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Mountain Lake names Woods as president, CEO

2007-05-31 11:15 MT - News Release

Mr. Allen Sheito reports

GARY WOODS APPOINTED PRESIDENT AND CEO

Mountain Lake Resources Inc. has appointed Gary Woods as president and chief executive officer.

Mr. Woods has been actively involved in mineral exploration for over 30 years. Most recently, he was based in Hermosillo, Mexico, as country manager for Noranda/Falconbridge for the past 4-1/2 years. The principal focus in Mexico was porphyry copper deposit exploration and, in addition to generating and evaluating new projects throughout Mexico, the main project was a copper oxide project at the scoping study level in northern Sonora state. Prior to Mexico, Mr. Woods was the exploration manager for Noranda in both New Brunswick and Newfoundland and was actively involved in exploring the volcanic belts of central Newfoundland where Mountain Lake is primarily focused today.

Prior to his 16 years with Noranda, Mr. Woods spent 1-1/2 years as vice-president of exploration with PGE Resource Corp., a junior company listed on the Alberta Stock Exchange. His career began in 1977 with BP Minerals (later BP Selco) where he spent over 11 years as a project geologist involved in uranium, gold and base metal exploration.

Mr. Woods has a bachelor of science in geology from the University of Western Ontario and has taken several geology- and management-related courses throughout his career as well as the Canadian Securities Course. He has been a professional geoscientist with the Professional Engineers and Geoscientists Newfoundland and Labrador for 10 years.

Mr. Woods has experience in a wide variety of deposit types, in numerous types of environments, ranging from grassroots to advanced exploration. His time spent in Mexico resulted in an understanding of the challenges of working in a foreign culture and resulted in numerous contacts in Mexico.

"We are very pleased that Gary has agreed to join the company," stated Allen Sheito, chairman of Mountain Lake. "His vitality and experience would be a huge asset to any resource company, and I have every confidence this will prove to be a defining moment in Mountain Lake's development."

Effective immediately, Mr. Woods will assume the role of president and chief executive officer, and Mr. Sheito will become chairman of the board of the company, replacing Dr. Egbert Gerryts who is retiring.

The board of directors wish to thank Mr. Sheito for his years of stewardship as past president and Dr. Gerryts for his valued contribution to the company over the years.

The company has granted incentive stock options to purchase up to 250,000 shares at 68 cents per share for a period of five years.