On Friday the TSX-Venture Exchange accepted the option agreement for Mountain Lake to purchase Richmont’s interest in the Valentine Lake gold property (see the Exchange bulletin below). 

You can also download the updated NI 43-101 Technical Report on the project from the bottom of the Valentine Lake page on the Mountain Lake website at: http://www.mountain-lake.com/ValentineLake.html

Regards,

Greg

________________________

Greg Lytle

Lytle & Associates

Corporate Communications

Direct: (604) 839-6946

Email: lytleg@shaw.ca

MOUNTAIN LAKE RESOURCES INC. ("MOA")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: April 3, 2009
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted an agreement between Mountain Lake Resources Inc. (the "Company") and Richmont Mines Inc. ("Richmont"), dated February 5, 2009. Pursuant to the agreement, the Company has been granted an option to purchase Richmont's 70% interest in the Valentine Lake Gold Property, in Central Newfoundland. The Company currently owns a 30% interest in the Property.

Aggregate compensation payable by the Company is:
* 2,500,000 Company common shares to Richmont;
* $3,000,000 in option payments to Richmont over a four-year period, and;
* $1,000,000 in exploration and development expenditures on the Property over a five-year period.

The option payments may be in cash, or 50% in cash and 50% in Company common shares, at the sole election of the Company at the market price at the time of issuance, subject to a minimum price of not less than $0.20 per share.

TSX-X