Cross Lake Minerals Ltd.

Cross Lake Minerals Ltd.

December 12, 2006 09:00 ET

Cross Lake Minerals Ltd.: Deep Drill Program Commences on Porcher Island Gold System

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 12, 2006) - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") (TSX:CRN) is pleased to announce that a deep diamond drilling program has started on the Porcher Island Gold Property, which is located in the Skeena Mining Division, 35 kilometres south-southwest of Prince Rupert, British Columbia (the "Property"). Cross Lake holds an option to earn a 65% working interest in the Property from Imperial Metals Corporation ("Imperial").

There is a long history of exploration and production from the Property that includes the Surf Point and Edye Pass mines. Records indicate that a total of 77,952 tons grading 0.29 oz/t gold were produced up to 1937. From 1975 to 1988, extensive exploration by E and B Exploration and Cathedral Gold Corporation resulted in a drill outlined mining reserve of 623,095 tons grading (cut and diluted) 0.20 oz/t gold to a depth of 200 metres (News Release dated November 22, 2005). Within this resource, there are significant high grade intercepts containing multi ounce material over mineable widths. A deep drilling program indicated the potential for an additional 900,000 tons at similar grades to a depth of 300 metres below surface in the AT Zone.

The exploration results and resources referred to above are historical in nature and were compiled before NI-43-101. Cross Lake has not independently analyzed the results of the previous exploration and therefore the historical results should not be relied upon, however Cross Lake believes these historical results provide an indication of the potential of the Property and are relevant to ongoing exploration.

The mesothermal gold mineralization occurs in pyritic quartz veins within steeply dipping shear or alteration zones hosted by a quartz diorite intrusive. Typically mesothermal gold systems are continuous to depth and, as such, host many of the world's large quartz vein hosted gold deposits. Elevated bismuth values have been found to be associated with the zones of gold mineralization at Porcher. This correlation of bismuth with gold is a characteristic of the Pogo and Fort Knox Deposits located in Alaska. In addition, the age of the host rock intrusive of all three deposits is mid-Cretaceous and the mineralization is in a similar style of steeply dipping sheeted vein systems. The following table summarizes the significant intersections from selected historical drill holes:

Interval -------------
Drill Hole Length From (m) To (m) (m) (feet) oz/T g/T
62 410.57 323.74 329.40 5.66 18.6 0.195 6.69
384.73 387.60 2.87 9.4 0.161 5.52
403.00 404.47 1.47 4.8 0.179 6.14
84 477.93 307.80 309.00 1.20 3.9 0.668 22.90
336.00 336.50 0.50 1.6 0.462 15.84
349.61 351.90 2.29 7.5 0.098 3.36
407.80 408.75 0.95 3.1 1.296 44.43
414.40 416.00 1.60 5.2 0.649 22.25
421.75 424.00 2.25 7.4 0.113 3.87
87 392.28 349.18 354.95 5.77 18.9 0.149 3.11

The current diamond drilling program aims to expand the quartz vein system down dip on 50 metre centers below the AT Zone and, if successful, will add further to the previously reported resource and overall potential of the Property. The delineation of a mineable resource on the Property would provide an excellent complement to the Company's QR Mine, which is currently being reopened. The surface facilities at the QR, which include a 1000 tonne per day permitted gold mill in British Columbia, can be utilized to maximize the potential of both properties.

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 for further information.

12(g) No. 82-2636

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