Cross Lake Minerals Ltd.
TSX : CRN

Cross Lake Minerals Ltd.

March 01, 2007 09:00 ET

Cross Lake Minerals Ltd.: 21.5 g/t Gold Over 4.39 Meters Extends New Vein Discovery, Porcher Island, B.C.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2007) - Cross Lake Minerals Ltd. ("Cross Lake") (TSX:CRN) is pleased to announce results from the two additional drill holes from the ongoing drilling program on the Porcher Island Property, which is located in the Skeena Mining Division, 35 kilometers south-southwest of Prince Rupert, British Columbia. Cross Lake holds an option to earn a 65% working interest in the Property from Imperial Metals Corporation.

New Parallel Vein System Extended

The new vein that was discovered by the first drill hole, CL-06-04 of the current drilling program, which intersected 7.1 g/t gold over 5.85 meters including 27.4 g/t gold over 1.45 meters at a depth of only 49.47 meters has been extended by drill holes CL-06 05 and 06. The following table summarizes the results from the new vein for these drill holes:



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From To Interval Gold
Drill Hole (meters) (meters) (meters) (g/t)
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CL-06-05 49.64 50.54 0.90 29.4
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CL-06-06 54.5 59.07 4.39 21.5
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Note: The true width is estimated to be 65-70% of the drilled interval.


These results confirm both the lateral continuity and high grade of the new vein system, which has been discovered within 50 meters of surface. This new vein is parallel to and located to the north of the vein system that has been previously drilled. It is in the hornblende diorite rock unit rather that the quartz diorite, where all veins that have been delineated historically occur. The hornblende diorite was not thought to be a prospective host and therefore has not been previously evaluated in any detail. As such this new discovery could potentially indicate a whole new vein system and clearly will become a new area for further exploration. Cross Lake will continue drilling this new vein system with a grid drilling program to extend the vein both laterally and at depth.

Deep Extension of AT Zone Expanded

In addition to the intersections of the new vein system both drill holes also intersected the "AT" gold vein system at depth, the original target of the current drilling program. The following table summarizes the significant results:



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From To Interval Gold
Drill Hole (meters) (meters) (meters) (g/t)
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CL-06-05 590.08 590.34 0.26 27.41
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666.33 666.53 0.20 56.97
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CL-06-06 551.40 552.44 1.04 3.8
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625.84 626.64 0.8 4.9
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672.72 674.69 1.97 3.2
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Note: The true width is estimated to be 65-70% of the drilled interval.


These intersections continue to confirm the continuity of the currently defined gold vein system at depth, which was initially confirmed by drill hole CL-06-04, which intersected 15.4 g/t over 3.1 meters. Drilling will continue to extend the AT Vein System both laterally and at depth, where as previously reported the historic resources have been outlined and where all the previous development and mining operations were conducted. 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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