Cross Lake Minerals Ltd.

Cross Lake Minerals Ltd.

May 29, 2009 16:36 ET

Cross Lake Obtains Final Court Approval of Plan of Compromise and Arrangement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") reports that all court orders and creditors approvals required for the completion of the transactions provided for in the amended and restated plan of compromise and arrangement (the "Plan of Arrangement") filed by the Company on May 21, 2009 pursuant to the Companies' Creditors Arrangement Act ("CCAA") and the British Columbia Business Corporations Act ("BCBCA") have now been obtained, including the final order of the Supreme Court of British Columbia (the "Court") approving the Plan of Arrangement pursuant to the CCAA and BCBCA made on May 25, 2009, the approval of the bankruptcy proposal (the "BIA Proposal") filed by PricewaterhouseCoopers Inc., trustee in bankruptcy of the Company, pursuant to the Bankruptcy and Insolvency Act (the "BIA") by creditors' at a meeting held on May 27, 2009, and the order of the Court approving the BIA Proposal pursuant to the BIA made on May 29, 2009.

The restructuring transactions provided for in the Plan of Arrangement, which are subject to a number of conditions, including the completion of the investment in the Company by Procon Mining and Tunnelling Ltd. pursuant to the Investment Agreement dated as of April 3, 2009, as amended, are expected to close on or about June 1, 2009.

Additional information filed by the Company or the Monitor relating to the Plan of Arrangement, the BIA Proposal, the Final Order and the BIA Approval Order is available on the Monitor's website at

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.

12(g) No. 82-2636

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