Mountain Lake completes private placement

Mountain Lake Resources Inc. has completed the brokered private placement announced February 20, 2008.

Scarsdale Equities, LLC, the exclusive agent in connection with the Offering, placed 2,260,000 common share units of the Company at a price of $0.60 per Unit to raise gross proceeds of $1,356,000.

The Units consist of one common share and one-half of one common share purchase warrant, with each full warrant exercisable at a price of $0.75 per common share until March 7, 2010. The shares and warrants comprising the Units will bear legends restricting their resale until July 8, 2008.

Upon closing of the Offering, Scarsdale will receive a commission of 7% of the gross proceeds raised payable in Units of the Company on the same terms as the Units of the Offering, or a total of 158,200 Units. The net proceeds from the Offering will be used to finance the Company’s 2008 exploration and development programs, and for general working capital purposes.