Leprechaun Gold Deposit Continues to Grow with Latest Results Intersecting 3.15 g/t Au over 21.5m (true width) in New Zone

Marathon Gold Corporation and Mountain Lake Resources Inc. are pleased to announce the intersection of a wide zone of mineralization grading 3.15 g/t Au over 21.5m including 9.78 g/t Au over 2m and 9.31 g/t over 2.5m in VL-11-250 at the Leprechaun Gold Deposit. This mineralization represents a down dip extension of the wide zone of mineralization reported in VL-11-246 (see news release of March 2, 2011) along the NE edge of the Leprechaun Gold Deposit (Figure – LP), the first defined gold resource within the highly prospective Valentine Lake Property in central Newfoundland.

Highlights:

* The center of the new 21.5m wide (true width) mineralized intercept grading 3.15 g/t Au in VL-11-250 is located 60m below and 13m south of the mineralized zone previously reported in VL-11-246, which graded 3.75 g/t over 37.5 m (true width) * The area of the Leprechaun Gold deposit bounded by VL-11-246 and VL-11-250 was previously characterized as containing only isolated blocks of inferred mineralization in the December 2010 resource and these drill holes will effectively pull the current Measured and Indicated resource down dip. The mineralization in VL-11-249 is located up dip and along strike of the wide zone of gold mineralization intersected in VL-11-250

* The results from VE-11-003 are very encouraging as we continue to delineate zones of low grade mineralization in an area of Valentine East (Figure – VE) not previously drilled.

All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Assay results for the future updates of the December, 2010 resource will be determined by an ongoing metallic screening process. Due to the coarse nature of the gold at the Leprechaun Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results.