Assay Results Continue to Confirm Economic Grades at Mountain Lake's Bobby's Pond Zinc-Copper Deposit

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200 meters of vertical extension added to the mineralized zone for a total depth of 300 meters; the deposit remains open at depth

Mountain Lake Resources Inc.

(TSX-V: MOA and OTC US: MLKRF) ("Mountain Lake" or the "Company") is pleased to report the remaining assay results from the 2006 drilling program on the Company's 100% owned Bobby's Pond base metal (zinc-copper-lead-silver-gold) project in Central Newfoundland.

On November 21st, 2006, the Company reported that high grade mineralization continued at depth in hole MOA06-007. This hole included a 16 meter intercept grading 8.00% zinc and 1.11% copper and added 35 meters of vertical extension to the existing mineralized zone. It was noted that additional drilling to undercut this hole was warranted.

The first undercut, Hole MOA06-020 confirmed continuing mineralization at depth, adding another 65 meters of vertical extension to the mineralized zone totalling 240 meters from surface. To view photos of high-grade drill core from this hole visit: http://www.mountain-lake.com or click on the link to the right of this release.

The second undercut, Hole MOA06-021 was abandoned at 123 meters due to technical drilling difficulties; thus a third undercut hole, MOA06-022, was collared at approximately the same location to further test the vertical depth of the mineralized zone. Hole 022 successfully reached the targeted depth and added another 60 meters of vertical extension to the existing mineralized zone for a total depth of 300 meters.

The following results of these two new undercut drill holes indicate consistent widths with increasing grades of mineralization at depth. Further drilling is planned in 2007 to determine the extent of this vertical mineralized zone.

Assay results for the holes referenced above and all other holes pertaining to the 2006 drilling program are available in an attached document to the right of this release (below the contact information). Sample core photos with descriptions are also available at right.

Allen Sheito, President and CEO of Mountain Lake, states, "What a wonderful way to start the New Year! The results from the 2006 drill program at Bobby's Pond have confirmed additional ore grade mineralization near surface and confirmed that the grade of mineralization is increasing at depth. Most importantly, the existing mineralized zone has been extended to 300 meters vertically and continues to remain open at depth. We will now move rapidly to have an updated mineral resource estimate completed, and prepare for the next phase of drilling."

Scott Wilson RPA will be updating the NI 43-101 Technical Report and mineral resource estimate, which is expected to be completed by mid-January.

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 when complete data is available.

Mr. Jamie Meyer, P.Geo., is the Qualified Person on the Bobby's Pond project and has verified the contents of this news release.

About the Bobby's Pond Project

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. The most advanced of the current projects is Aur Resources' Duck Pond deposit, where test runs of the mining and milling operations are underway leading to full production. The Bobby's Pond deposit is located approximately 45 kilometers west (by road) of the Duck Pond mine/mill operation.

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 25% stake in Etruscan Diamonds (Pty) Limited of South Africa, a revenue generating alluvial diamond miner. For more information visit: http://www.mountain-lake.com

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

Greg Lytle,

Lytle & Associates

Corporate Communications

Toll-free: (866) 285-5817 or Vancouver: (604) 839-6946

On behalf of the Board of Directors

/s "Allen Sheito"

President & Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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