Zinc

[Tackler]

Mountain Lake to resume drilling at Bobby's Pond

2007-03-29 07:49 MT - News Release

Mr. Allen Sheito reports

MOUNTAIN LAKE RESUMES DRILLING AT BOBBY'S POND TO TEST THE DEPTH EXTENSION OF THE ZN-CU VMS DEPOSIT; DRILLING PLAN INCLUDES A MINIMUM OF 5 HOLES AND A MINIMUM 2,700 METERS

Mountain Lake Resources Inc. is about to resume drilling on the company's 100-per-cent-owned Bobby's Pond base metal (zinc-copper plus lead-silver-gold) project.

The drilling program will include the further testing of the depth extension of the known mineralized zone that extends for 300 metres vertically and continues to remain open at depth. A minimum of five diamond drill holes are planned for a minimum of 2,700 metres. The drilling contract has been awarded to Springdale Forest Resources Inc. (core drilling division), of Springdale, Nfld. Jamie Meyer, PGeo, is the qualified person on the Bobby's Pond project and has verified the contents of this news release.

The table below summarizes the National Instrument 43-101-compliant mineral resource estimate recently completed on the Bobby's Pond deposit by Scott Wilson RPA, independent consulting geologists.

SCOTT WILSON RPA's NI 43-101-COMPLIANT MINERAL RESOURCE ESTIMATE (JANUARY, 2007)

 
 Lens           Category    Tonnes   Cu (%)   Zn (%)   Pb (%)   Ag (g/t)   Au (g/t) 
  
 1              Indicated  585,000    1.00     5.78     0.37       12        0.20 
 2              Indicated   65,000    0.98     5.70     0.45       19        0.17 
 3              Indicated  210,000    0.72     7.92     1.02       41        0.36 
 All lenses     Indicated  860,000    0.93     6.30     0.53       20        0.25 
  
 Plus 1         Inferred   265,000    1.15     5.04     0.38       12        0.19 
 2              Inferred   202,000    1.01     8.18     0.37       20        0.18 
 3              Inferred     2,000    0.57     5.36     0.49       14        0.09 
 4              Inferred    11,000    0.37     4.96     0.34       12        0.25 
 All lenses     Inferred   480,000    1.07     6.36     0.38       15        0.18 
 

For the purposes of National Instrument 43-101, the qualified person responsible for the overall preparation of the January, 2007, mineral resource estimate and the associated technical report is Scott Wilson RPA's consulting geologist, Hrayr Agnerian, MSc (applied), PGeo. The details of the key assumptions, parameters and methods used to estimate the mineral resources were previously disclosed in the company's new release in Stockwatch on Feb. 7, 2007. The complete text of the technical report is available on SEDAR.

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 under way, leading to full production. The Bobby's Pond deposit is located approximately 45 kilometres west (by road) of the Duck Pond mine/mill operation.