Mountain Lake Resources Terminates Acquisition of New Island Resources

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake”) reports that it has terminated the corporate arrangement (the “Arrangement”) with New Island Resources Inc. (“New Island”), (TSX-V: NIS), as a result of NIS’ acceptance of an alternate arrangement offer by Anaconda Mining Inc. (the “ANX Arrangement Offer”).

In result, NIS is required pay to Mountain Lake a break-up fee equal to the greater of: (a) 5.0% of the value of the ANX Arrangement Offer, and (b) $300,000.

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 (~6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project (South Africa). For more information visit: www.mountain-lake.com.

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