Cross Lake Minerals Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA, Oct 7, 2008 (Marketwire via COMTEX News Network) --

Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") (TSX:CRN) announces that the maturity date of the Company's bridge loan with Quest Capital Corp. ("Quest") has been extended from September 30, 2008 to December 31, 2008, with the outstanding principal payable in instalments as set out below. (Please see the Company's news release November 28, 2007.)

The current outstanding principal balance is $1,050,000 payable as follows:

(a) $200,000 on September 30, 2008 (which has been paid);

(b) $225,000 on October 31, 2008;

(c) $225,000 on November 28, 2008; and

(d) $400,000 on December 31, 2008.

The bridge loan has been further amended to permit Quest to sell up to one-half of the shares of Selkirk Metals Corp. pledged as security upon 3 business days notice during which time Cross Lake will have the right to place such shares with alternative purchasers. The proceeds of sale of such shares will be applied against the outstanding principal.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management 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, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

12(g) No. 82-2636

SOURCE: Cross Lake Minerals Ltd.

Cross Lake Minerals Ltd. Gordon A. Keevil President (604) 687-2038 (604) 687-3141 (FAX) Website: www.crosslakeminerals.com

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