Halifax, Nova Scotia and Toronto, Ontario and, April 26, 2011 (NewsWireNow) – Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake”) and Marathon Gold Corp. (TSX: MOZ) (“Marathon”) are pleased to announce further drilling success at the Leprechaun Gold Deposit with the intersection of a wide interval of gold mineralization within 25 metres of surface in drill hole VL-11-282 that returned 2.57 g/t gold (Au) over 20.25 metres (m) including 16.55 g/t Au over 2.25m. Other near surface intersections include: 1.33 g/t Au over 9.6m including 5.53 g/t Au over 1.6m in VL-11-263, and 1.39 g/t Au over 6.7m including 4.79 g/t Au over 0.95m in VL-11-283. The Leprechaun Deposit is the first defined gold resource within the highly prospective Valentine Lake Property in central Newfoundland. The Valentine Lake Project is a 50/50 joint venture between Mountain Lake and Marathon, who is the operator of the Project.

“We are delighted with the discovery of this new near surface mineralization. The wide dilation lenses that we have encountered this year are typical of the Leprechaun Gold Deposit and contain most of its gold resource,” said Phillip Walford, President and CEO of Marathon.

Highlights:

„« The wide gold intersection of 2.57 g/t Au over 20.25m with 16.55 g/t Au over 2.25 in VL-11-282 confirms the potential for significant additional near surface mineralization as we continue in-fill and step-out drilling at the Leprechaun Deposit.
„« These new drill results show the continuation of near surface gold mineralization, including wide intervals with high grade intercepts, over more than a 200m strike length along the eastern margin of the Leprechaun Deposit (see Figure - LP).
„« This new mineralization will effectively extend the limit of the pit boundary eastward into the footwall sediments.
„« Drilling has ceased for the spring break-up but will resume later this spring with plans for an additional 18,000m of core drilling in 2011.
News Release

TABLE 1: New Assay Results for the Leprechaun Gold Deposit*, **

DDH                Section    Zone     From(m)   To(m)  Core Width(m)    True Width(m)  Gold(g/t) 

VL-11-263    10450      MZ         32           44             12                  9.6              1.33
including      10450      MZ         32           34              2                   1.6              5.53
VL-11-263    10450      MZ         59           62              3                   2.4              0.93
VL-11-263    10450      MZ         69           82             13                 10.4             1.07
including      10450      MZ         70           71              1                    0.8           10.63
VL-11-265    10500      MZ          4            9               5                      4              1.89
including      10500      MZ          6            7               1                     0.8             8.48
VL-11-271    10487.5   MZ         22           25              3                    2.4             2.48
VL-11-271    10487.5   MZ         40           43              3                    2.4             2.74
VL-11-275    10437.5   MZ         26           29              3                    2.4             1.43
VL-11-276    10425      MZ         27           36              9                    6.3             0.86
VL-11-278    10412.5   MZ           9           12              3                    2.4             0.83
VL-11-278    10412.5   MZ         25           28              3                    2.4             7.69
VL-11-280    10400      MZ         55           61              6                    4.8             2.28
including      10400      MZ         60           61              1                    0.8             9.06
VL-11-280    10400      MZ         69           72              3                    2.4             1.33
VL-11-280    10400      MZ         88           95              7                    5.6             0.56
VL-11-282    10300      MZ         12           39             27                 20.25            2.57
including      10300      MZ         22           25              3                   2.25           16.55
VL-11-283    10312.5   MZ         15           22              7                   6.7              1.39
including      10312.5   MZ         21           22              1                   0.95            4.79

Estimated true widths, MZ = main zone
* VL-11-266, -268, -269, -273, -274, -281 and -284 did not return any significant assay intervals.
** VL-11-260, -262, -264, -267, -270, -272, -277 and -279 were drilled in the Sprite Zone ~800m along strike NE from the Leprechaun Deposit and will be the subject of a forthcoming news release.

All of the samples were analysed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Assay results for the future updates of the December 2010 resource will be determined by an ongoing metallic screening process. Due to the coarse nature of the gold at the Leprechaun Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results.

Further analytical results are pending from the recently completed winter drilling campaign. To review results previously announced to date in 2011 see news releases of February 3 (5 holes), February 18 (6 holes), March 2 (5 holes), March 8 (3 holes) and March 29 (12 holes).

About the Valentine Lake Joint Venture: The Valentine Lake Project is a 50/50 joint venture between Marathon Gold and Mountain Lake. The Leprechaun Gold Deposit is situated at the south-western end of the Valentine Lake Property and the Valentine East Gold Zone (Figure – VE) is located 13 km along strike running in a north-easterly direction. These gold occurrences form part of a 23 km long, highly prospective gold-bearing mineralized corridor. Marathon is the operator of the Project, and the companies have agreed to jointly fund a $6 million budget in 2011 that will include a planned 25,000 metres of drilling.

Leprechaun Gold Deposit: The Leprechaun Deposit has a new NI 43-101 compliant Measured and Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces of gold; and an associated inferred mineral resource of 4,409,000 tonnes grading 2.01 g/t gold for an estimated 285,000 ounces of gold. The new resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 meter minimum width. The Leprechaun Deposit is open at depth and along strike with 74% of the current M & I ounces occurring within 150m of surface (see news release of December 16, 2010).

Mountain Lake President and CEO, Gary Woods, P. Geo, is the Company’s Qualified Person on the Valentine Lake Joint and has reviewed and verified the contents of this news release.
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 all located on the pro-mining island of Newfoundland. Mountain Lake’s current projects include: a 50% interest in the Valentine Lake gold property (drilling again later this quarter) under the joint venture with Marathon Gold Corp.; a 100% interest in the Glover Island gold exploration property (drilling this quarter); an option to earn a 100% interest in the Little River gold-antimony exploration property (drilling this quarter); a 100% interest in the Bobby’s Pond base metals property. For more information visit: www.mountain-lake.com

For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Mountain Lake Resources Inc.
North America toll-free: (866) 285-5817
International & Vancouver: (604) 839-6946
Email: info@mountain-lake.com

ON BEHALF OF THE BOARD OF DIRECTORS
s/“Gary Woods”
President & CEO

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