Signing Of New Lease On Jewel Ridge

VANCOUVER – Golden Lake Exploration Inc. announced entering into of a mining lease with option with GM Squared, LLC on the Jewel Ridge project located near Eureka, Nevada. The Lease Agreement replaces an original lease with purchase option entered into on March 8, 2004.
The Lease Agreement has a term of 7 years during which the Company is required to make annual lease payments in the amount of US$25,000 per year, and during the first 3 years incur a minimum of US$1 million in expenditures on mining, exploration, and development activities with respect to the property. The Company is also required to make all Bureau of Land Management filings and records, and to pay all taxes and fees to maintain the property in good standing. During the term, the Company has an option to purchase the property less the aggregate lease payments paid under the Lease Agreement.