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Mountain Lake Closes Private Placement
Port Williams, NS – October 20, 2006 – Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) announces that the private placement with the MineralFields Group previously announced on October 3, 2006 has been closed. The Company has raised gross proceeds of $500,000 by the issuance of 833,331 Units at a price of $0.60 per Unit. Each Unit consisted of one flow-through common share (the “FT Shares”) and one non flow-through share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one additional non flow-through common share, exercisable at a price of $0.85 per share until October 17, 2007, and thereafter at $1.00 per share until October 17, 2008. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada). The FT Shares and Warrants are subject to resale restrictions until February 18, 2007.
The Company will use the net proceeds from the financing for further drilling and exploration work on its Bobby’s Pond 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. The Company is debt free and has 20,206,771 shares issued and outstanding. 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 producing diamond miner. For more information visit: www.mountain-lake.com
About MineralFields
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about MineralFields Group is available at www.mineralfields.com
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Lytle & Associates
Toll-free: (866) 285-5817 / Vancouver: (604) 839-6946
Email: info@mountain-lake.org
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.
