Cross Lake Minerals Ltd.

Cross Lake Minerals Ltd.

November 27, 2008 19:41 ET

Cross Lake Minerals Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2008) - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") (TSX:CRN) reports that on November 21, 2008 the British Columbia Supreme Court issued an order (the "Order") providing the Company with an additional period of protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). The initial order, which was first granted under the CCAA in favour of the Company on October 14, 2008, and was amended by further orders dated October 28, 2008 and November 7, 2008, has now been extended until January 21, 2009, during which time creditors and other third parties will continue to be stayed from terminating agreements with Cross Lake or otherwise taking steps against Cross Lake.

In addition, the Order provides for the validity and priority of additional security interests in the property of Cross Lake in favour of the Crown and certain leaseholders of the Company. The Order also granted to Quest Capital Corp., a secured creditor of the Company, the right to sell certain shares of Selkirk Metals Corporation owned by Cross Lake in which Quest Capital Corp. has a security interest.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 for further information.

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