SOURCE: MOUNTAIN LAKE RESOURCES INC.

March 12, 2008 16:18 ET

Etruscan Diamonds February Sales Average Over $750 per Carat

Mountain Lake Holds a 16.2% Ownership Interest (5,246,000 Shares) in Etruscan Diamonds

HALIFAX, NS--(Marketwire - March 12, 2008) - Mountain Lake Resources Inc. (TSX-V: MOA) ("Mountain Lake" or the "Company") is pleased to announce that Etruscan Diamonds Ltd. ("Etruscan Diamonds") reported today that diamond sales for the month of February averaged in excess of US$750 per carat. These prices are well in excess of the US$466 per carat value ascribed in the recently reported National Instrument 43-101 ("NI 43-101") compliant resource estimate for the Blue Gum Project (see Press Release February 5, 2008) and confirm the significantly higher grades and value of diamonds in the deeper gravel packages.

Production at the Tirisano Diamond Mine for the month of February was 45,649 cubic meters yielding 1,224 carats for an overall grade of 2.67 carats per hundred cubic meters. A total of 1,311 carats were placed on tender in early March and the average bid price received was US$845 per carat. A total of 954 carats were sold for gross proceeds of US$727,000 yielding an average price of US$762 per carat. Consistent with the objective of creating a vertically integrated company, 357 carats were withdrawn from the tender for cutting and polishing by Etruscan Diamonds' strategic partner, African Romance, (www.africanromance.co.za) of Sandton, South Africa. Experience to date indicates that diamond cutting and polishing can add in excess of 40% to rough tender diamond prices.

The diamond production, which generated these sales, came from the Tirisano Diamond Mine on the Blue Gum Project located in the alluvial diamond district of Ventersdorp in South Africa. Etruscan Diamonds recommenced mining at Tirisano in January 2008 and cost of production figures during this transition phase to full production are not yet available. The Tirisano plant is rated to treat 50,000 cubic meters of gravel per month. Etruscan Diamonds has also installed four 16-foot pan plants, which have added an additional 50,000 cubic meters per month capacity to the Tirisano operations. The ramp-up of the pre-existing plant and the new pan plants will continue and is expected to achieve the forecast production rate of 100,000 cubic meters per month within sixty days. The 100,000 cubic meters per month operation is anticipated to recover over 2,500 carats per month.

An independent NI 43-101 compliant resource update recently completed by Dr. Tania Marshall of Explorations Unlimited, estimates that the Blue Gum Project contains 20.5 million cubic meters of indicated diamond resource and 17 million cubic meters of inferred diamond resource at grades ranging from 1.77 to 2.85 carats per hundred cubic meters. Based on historic sales from bulk sampling of both the Upper and Lower Gravel Packages, the average sales price provided in the resource update is $466 per carat. Mining from the Tirisano pit has primarily drawn from the Lower Gravel Package, and February's production and sales price are demonstrating the increased value that can be expected from the processing of the deeper gravel package. Etruscan Diamonds is presently undertaking a pre-feasibility study on the project which is scheduled to be completed in the second quarter of 2008. The pre-feasibility study is being led by MDM Engineering of South Africa. Upon successful completion of the pre-feasibility study, a public offering is planned together with an application for a stock exchange listing in order to expand the Blue Gum Diamond Project production rate to 260,000 cubic meters of gravel per month.

Etruscan Diamonds is committed to building a vertically integrated alluvial diamond company. Further to this objective, Etruscan Diamonds recently formed a strategic partnership with African Romance, the first wholly Black-owned South African diamond cutting and polishing company. African Romance recently opened its new diamond cutting and polishing facility in the Sandton district of Johannesburg. African Romance is fully compliant with the Kimberley Process and has pioneered a finger printing bar code inscription system which tracks diamonds from point of origin to finished product.

Over the past six years Etruscan Diamonds has been acquiring strategic properties in the Ventersdorp and Lichtenburg alluvial diamond districts, located approximately 150 kilometers and 200 kilometers west of Johannesburg, South Africa, respectively. Etruscan Diamonds presently holds two mining permits and 13 exploration permits covering over 2,100 square kilometers. Etruscan Diamonds has been actively exploring this land base to develop additional gravel resources to fuel the future growth of the Company.

Mountain Lake holds a 16.2% ownership interest (5,246,000 shares) in Etruscan Diamonds, Etruscan Resources Inc. holds a 53.7% interest, and other third parties hold a 30.1% interest. Etruscan Diamonds holds a 74% interest in the Blue Gum Project with the remaining 26% held by Etruscan Diamond's Black Economic Empowerment partner, Mogopa Minerals (Pty) Ltd.

Mr. Gary Woods, P.Geo., President and CEO of Mountain Lake, is the Qualified Person responsible for the contents of this news release.

About the Mogopa Community

The Mogopa community, through their trust, created the company Mogopa Minerals (Pty) Ltd. to oversee all mining related interests for the community. The community has about 350 families and is located in the vicinity of the mining area. Etruscan Diamonds and the Mogopa community have shared a long positive working relationship. This relationship made it possible for the creation of the current sustainable farming projects on community land.

About Mountain Lake Resources Inc.

Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior mining and exploration company whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Current projects include: a 100% interest in the Bobby's Pond Base Metal Project; the Valentine Lake Gold Project, in which Richmont Mines Inc. is earning a 70% interest; and a 16.2% stake in Etruscan Diamonds Limited, a producing diamond miner in South Africa. For more information visit: www.mountain-lake.com

ON BEHALF OF THE BOARD OF DIRECTORS
s/"Gary Woods"
President & CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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