Mountain Lake is a Canadian based junior mining and exploration company with a diversified portfolio of mineral projects that offer exposure to gold, base metals and diamonds. Valentine Lake is an advanced stage exploration project, and the largest undeveloped gold resource in Newfoundland, where the next phase of drilling is pending. Little River is an early stage gold exploration project in southern Newfoundland where strong gold-arsenic anomalies defined last year have yet to be drilled. Bobby’s Pond is a VMS (Zn-Cu-Pb + Au-Ag) project located 45 km from Teck Cominco’s Duck Pond Mine in central Newfoundland. Etruscan Diamonds Ltd., a minority owned subsidiary, is an alluvial diamond mining operation in South Africa. While Etruscan Diamonds produced 12,600 carats in fiscal 2008, rough diamond prices fell with the downturn in the economy and the operation was put on care and maintenance until prices recover.