Mountain Lake Commences Exploration and Resource Expansion Drilling at Valentine Lake, in Central Newfoundland

Property includes a NI 43-101 compliant inferred resource of 1,314,780 tonnes grading 10.50 g/t or 443,000 ounces of gold (uncut) and a total strike length of 29 kms that remains significantly underexplored

Halifax, Nova Scotia, August 10, 2009 – Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to report that it has commenced drilling on the Valentine Lake property (the “Property”) located in Central Newfoundland, 55 km south of the town of Buchans.  The Property consists of four (4) mineral licenses covering a total area of 13,475 hectares.  Mountain Lake currently owns a 30% interest in the Property and has an option to acquire the remaining 70% from Richmont Mines Inc.

Mountain Lake is the operator of the Valentine Lake project and the primary objective of the current program will be to determine the significance of several, single to multi drill hole, isolated intercepts that have been encountered in previous drill campaigns in areas several kilometers northeast of the Leprechaun Pond deposit or Main Zone.  The program will also focus on drill testing the southwest end of the Leprechaun Pond deposit to determine if it remains open in that direction.  This next phase of exploration is designed to demonstrate both the potential for further deposits within the 29 km strike length of the property as well as the potential to increase the current resource in the area of the Main Zone.

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

About the Valentine Lake Property

The Valentine Lake Property's Leprechaun Pond Deposit hosts a NI 43-101 compliant inferred mineral resource of 1,314,780 tonnes grading 10.50 grams per tonne (g/t) gold using a 5 gpt gold minimum cut-off and a 3 metre 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.  The resource estimate of the Valentine Lake Property presented in the NI 43-101 Technical Report dated January 12, 2005 was performed by Larry Pilgrim, P. Geo. a Qualified Person (see: NI 43-101 Valentine Lake Technical Report). Strong and extensive soil geochemistry over more than 20 km indicate excellent potential for additional gold discoveries to be made on the Property.

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 30% interest in the Valentine Lake gold project (Newfoundland) with and option to acquire the remaining 70% interest from Richmont Mines Inc.; a 100% interest in the Bobby’s Pond base metals project (Newfoundland) with an option to acquire initially a 51% interest in the surrounding claims from Cornerstone Capital Resources; an option to earn a 100% interest in the Little River gold exploration property (Newfoundland); and a 13.07% stake in Etruscan Diamonds Limited, an alluvial Diamond operation (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

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE