Cross Lake Minerals Ltd.

Cross Lake Minerals Ltd.

May 15, 2009 16:00 ET

Cross Lake Seeks Court Approval of Plan of Compromise and Arrangement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2009) - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") reports that, further to its news release of May 8, 2009, the Company intends to apply to the Supreme Court of British Columbia (the "Court") on or about May 25, 2009 for a Final Order approving the plan of compromise and arrangement with its creditors under the Companies' Creditors Arrangement Act and the Business Corporations Act (British Columbia) (the "Plan").

The Plan was approved by the general creditors of Cross Lake in a manner required by the Order granted by the Court on April 7, 2009.

The completion of the Plan is subject to a number of conditions including the completion of an investment agreement with Procon Mining and Tunnelling Ltd. and the granting of the Final Order of the Court approving the Plan.

Additional information filed by the Company or the Monitor related to the Plan, as well as a copy of the Plan and the proposed Final Order, are available on the Monitor's website at www.pwc.com/car-crosslake.

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.

12(g) No. 82-2636

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