SUDBURY, ON–(EMWNews – July 29, 2008) – Houston Lake Mining Inc. (TSX-V: HLM)

(PINKSHEETS: HLKMF), an advanced exploration company seeking gold, platinum

group and rare metal deposits in Ontario, today released its report for the

fiscal 2008 fourth quarter and fiscal year ended March 31, 2008.

Fourth Quarter Highlights

--  Initiated 5,000-metre winter drill program at West Cedartree

--  Matrix Geophysics conducted deep probe IP geophysics survey

--  Extended length and depth of structure hosting Dubenski Shaft Zone

--  Reported high grade gold assays from Dubenski Shaft Zone

--  Completed a detailed aerial topographic survey of all 8 West Cedartree

    gold properties

--  Appointed corporate advisory firm for investor outreach function

    

Subsequent to Fourth Quarter

--  Reported high grade gold assays from Dogpaw Lake property

--  Raised $1.4 million for further exploration in two equity financings

--  Hosted site tour of West Cedartree for mining analysts, investors &

    media

    

“The fourth quarter was the most active period in Houston Lake’s history,”

said Grayme Anthony, President & CEO. “We launched an extensive IP

geophysical survey as well as a large 5,000-metre winter drill program at

our West Cedartree gold project and aggressively pursued the program to its

conclusion in May.”

The two-part program saw drills turning on the Dubenski and Dogpaw Lake

properties, with the aim of upgrading the two historic gold resources to

modern standards. Significant gold results were returned from each of the

first 27 drill holes thus far received. Drilling at Dubenski intersected

some of the highest grade drill results ever reported from the property.

Drilling also extended the known gold mineralization at the Dogpaw No. 1

Vein laterally and to depth.

In addition to drilling, Houston Lake also conducted extensive stripping,

trenching, channel sampling and mapping activities. Geophysical IP surveys

identified a 1.7 kilometre trend that encompassed the Shaft, Central and

East Zones at Dubenski. Eight quantitative sections were undertaken at

eight key locations to provide IP responses to depths of up to 400 metres

along the IP trend.

“This high level of exploration intensity during the fourth quarter kept us

on track to achieve our near-term goal of proving up historic resources of

Dubenski and Dogpaw to modern standards,” Mr. Anthony said.

During the quarter the Company initiated a search for a new partner to

develop its Tib Lake PGM project located near Thunder Bay, Ontario. The

action followed receipt of notice from Magma Metals Ltd. of Perth,

Australia that it had withdrawn its option on the property.

Exploration outlays, salaries and other outlays were funded from treasury.

During the fiscal year ended March 31, 2008 Houston Lake invested $1.9

million in the mining properties. Of the total:

--  $1.16 million was incurred in acquisition and exploration costs for

    the Dubenski property;

--  $0.46 million was devoted to exploration on the Dogpaw Lake property;

--  $0.30 million was expended on the West Cedartree property; and

--  $22,000 was spent on the Pakeagama Lake and Tib Lake properties.

    

Expenses during the 12 months increased to $0.8 million from $0.4 million,

reflecting higher shareholder and investor relations costs, stock option

compensation, consulting outlays and staff expenses.

Houston Lake issued 1.8 million flow-through common shares and 1.4 million

common shares during the fiscal year, for total gross proceeds of $2.0

million.

At March 31, 2008, working capital totaled $0.4 million, compared to $0.9

million at the same time last year. The Company’s current rate of cash

consumption, excluding expenditures on work programs, is approximately

$25,000 per month.

Subsequent Events

Subsequent to March 31, 2008, Houston Lake completed a 3,209 metre

delineation drill program at Dogpaw Lake in May. Significant gold

mineralization was encountered in each of the first 10 drill holes and

results of the remaining 20 holes are pending. A new 2,000 metre drill

program at the property commenced in July.

The Company raised $1.4 million by issuing flow-through common shares and

common share purchase warrants in two non-brokered private placements. The

offerings were completed in June.

Houston Lake hosted a site tour of West Cedartree properties in June.

Participants included mining analysts, investors and business news media.

The initiative was integral to the Company’s investor outreach function,

which is increasing in importance.

Outlook

During the second half of 2008, management will continue to focus on

exploration and development of the West Cedartree Gold Project.

“Our exploration results have shown that there is extensive gold

mineralization at West Cedartree,” said Mr. Anthony. “With that

established, we are moving steadily toward our goal of determining whether

sufficient mineral resources exist to justify an onsite mill.”

A mining permit application for Angel Hill is being carried out by Cook

Engineering of Thunder Bay, Ontario. Completing the application will

require lake bottom testing, which is scheduled for this fall. The next

recommended step in evaluating the Angel Hill gold resource is a 10,000

tonne bulk sample.

Houston Lake is awaiting a report from Watts Griffis and McOuat consultants

on a recent drill program at the Shaft Zone of the Dubenski property. This

report, plus the results of the deep penetrating IP survey last winter and

ongoing geological mapping will be combined to guide the next phase of

drilling at Dubenski.

Houston Lake has made considerable progress on its development timeline,

which can be viewed at www.houstonlakemining.com.

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 29,435,246 common shares issued and outstanding.

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 what are available at

www.sedar.com.