Cross Lake Minerals Ltd.
TSX : CRN

Cross Lake Minerals Ltd.

December 22, 2008 15:16 ET

Cross Lake Minerals Ltd.: Corporate Update and Update on QR Mine Operations

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2008) - Cross Lake Minerals Ltd. (TSX:CRN) entered creditor protection under the Companies' Creditor Arrangement Act ("CCAA") on October 14th, 2008. On November 21st, 2008, this Stay of Proceedings was extended by the BC Supreme Court for a period of two months to January 21st, 2009 to allow Cross Lake Minerals Ltd. the opportunity to work on a restructuring plan for the company. Further information on the CCAA filings and BC Supreme Court orders may be found on the court monitor's website at www.pwc.com/car-crosslake.

Cross Lake Minerals has continued to operate its QR gold mine, southeast of Quesnel, British Columbia while under creditor protection. The mine currently has limited permitted reserves to feed to the mill. Due to depletion of the existing permitted reserves and difficulties with efficient operation of the plant through the winter months, the Board of Directors of Cross Lake Minerals has made the decision to temporarily shut the operation down once the reserves from the MidWest Zone are depleted and fed through the Mill. This is expected to take place mid-January, 2009. The shutdown of the QR Mine will be in a phased approach. Once feed to the mill is exhausted, circuits in the mill will be sequentially shut down as they are no longer required. The water treatment plant will continue to run for a period of time treating water in the tailings pond.

The temporary shutdown will allow management of Cross Lake Minerals to review the economics and reserves of the operation and look at ways of optimizing the operation in the best interest of the company.

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 www.sedar.com for further information.

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