high grade mineralization, while also continuing the definition of near surface mineralization, at the Leprechaun Gold Deposit on the Valentine Lake Gold Property located in Central Newfoundland.

Highlights:

best drill interval in the central high grade zone contains 23.98 grams per tonne (g/t) gold (Au) over 4 metres (m) within a broader interval of 3.92 g/t Au over 27.2 m (true widths) in VL-10-205

central high grade zone is 200 m in strike length and runs from surface to a depth of 175 m

multiple stacked lenses of shallow gold mineralization in both sub-horizontal and sub-vertical vein sets in drilling to northeast of Leprechaun Pond

drilling completed to date in summer program consists of 45 holes for a total of 4,643 m

new resource estimate for Leprechaun Deposit to be completed in Q4

see drill hole map of Leprechaun Deposit area

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.

"Hole 205 is a very important hole because it was drilled into the heart of the Leprechaun Gold Deposit where high grade intersections (greater than 15 g/t gold) from 15 drill holes, including holes 160 and 165, have partially defined a continuous zone that is currently 200 m in strike length, and dips from near surface to 175m depth,” said David Good, VP of Exploration for Marathon PGM. “Further definition and expansion of this zone will be very important for the resource estimation and so we will be adding additional step out and infill drill holes during the current program to be completed in October.”

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-10-195, -196, -203 and -204 on section 10,450 were drilled to test the along strike and down dip extension of mineralization encountered in drill holes VL-10-190 and VL-10-202 which graded 33.54 g/t gold across 4 m and 1.95 g/t gold across 13 m, respectively.

Hole VL-10-199 on section 10,475 successfully confirmed down dip continuity of mineralization from holes VL-10-192 and -193 which graded 15.29 g/t gold across 3 m and 9.43 g/t gold across 9 m, respectively. Hole VL-10-205 on section 9,975 successfully intersected a 200 m long zone of high grade mineralization that was identified in the winter drilling campaign. Holes VL-10-160 and -165 intersected this lens with grades of 25 m (true width) of 4.58 g/t gold (cut) and 9 m (true width) at 38.32 g/t (1.12 oz/t) gold, respectively.

Holes VL-10-197, -198 and -200 on section 10,500 successfully confirmed the along strike and down dip extension and continuity of near surface mineralization encountered in holes VL-10-192 and -193. The down dip extensions of near surface mineralization occur above the limits of the current NI 43-101 resource.

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.

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. A new resource estimate for the Leprechaun Deposit is to be completed in the fourth quarter of 2010. For highlights from the 2010 drill programs 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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