2012-07-03 17:23:02 -

Transaction includes consolidation of 100% of the Valentine Lake Gold Project and the creation of Mountain Lake Minerals Inc., a new exploration company

Halifax, Nova Scotia CANADA, July 03, 2012 /FSC/ - Mountain Lake Resources Inc (MOA - TSX Venture, MLKRF - OTCBB_Pink_Sheets), ("Mountain Lake" or the "Company") is pleased to report that shareholders have voted overwhelmingly in favour of the previously announced arrangement ("Arrangement") [see news releases of May 24 ( www.mountain-lake.com/2012_MOA_News/MOA_NR_05-24-12_MOZ-arrangem ..) and June 29, 2012 ( www.mountain-lake.com/2012_MOA_News/MOA_NR_06-29-12_Shareholder- ..)] whereby Marathon Gold Corporation ("Marathon") will acquire all of the outstanding common shares of Mountain Lake to consolidate Mountain Lake's and Marathon's respective 50% interests in the Valentine Lake Project, resulting in Marathon becoming the 100% owner of the Project. Mountain

Lake's remaining projects will be transferred to Mountain Lake Minerals Inc. ("Spinco"), a newly incorporated exploration company. Marathon reports that its shareholders have also approved the Arrangement.

Accordingly, Mountain Lake will apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on July 5, 2012, and, assuming receipt of Court approval and that all other remaining conditions to the Arrangement are either satisfied or waived, the Company expects that the closing date of the Arrangement (the "Effective Date") will occur on or about Monday, July 9, 2012.

Under the terms of the Arrangement, Mountain Lake shareholders on the Effective Date will receive 0.40 of a Marathon common share and 0.40 of a common share in Spinco for every Mountain Lake share held. For complete details of the Plan of Arrangement, interested persons are directed to the Information Circular filed on SEDAR (www.sedar.com) on June 6, 2012 by Mountain Lake under its profile ( www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=0 ..).

Mountain Lake intends to request a trading halt of its common shares on the TSX Venture Exchange (the "Exchange") tomorrow, pending completion of the Arrangement. In result, today will be the last trading day of Mountain Lake's common shares on the Exchange, after the close of trading. Mountain Lake's common shares would not be expected to return to trading, assuming the Arrangement is completed. The common shares of Mountain Lake will be delisted from the Exchange, because Mountain Lake will become a wholly-owned subsidiary of Marathon on the Effective Date.

About Marathon Gold Corp.

Marathon Gold Corporation is a North American gold resource development company, with projects located in the mining friendly province of Newfoundland and Labrador, the prolific Coeur d'Alene Mining District of Idaho and the historic gold rich Greenhorn District of Oregon, USA. Marathon has a project pipeline consisting of early stage exploration to advanced resource development projects. Marathon is continually evaluating new gold resource development projects of merit that are located within the Americas. Marathon's focused and low-cost approach to exploration and resource development has an established record of delivering rapid growth. For more information visit: www.marathon-gold.com

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 under the joint venture with Marathon Gold Corp. (drilling in progress); a 100% interest in the Glover Island gold exploration property; an option to earn a 100% interest in the Little River gold-antimony exploration property; a 100% interest in the Bobby's Pond base metals property. For more information visit: www.mountain-lake.com

For corporate, media, or shareholder inquiries prior to the Effective Date, please contact:
Greg Lytle
Communications Manager
Mountain Lake Resources Inc.
N. America toll-free: (866) 285-5817
International or Vancouver direct: (604) 839-6946

Email: info@mountain-lake.com

ON BEHALF OF THE BOARD OF DIRECTORS
s/"Allen Sheito"
President & CEO

NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

To view this press release as a webpage, please click on the following link:
www.usetdas.com/pr/mountainlake07032012.htm




Source: Mountain Lake Resources Inc (TSX-V: MOA) www.mountain-lake.com
Maximum News Dissemination by FSCwire. www.fscwire.com