Houston Lake Mining Begins Phase 2 Drilling on the Dubenski Gold Property: Financial News

Houston Lake Mining Begins Phase 2 Drilling on the Dubenski Gold Property
Wednesday November 12, 2008 12:58 pm ET

SUDBURY, ON--(MARKET WIRE)--Nov 12, 2008 -- Houston Lake Mining Inc. (CDNX:HLM.V - News) (Other OTC:HLKMF.PK - News), an advanced exploration company seeking gold, platinum group and rare metal deposits in Ontario, is pleased to announce that a 2000m (6,560 ft.) diamond drill program has commenced on the Dubenski Shaft Zone historic gold resource. Drilling by Houston Lake last winter has defined the Shaft Zone to a depth of approximately 100 metres (328 feet). The current drill program aims to extend the Shaft Zone down plunge below the previous drilling. Results are expected in 6 to 8 weeks and will be announced as soon as they are received.

"Last winter's drill program at the Dubenski Shaft Zone returned some of the best gold intercepts in Houston Lake's history," said E. Grayme Anthony, President and Chief Executive Officer. "While we were aware that gold mineralization was present, the significant widths encountered came as a surprise. We look forward to building on our initial success at Dubenski."

 
Table 1. Selected Core Length Intercepts, Dubenski Shaft Zone,
         2008 Drill Program,

Drill Hole      From      To     Intercept      Gold    Intercept    Gold
 Number         (m)       (m)       (m)        (g/mt)     (ft)      (oz/st)

DB-08-15       12.10     51.00     38.90        20.44    127.59      0.596
(-67 degrees)
Incl.          13.00     35.00     22.00        35.68     72.16      1.041

DB-08-09       41.00     68.00     27.00        12.95     88.56      0.378
(-45 degrees)
Incl.          50.00     58.00      8.00        40.99     26.24      1.196

DB-08-07      102.00    135.00     33.00        12.11    108.24      0.353
(-45 degrees)
Incl.         115.00    124.00      9.00        40.70     29.52      1.187

DB-08-06       94.70    132.00     37.30         8.28    122.30      0.241
(-45 degrees)
Incl.         102.00    109.00      7.00        35.31     22.96      1.030

The above table illustrates highlights of the winter 2008 drill program (see Company press release dated May 1, 2008). The holes were drilled at 45 degrees to 67 degrees and the results are reported as core lengths. True widths will be reported once the geometry of the gold zone has been determined.

About the Dubenski Property

The Dubenski property is one of eight contiguous properties comprising the Company's 100% owned and optioned 1,674 hectare (4,135 acre) West Cedartree Gold Project located near Kenora, Ontario. The project area encompasses three zones hosting gold resources at Angel Hill (NI 43-101 compliant), Dogpaw Lake No. 1 Vein (historic) and Dubenski Shaft (historic).

The Dubenski property contains an historic resource of 355,286 tonnes grading 6.32 g/mt gold (391,636 tons averaging 0.184 oz/st gold), which was reported to extend to a depth of 150m (492 ft.) and includes the Shaft, Central and East Zones. However, a 17 hole, 1,798.6 metre (5,899.4 foot) delineation drill program was completed in March and encountered much greater widths than had previously been reported (see Table 1 and Company Press Release dated May 1, 2008).

Consulting geologists Watts Griffis and McOuat (WGM) of Toronto managed the drill program at Dubenski and have been contracted to complete an NI 43-101 report on the Shaft Zone resource. The NI 43-101 compliant Technical Report and Mineral Resource Estimate is expected by the end of November. The upcoming 2,000m (6,560 ft.) drill program is planned to test the down plunge extension of the Shaft Zone and expand the potential gold resource to a depth of 150m (492 feet). Results from this new drill program will not be considered in the WGM report.

A deep IP survey was conducted in February and March of 2008 by Matrix GeoTechnologies Ltd. ("Matrix") of Toronto. The survey identified a strong conductive anomaly that is continuous for over 1,200 metres (3,936 ft.) and coincides with the Shaft, Central and East Zones of Dubenski. The chargeability responses associated with the resistivity anomaly at Dubenski appear to strengthen with depth and may indicate the possible down plunge extension of the Shaft Zone mineralization on the property. Houston Lake has commissioned Matrix to 3D model the chargeability and IP responses to increase the geological understanding of the Shaft Zone environment and refine drill targeting. The 3D models are expected by the first week of November.

Due Diligence

All samples reported were shipped to TSL Laboratories, an ISO accredited facility, of Saskatoon, Saskatchewan. Samples taken from the core of the mineralized zone were analyzed utilizing a screen metallic assay method. This methodology provides a higher level of assurance by testing a large quantity of sample (1,000g) and by monitoring the size distribution of the gold. Samples taken from the shoulders of the mineralized zone were analyzed by fire assay utilizing a 50 gram charge. All samples were assayed with an AA finish and those samples assaying above 3 g/mt gold were retested utilizing a gravimetric finish. The samples will also be re-checked at a second qualified laboratory in keeping with the Company's standard due diligence procedures.

The tonnages, grades, assays and other technical data are taken from historical records prior to the implementation of NI 43-101. While the data are believed to have been acquired, processed and disclosed by persons believed to be technically competent, it is unverifiable at present.

A qualified person as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Houston Lake is not treating the historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and the historical estimate should not be relied upon.

E. Grayme Anthony, P. Geo., President of the Company, is the Qualified Person under the guidelines of NI 43-101 for the technical aspects of this news release.

About Houston Lake Mining Inc.

Houston Lake is an advanced, vertically integrated resource exploration company. The Company is actively exploring for gold, platinum group metal and rare metal deposits in northwestern Ontario with a strategic focus on the West Cedartree gold project. Houston Lake's objective is to become a gold producer by surface mining its West Cedartree gold project and developing its 100% owned and optioned properties. The Company has a total of 31,198,881 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com.

Forward-looking Statements

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company 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, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings that are available at www.sedar.com.

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