NIS New Island Resources

Mountain Lake Resources Inc. (TSX VENTURE:MOA) ("Mountain Lake") and New Island
Resources Inc. (TSX VENTURE:NIS) ("New Island") are pleased to announce that
they have reached an agreement through which Mountain Lake will acquire from New
Island an undivided 100% interest in the Glover Island Property, located in
western Newfoundland. The Glover Island Property consists of two mineral
licenses and one mining lease, covering a total of 5,100 hectares.


In consideration of the acquisition, Mountain Lake will pay to New Island
$500,000, and issue 1 million common shares. In addition, Mountain Lake will
issue share purchase warrants to New Island for the acquisition of up to another
500,000 common shares at an exercise price of $1.20 per share for a period of
two years. Mountain Lake will also waive payment of any break fee from New
Island in connection with the termination of the Arrangement with New Island
(notice of Mountain Lake's claimed break fee was published in its press release
of September 1, 2010 and was disputed by New Island), and forfeit repayment of a
loan to New Island of $160,000 plus the accrued interest (estimated at $3,420).
Mountain Lake will also pay New Island a net smelter returns royalty of 1% of
commercial production, which reduces to 0.5% after the payment of the first $1
million.


The closing of the proposed transaction is subject to all required regulatory
approvals being obtained.


About the Glover Island Property 

The Glover Island Property is a gold exploration property that is situated
roughly 70 kilometres (km) from Mountain Lake's Valentine Lake Gold Project, and
is host to several significant gold prospects over an 11 km strike length.
Significant drill intercepts at Glover Island include 16.7 metres (m) of 5.31
grams per tonne (g/t) gold (Au) at the LPSE prospect, 10 m of 4.93 g/t Au at
Kettle Pond South, and 8.0 m of 10.18 g/t Au at the Lucky Smoke deposit. Non-NI
43-101 compliant resources have been calculated at the LPSE and Kettle Pond
South prospects, and Mountain Lake believes that these could be upgraded to NI
43-101 disclosure standards, once data verification and quality control measures
are completed.


Dave Barber, P.Geo., an independent geological consultant and Qualified Person
in compliance with National Instrument 43-101 who was involved with the
Valentine Lake Gold Project going back to the discovery phase, recently
commented, "In addition to working on the Glover Island Property the gold
mineralization formed the basis of my Master of Science studies and in my
opinion it's the most overlooked project on the island of Newfoundland and
second only to the Valentine Lake Property for its gold exploration potential." 


About Mountain Lake Resources Inc. 

Mountain Lake Resources Inc. (TSX VENTURE: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. 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 Glover Island gold exploration property
(Newfoundland); an option to earn a 100% interest in the Little River
gold-antimony exploration property (Newfoundland); a 100% interest in the
Bobby's Pond base metals property (Newfoundland); and a 2,350,000 share
(approx.6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project
(South Africa). For more information visit: www.mountain-lake.com.


About New Island Resources Inc. 

New Island is a diversified junior exploration company holding gold and base
metal properties in the Province of Newfoundland and Labrador. New Island has
entered into agreements for the sale of its interest in the gold mine and mill
project at Pine Cove in central Newfoundland and for the sale of the Glover
Island exploration property in western Newfoundland. Additional information
concerning these sales and New Island may be obtained on New Island's website
at: www.newislandresources.com or from the System for Electronic Document
Analysis and Retrieval (SEDAR) website at: www.sedar.com under New Island's
profile.


ON BEHALF OF THE BOARD OF DIRECTORS OF MOUNTAIN LAKE RESOURCES INC.

Gary Woods, President & CEO

ON BEHALF OF THE BOARD OF DIRECTORS OF NEW ISLAND RESOURCES INC.

Harold Wareham, President & CEO

Grafico Azioni New Island Resources (TSXV:NIS)
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Grafico Azioni New Island Resources (TSXV:NIS)
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