Mountain Lake Resources Inc

Published : March 13th, 2011

Provides Update on Little River Antimony-Gold Project in Southern Newfoundland

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Mountain Lake Res. provides update on little river antimony-gold project in southern newfoundland

 

 

 

 

 

 

 

Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to announce that line cutting and soil sampling is underway on the Little River Property to identify further antimony and gold drill targets for the 2011 drill campaign. 

 

Antimony bearing veins (stibnite) have now been identified intermittently over a 20 kilometre (km) strike length on the Property, with several high grade, drill ready antimony targets located in the Southern Zone (SW) and LePouvoir Vein Zone (NE) areas of the Property.  The Company had expected to have started drilling these targets last month, but winter weather conditions and drill crew availability has postponed the start of drilling until the later part of this month.

 

The Little River Property was optioned from local prospectors in 2008 and Mountain Lake is on plan to earn a 100% interest in the Property next year.  While Little River is still a discovery stage project, there is precedent in Newfoundland of a high grade antimony vein discovery evolving into one of the largest antimony deposits in the world—Beaver Brook, which is currently the only primary antimony mine in North America.  Mountain Lake President Gary Woods stated previously in a news release of December 21, 2010, “The intervals of high grade antimony [at Little River] are significant and are typical of the material being mined at the Beaver Brook Antimony Mine situated 80 km to the north of the Le Pouvoir Vein Zone.”

 

In October of 2009, Hunan Nonferrous Metals Corporation (HNC), the largest antimony company in the world, acquired 100% of the Beaver Brook Antimony Mine.  Subsequently at the end of 2009, China Minmetals Corp., China’s biggest metal trader, acquired a 51% equity stake of Hunan Holdings Group (HNG), the state-owned parent of HNC.  The state-owned Assets and Supervision Administration Commission of Hunan Province own the remaining 49% of HNG.

 

About Antimony

 

Antimony can occur in its native form, but is usually found in other minerals and most commonly in the mineral stibnite. A silvery-white crystalline metal, antimony is used to increase hardness and strength of metal alloys; and antimony and its compounds are widely used in the production of flame-retardants, batteries, ammunition, cable sheathing, glass, ceramics, paints and in the semiconductor industry. 

 

Like many of the rare earth elements (REEs), antimony has been deemed as one of the “critical metals” essential for economic development and national security by the United States and the European Union.  As with the REEs, China produces over 90% of the world’s antimony supply and pricing continues to reach new highs in 2011 on growing supply concerns that are compounded by new environmental standards being put in place that have affected all producers in China and resulted in the closure of dozens of illegal antimony smelters in Hunan province. 

 

MetalBulletin.com quoted the price for antimony yesterday at bid US$15,250 / ask $15,750 per tonne, amid reports that Chinese sellers will not offer below $15,500 per tonne.  This is up over 50% since August 2010 and 250% since April of 2009.

 

Gary Woods, P.Geo., is the Qualified Person on the Little River Property, 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. Mountain Lake’s current projects include: a 50% interest in the Valentine Lake gold property (Newfoundland) under the joint venture with Marathon Gold Corp.; 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 minority (~6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project (South Africa).  For more information visit: www.mountain-lake.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All

Mountain Lake Resources Inc

EXPLORATION STAGE
CODE : MOA.V
ISIN : CA62419J1030
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Mountain Lake Res. is a zinc and lead development stage company based in Canada.

Mountain Lake Res. produces zinc, lead, diamonds in South Africa, and holds various exploration projects in Canada.

Its main assets in production are DIAMOND PROJ # 1 (NOOITGEDACHT 131) and DIAMOND PROJECT #2 (MOOI RIVER) in South Africa and its main exploration properties are LITTLE RIVER, VALENTINE LAKE (LEPRECHAUN) and BOBBY'S POND (MLR) in Canada.

Mountain Lake Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 16.1 millions as of today (US$ 15.9 millions, € 12.6 millions).

Its stock quote reached its highest recent level on September 26, 2003 at CA$ 1.44, and its lowest recent point on December 12, 2008 at CA$ 0.08.

Mountain Lake Res. has 50 412 000 shares outstanding.

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Annual reports of Mountain Lake Resources Inc
2007 Annual report
Financings of Mountain Lake Resources Inc
6/21/2010Arranges Private Placement Financing
3/10/2008Completes Private Placement
Project news of Mountain Lake Resources Inc
7/5/2012Marathon - Marathon Gold Receives Court Approval for the Arr...
3/13/2011(Little River)Provides Update on Little River Antimony-Gold Project in Sou...
3/8/2011(Valentine Lake (leprechaun))Leprechaun Gold Deposit Continues to Grow with Latest Result...
1/19/2011(Valentine Lake (leprechaun))Announces the Start-up of the 2011 Drilling Campaign at Lepr...
4/8/2010Drilling Intersects Two High Grade Intervals Over 105 g/t (3...
3/25/2010(Valentine Lake (leprechaun))Mtn Lake - Latest Drill Results
12/9/2009(Little River)Completed Drill Program on the Little River Gold
11/10/2009(Little River)Commences Drilling at Little River
9/22/2008(Bobby's Pond (mlr))Reports a Substantial Resource Increase at Bobby’s Pond
1/29/2008(Bobby's Pond (mlr))Drilling Continues to Extend Mountain Lake’s
12/12/2007(Falls Grid Gold) Options Gold Property West of Bathurst, New Brunswick
5/31/2006provides corporate update on main projects
Corporate news of Mountain Lake Resources Inc
12/23/2009Enters Joint Venture with Marathon
10/15/2009 Trenching Results Reveal Strong Gold Values Plus New Discov...
8/25/2009Today's Mountain Lake News
8/10/2009Today's Mountain Lake News
7/3/2009Adds Mining Engineer to Board of Directors
5/20/2009AGM reminder
1/7/2009Today's Mountain Lake News
9/2/2008Options New Gold Property in Southern Newfoundland
3/27/2008COMPLETE ACQUISITION OF VALENTINE LAKE GOLD PROPERTY
3/12/2008Etruscan Diamonds’ February Sales Average Over $750 Per Cara...
2/6/2008Substantial Increase in Blue Gum Resource and Stronger Diamo...
10/9/2007Today's Mountain Lake News
9/10/2007arranges $ 2 million financing with Sprott Asset Management
2/26/200707-02 - Cornerstone signs Mountain Lake to joint venture on ...
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