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Mountain Lake Closes First Tranche of Financing

October 22, 2008

Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to announce that it has closed the first tranche of the non-brokered private placement (the “Offering”) announced October 3, 2008. Scarsdale Equities, LLC, a non-exclusive agent in connection with the Offering, placed 1,000,000 common share units (the “Units”) of the Company at a price of $0.35 per Unit to raise gross proceeds of $350,000.

Each Unit was offered at a price of $0.35 and consists of one common share and one-half of a transferable common share purchase warrant (the “Warrants”), with each full warrant exercisable at a price of $0.42 per common share until October 22, 2010. The Company has the right to accelerate the expiry date of the Warrants if the volume weighted average closing price of the Company’s common shares, as traded on the TSX Venture Exchange, exceeds $0.84 per share for more than 20 consecutive trading days. In that event, the Warrants will expire 30 days after the Company has given notice of the accelerated expiry to the Warrant holders.

The net proceeds from the Offering will be used to finance the Company’s fall/winter exploration and development programs, and for general working capital purposes.

All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation, until February 23, 2009.

About Scarsdale Equities, LLC

Scarsdale Equities, LLC is a registered broker/dealer, SPIC and FINRA member firm headquartered in New York. The firm serves as a placement agent in private securities transactions and participates in public offerings both as an underwriter and in selling groups. Corporate finance activities are concentrated in mining, energy and energy services, and health care. Visit: www.scarsdale-equities.com

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. Current projects include: a 100% interest in the Bobby’s Pond base metals project (Newfoundland) as well as an option to acquire initially a 51% interest in the surrounding claims from Cornerstone Resources; a 30% interest in the Valentine Lake gold project (Newfoundland), a joint venture with Richmont Mines Inc.; a 16.07% stake in Etruscan Diamonds Limited, a producing diamond miner (South Africa); and options to acquire a 100% interest in the Falls Grid (New Brunswick) and Little River (Newfoundland) gold exploration properties. For more information visit: www.mountain-lake.com.

ON BEHALF OF THE BOARD OF DIRECTORS

s/”Gary Woods”

President & CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Distributed by Filing Services Canada and retransmitted by Marketwire

 For corporate, media, or investor inquiries, please contact: Greg Lytle Lytle & Associates North America toll-free: (866) 285-5817 International & Vancouver: (604) 839-6946 Email: Email Contact

SOURCE: Mountain Lake Resources Inc.




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