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Mountain Lake begins drilling program at Little River gold-antimony project in Newfoundland

Last updated: 21:45 11 Nov 2010 GMT, First published: 22:45 11 Nov 2010 GMT

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Mountain Lake Resources (TSX-V: MOA) said Thursday that drilling has begun on its Little River Gold Antimony property in southern Newfoundland.

Antimony is usually found in other minerals and most commonly in the mineral stibnite. It is a silvery-white crystalline metal used to increase hardness and strength of metal alloys in the production of batteries, bullets, semiconductors, cable sheathing, flame-proofing compounds, glass, ceramics, paints and pottery.

The gold and antimony drill targets include the four high priority areas in the central part of the property, which were set out in the recent trenching program, along with the high grade stibnite vein in the northeastern portion of the property, where values of up to 50% Sb and 24 g/t Au were recently reported, said Mountain Lake.

This vein is of particular importance, added the company, as it is significantly larger than the vein initially discovered in 1989 on the Beaver Brook property about 80 km to the north, which led to the Beaver Brook antimony mine in 1998, the largest antimony deposit outside of China and the only primary antimony mine in Canada or the United States.

Little River consists of 452 mining claims comprising 11,300 hectares over a strike length of 35 km in the Baie D'Espoir area of southern Newfoundland. The property can be accessed by way of the Bishop Falls to Harbour Breton highway. Mountain Lake has an option to earn a 100% interest in the project.

Aside from Little River, Mountain Lake owns various interests in the Valentine Lake gold property, in the Glover Island project and the Bobby's Pond base metals property, all located in Newfoundland. It also owns a minority stake in Etruscan Diamonds, a diamond project in South Africa.

The company was up more than 2% on Thursday, trading at $0.93 as of 12:28pm EST.

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