Cross Lake Minerals Ltd.
TSX : CRN

Cross Lake Minerals Ltd.

May 07, 2007 09:00 ET

Cross Lake Minerals Ltd.: 27.0 g/t Gold Over 2.37 Meters and 9.9 g/t Over 3.40 Meters Extends the Cedar Vein Discovery Porcher Island Project, B.C.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - Cross Lake Minerals Ltd. ("Cross Lake") (TSX:CRN) is pleased to announce results from the three additional drill holes from the ongoing diamond 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.

The Cedar Vein was first discovered by drill hole CL-06-04 of the current drilling program and extended by drill hole CL-06-05 and CL-06-6 which intersected 21.5 g/t over 4.39 meters. The following results are from the next three drill holes, CL-07-07, 08 and 09:



From To Interval Gold
Drill Hole (meters) (meters) (meters) (g/t)
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CL-07-07 48.14 50.51 2.37 27.0
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CL-07-08 51.62 53.71 2.09 10.3
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CL-07-09 55.69 59.09 3.40 9.9
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Note: The true width is estimated to be 65-70% of the drilled interval.


All six drill holes from which results have been received to date have intersected the Cedar Vein with significant grades over excellent widths. These results indicate excellent continuity over both the strike and dip tested to date. 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 diorite, which was previously not thought to be a prospective host. As such this new discovery appears to indicate a whole new vein system and continue to be a focus on ongoing drilling and exploration. Cross Lake is continuing to drill this new vein system with a grid drilling program to extend the vein both laterally and at depth.

In addition to the results from the Cedar Vein all three drill holes were continued to evaluate the continuation of the AT Vein system at depth below the area that has been defined by previous surface continuation of the AT Vein system at depth below the area that has been defined by previous surface and underground exploration. The following table summarizes the relevant results from these three holes:



From To Interval Gold
Drill Hole (meters) (meters) (meters) (g/t)
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CL-07-07 373.68 374.01 0.33 19.4
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442.13 443.16 1.03 6.4
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CL-07-08 272.4 272.6 0.2 15.6
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378.77 379.84 1.04 4.8
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396.96 399.70 2.74 3.1
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488.72 489.4 0.68 6.3
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CL-07-09 172.21 173.02 0.81 8.1
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442.85 444.16 1.31 7.6
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These intersections continue to extend laterally and vertically the AT gold vein system at depth, which was initially confirmed by drill hole CL-06-04, which intersected 15.4 g/t gold over 3.1 meters. Furthermore these results continue to outline multiple veins, a number with excellent gold grades.

In conjunction with the ongoing diamond drilling program Cross Lake is completing a detailed compilation of all the historic data from the Porcher Island Property. This compilation has highlighted numerous areas where drilling and/or underground development have outlined open gold bearing vein systems that have not been fully evaluated. With the discovery of the Cedar Vein all of these untested vein systems must be considered significant and will now be studied in detail and tested by surface and if available underground exploration and drilling. Assays are 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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