A growth oriented company focused on gold exploration

and development in Newfoundland, Canada

Published June 7, 2012 TSX-V: MOA

Special Meeting June 29, 2012

The Halifax Club, 1682 Hollis Street, Halifax, Nova Scotia at 10:00 am (local time)

Mountain Lake Resources Inc.

Cautionary Statement

This presentation contains certain forward-looking statements that

involve known and unknown risks and uncertainties. Consequently,

actual results, performance, and/or achievements could differ

materially from the expectations expressed in these forward-looking

statements. There can be no assurance that future developments

affecting the parties herein will be those anticipated by management.

While we may elect to update these estimates at any time, we do not

undertake to update any estimate at any particular time or in

response to any particular event.

Experienced management, good capital structure and no debt

2 2

3

Consolidates the 100% ownership of the Valentine Lake Au Project

Upon the successful completion of the Transaction:

Marathon Gold (MOZ) will acquire the 50% interest in the Valentine

Lake gold project owned by Mountain Lake Resources (MOA)

All other properties owned by MOA will be transferred to a newly

formed exploration company called Mountain Lake Minerals (Spinco)

MOA shareholders will receive 0.40 share of MOZ and 0.40 share of

Spinco in return for each share of MOA

MOA shareholders will own 40.3% of MOZ and 86.15% of Spinco

Seek to obtain listing of Spinco’s common shares on the TSX

Venture Exchange, subject to fulfillment of listing requirements

Plan of Arrangement Summary

4 4

Valentine Lake - Property & Geology

May 2012

Leprechaun

Gold Deposit

5

*NI 43-101 Mineral Resource for Leprechaun Deposit only

5

Leprechaun Deposit Global Resource Estimate*

Classification Tonnes Grade (g/t) Contained Au Ozs

Measured

Indicated

1,378,000

5,068,000

1.90

2.09

84,000

340,000

Measured & Indicated 6,446,000 2.05 424,000

Inferred 5,742,000 1.65 305,000

Valentine Lake – Gold Resource

* 0.5 g/t Au Cut-Off – see news release of March 29, 2012 for full details

The Leprechaun Deposit is the first resource delineated along the Property's

~23 kilometre long gold-bearing corridor

Market Reaction to Transaction

MOA 10-day VWAP before May 24: $0.26

MOA 10-day VWAP after May 24*: $0.34

MOA 52-week hi/lo: $0.82 / $0.24

MOZ 10-day VWAP before May 24: $0.79

MOZ 10-day VWAP after May 24*: $0.89

MOZ 52-week hi/lo: $1.70 / $0.68

6

Share prices of both companies have responded favourably

*As of June 7, 2012 closing prices of MOA and MOZ

7

Total book value of exploration assets as of Feb 29, 2012

Book Value Breakdown - Current Assets*

64%

24%

6%

6%

Mountain Lake's Newfoundland Projects

Valentine Lake

Glover Island

Bobby's Pond

Little River

*Includes assets over $100k

VL

GI

BP LR

8

Sum of Mountain Lake’s parts worth more than the whole

MOZ Transaction $ Value Comparison

*As of May 23, 2012 closing prices of MOA and MOZ

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

16000000

MOA All Projects Book Value

MOA Market Cap

Value*

Marathon Share Offer

Value*

Valentine Lake Book

Value

Spinco Projects Book

Value

$11.8

M

$1

2.6

M

$15.1

M

$7.6

M

$4.3

M

9

Sum of Mountain Lake’s parts worth more than the whole

Shareholder Ownership of Companies*

40.3%

59.7%

Marathon Gold Ownership

MOA Shareholders

MOZ Shareholders (existing)

86.1%

6.3% 7.6%

Spinco Ownership

MOA Shareholders

MOZ Shareholders

MOA Management

*Upon completion of transaction

10

Financing would result in a ~40% increase in MOA shares issued

Financing as Alternative to Transaction

*Assumes $ 5,000,000 financing (20mm new MOA shares @ $0.25 per share)

70,480,000

50,480,000

20,000,000

- 20,000,000 40,000,000 60,000,000 80,000,000

~$ 4 million required to maintain 50% ownership in Valentine Lake through Dec 2012

Post financing shares issued

Current shares issued

Financing shares issued*

Shares

Financing

shares issued*

Current shares

issued

Post financing

shares issued

11

Comparison of retained ownership in Valentine Lake Project

Financing as Alternative to Transaction

40.3%

59.7%

0%

Post Marathon Transaction

MOA Shareholders (exisitng)

MOZ Shareholders (existing)

14.2%

35.8%

50%

Post Potential Financing

New MOA investors*

MOA Shareholders (existing)

MOZ Shareholders (existing)

*Assumes $ 5,000,000 financing (20mm new MOA shares @ $0.25 per share)

12

Current MOA shareholders’ ownership of Projects

Project Ownership Before Transaction*

*Before completion of transaction

0%

20%

40%

60%

80%

100%

Valentine Lake Glover Island Little River Bobby's Pond

50%

100% 100% 100%

MOA Shareholder Ownership Percentage

13

Best retention of current MOA projects with exposure to all MOZ projects

*After completion of transaction

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Valentine Lake

Golden Chest

Glover Island

Little River Bobby's Pond

Bonanza Mine

40%

20%

86% 86% 86%

40%

MOA Shareholder Ownership Percentage

Project Ownership After Transaction*

14

Spinco Proposed Seed Financing MOA shareholders are welcome to participate in Spinco seed financing

Spinco will require additional financing:

Marathon and Mountain Lake management are investing cash of

$300,000 and $200,000, respectively, in seed financing for Spinco

The above seed financing was done at $0.20 per unit consisting of

one share and one-half share purchase warrant

Some additional financing is required so Spinco will have sufficient

working capital to apply for listing on the TSX Venture Exchange

It is proposed that up to an additional $1,500,000 in seed financing

be raised for Spinco - $300,000 at the same $0.20 per unit and

$1,200,000 in flow through at $0.25 per FT unit

15

Additional seed financing priced at same as MOZ and MOA mgt portion

Spinco Pro Forma Share Capitalization*

86.1%

6.3%

7.6%

Spinco Ownership After Transaction

MOA Shareholders MOZ Shareholders

MOA Management

68%

5%

6%

21%

Spinco Ownership After Financing

MOA Shareholders MOZ Shareholders

MOA Management Additional Financing

*Assumes maximum raised of $1,500,000 as outlined on previous slide

16

• Paul Smith - President & CEO; P.Geo 30 yrs

• Allen Sheito - Exec Chairman & Director; Geo. 40 yrs

• Bill Rogers - Director; Mine Eng./Operator 38 yrs

• Paul Bowes - Director; Securities Lawyer/Mining 27 yrs

• Frank Metcalf - Director; Corporate Lawyer 25 yrs

• Peter Woodward - Director ; Business owner 25 yrs

• Teri Anderson – CFO; CA, MBA 20 yrs

Spinco Management Team Decades of combined mining industry and business experience

17

Projects with large scale potential in mining friendly jurisdiction

Glover Island ( )

Valentine Lake ( )

Bobby’s Pond ( )

Little River (Sb-Au)

Newfoundland Property Locations

Spinco Newfoundland Projects

Glover Island Project NI 43-101 Gold Resource – Most prospective ground for gold exploration in

Newfoundland outside of Valentine Lake

Little River Gold-Antimony Project A discovery stage exploration property 80 km southwest of Beaver Brook mine,

the only primary producing antimony mine in Canada or the United States

Bobby’s Pond VMS Deposit NI 43-101 base metals (zinc-copper-lead) deposit located 45 km from Teck

Cominco’s Duck Pond mine/mil complex

Create value through additional joint ventures or asset sale

18 18

Spinco – Catalysts for Growth 19

Progress is determined by good properties and smart planning

• Primarily focused on gold exploration

• All active projects currently located in mining-

friendly jurisdiction of Newfoundland

• Create value through joint ventures at Glover

Island, Little River and Bobby’s Pond to expedite

exploration and development