Cross Lake Minerals Ltd.
TSX : CRN

Cross Lake Minerals Ltd.

January 24, 2007 09:00 ET

Cross Lake Minerals Ltd.: 15.4g/t Gold Over 3.1 Meters Intersected at Depth, New Zone Discovered Near Surface, Porcher Island Project, B.C.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 24, 2007) - Cross Lake Minerals Ltd. (the "Company" or "Cross Lake") (TSX:CRN) is pleased to announce the results from the initial drill hole on the Porcher Island Project, which is located in the Skeena Mining Division, 35 kilometers south-southwest of Prince Rupert, British Columbia (the "Property"). Cross Lake holds an option to earn a 65% working interest in the Property from Imperial Metals Corporation ("Imperial").

Deep Extension of Vein System Confirmed

The first drill hole in the 2006-2007 drilling program on the Porcher Island Project was located to test for the extension at depth of the mesothermal gold veins that form the Porcher Island Gold System. Drill hole CL-06-04 intersected several zones of gold mineralization associated with quartz veins and silicification. The most significant zone was intersected at depth and correlates with the interpreted extension of the main Porcher Island Gold System. The results from this intersection are:



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From (meters) To (meters) Interval (meters) Gold (g/t)
-------------------------------------------------------------------
540.43 543.53 3.1 15.4
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Note: The true thickness is estimated to be 65-70% of the drilled
interval.


This high grade intersection is over 70 meters below the deepest intersection from previous drilling and not only confirms the continuity of the gold veins system but represents one of the better intersections that has been reported from drilling on Porcher Island.

New Parallel Vein System Discovered Near Surface

While the initial drill hole was extremely successful in confirming the high grade extension at depth of the Porcher Island Gold System, it also intersected what is interpreted to be a new parallel vein near surface. The following outlines the results from this intersection;



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From (meters) To (meters) Interval (meters) Gold (g/t)
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49.47 55.32 5.85 7.1
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incl. 49.47 50.92 1.45 27.4
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The discovery of a new vein system near surface located 100 meters north and parallel to the currently defined gold zones adds significantly to the potential of the Porcher Island Gold System. Ongoing drilling will continue to define and expand upon this new discovery.

Multiple Veins Increases Overall Potential of Gold System

In addition to the intersections outlined above, numerous high grade veins were intersected throughout the length of drill hole CL-06-04. Given the tendency for mesothermal veins systems to change in thickness both vertically and horizontally, each of these intersections are considered significant and further increases the overall potential of the Porcher Island Gold System. The following table summarizes these intersections:



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From (meters) To (meters) Interval (meters) Gold (g/t)
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185.66 185.97 0.31 33.6
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277.75 277.95 0.20 14.4
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378.32 378.52 0.20 12.9
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428.68 428.99 0.31 18.9
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477.63 477.87 0.24 36.1
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While each of these intersections are narrow where intersected by drill hole CL-06-04, all are within the Porcher Island Gold System and the gold grades are significant. Ongoing drilling to extend the System to depth will continue.

"We are very excited and pleased that the first deep drill hole on the Porcher Island Project intersected a new gold bearing vein system near surface and extended the known gold veins to depth," stated the Company's President Gordon Keevil. "As a result, we have elected to continue the drilling campaign." Assaying is completed at ACME Analytical Laboratories Ltd. using ICP-MS (Group 1DX) and fire assaying (Group 3B). Exploration work is being conducted under the supervision of the Company's Qualified Person and Vice President, Exploration Jim Miller-Tait, P.Geo.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

12(g) No. 82-2636

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