Company Information for Cross Lake Minerals

TSX.V-CRN

www.crosslakeminerals.com

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TSX.V; CRN

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Company Statement

Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") is a Vancouver-based Gold Mining and Development Company focused on continued growth through exploration and acquisitions. Cross Lake is very pleased to be the first new gold producer in British Columbia in many years. To increase shareholder value, the Company will continue to search for gold projects throughout North America that complement the QR Mine and its expertise in gold development.

Each project ideally will result in a net increase in gold ownership per common share and increase the annual gold production and net resources controlled by the Company. This philosophy will continue to provide investors with strong growth and increased shareholder value.

Cross Lake completed pre production development at the QR Mine site in late August and commenced commissioning the mine in September resulting in the first gold pour in November. Through the winter months mining and mill operations are being brought up to full capacity.

Current Operations

The QR Project
The operating permit was received from the British Columbia Government in December 2006. The Mill and related surface facilities have now being rehabilitated with no serious problems. The costs of the rehabilitation was higher than was projected, which was largely due to unforeseen repairs and improvements that could not be predicted without the benefit of active operating conditions and a change of scope related to the tailings damn, a 42-man camp and all support facilities has been installed along with administration and operations facilities.

Construction related to the mill, tailings containment and initial mine development was largely completed on schedule in August. Mining operations of the Northwest pit commenced in August. In addition access to the West Zone for drilling and development is well underway and the Midwest Zone has been rehabilitated for production. Future operations plan for mining from the Midwest Zone, West Zone and ultimately the North Zone.

The first mill operations commenced in late August but were in turn delayed due to problems with the electric power distribution apparently related to the installation of the 29 kilometer hydro line by BC Hydro and the installation of hydro power to the mine site. This problem affected only the ball mills and was ultimately solved but did affect operations for approximately six weeks. Unfortunately the delay in start up and the extra costs involved affected both the capital cost of the project and the Company's working capital position.

Mill and mine operations have continued since late November, which has resulted in operations commencing in winter conditions. While winter operations are historically more difficult, the operation improved throughout December and gold shipments are being made on a regular basis.

As part of the ongoing efforts to increase the current resource base at the QR Mine underground development of the North Zone has been completed and underground drilling commenced in November 2007. The North Zone is an extension of the Main Zone and as it is not limited by faulting is the largest Zone known on the Property. Historic drilling has confirmed that the Zone contains several areas of the typical QR gold mineralization and as such the potential to add significantly to the known gold resource.

The Company is looking forward to a successful year of operations in 2008 and to the growth in both the resource base and value of the project as drilling and development of the North Zone and exploration of the Property continues.

The Porcher Island Project
In 2006 and 2007 Cross Lake conducted extensive diamond drilling to extend and define the mineralization while continuing geological and engineering studies to confirm the historical resource and the development potential thereof. While drilling to evaluate the deep potential of the AT Zone a new vein termed the Cedar Vein was discovered. Drilling in 2007 extended the Cedar Vein laterally and at depth. In addition surface prospecting and mapping confirmed that the Cedar Vein extended and correlated with the historic Dawson showing to the west. This discovery will add further to the potential of the Porcher Island Property.

Following the completion of the compilation and interpretation of all the data a resource calculation will be completed. Cross Lake is evaluating various options to initiate operations at the Porcher Island Property. Once the resource calculation has been completed a decision will be made as to how to proceed with development.

The delineation of a mineable resource and development at the Porcher Island Property will provide an excellent complement to the Company's QR Mine development project and achieve in part the Company's objective of increasing both the resource base and production levels.

The Cariboo Project
The latest exploration program conducted by Cross Lake consisted of establishing a 20 line kilometer grid and completing soil geochemical sampling, geological mapping, 3-D Induced Polarization and Magnetic surveying followed by diamond drilling.

The exploration program successfully identified that two modes of gold mineralization occur on the property. The first is gold occurring in quartz veins and shears hosted in a mafic tuff unit with the second mode of mineralization being copper-molybdenum-gold occurring in a gabbro intrusive body. The best results obtained to date from drilling of the gold system are from drill hole C-89-6 where 5.26 grams per tonne gold over 8.5 meters was intersected. Drilling also resulted in the discovered a copper-molybdenum-gold system.

Recent geophysical data and further regional studies continue to indicate the potential for the discovery of further porphyry Copper-Molybdenum deposits in this region, which is an important deposit type in the region as indicated by the Mount Polley Mine and the Gibralter Mine both located to the south.

In 2008 Cross Lake will continue to evaluate both the epithermal gold and porphyry copper molybdenum gold potential.

Geographical Spread

British Columbia, Canada

Board of Directors and Key Management

Gordon Keevil	President and Director
Paul Saxton	Director
Brian Kynoch	Director
Emmet McGrath	Director
Jim Miller-Tait	Vice President, Exploration
G. Thomas Colbourne	Vice President, Mining
James Tvedt	Chief Financial Officer
Debra Watkins	Corporate Secretary

Company Address

Suite 800 - 1199
West Hastings Street
Vancouver, V6E 3T5


Telephone:	(604) 687-2038
Facsimile:	(604) 687-3141
Email:	crosslake[at]crosslakeminerals.com
Website:	http://www.crosslakeminerals.com

Capital

As at September 19, 2007:
Shares Issued and Outstanding: 62,742,809
Fully Diluted: 90,829,555

Year End

December 31

Broker/Analyst Reports

01/05/06 - Pacific International Securities Inc

Most Recent Statement

11/07/08 - Underground Mining Commences at QR Mine, B.C.
26/05/08 - Mining of Midwest Zone Signals New Phase of Operations at QR Mine, Quesnel, British Columbia
28/04/08 - Improved Operations and Performance of QR Mine Quesnel, British Columbia
24/04/08 - Underground Drilling Intersects 10.64 g/t Gold over 9.17 metres in the North Zone QR Mine, British Columbia
03/03/08 - Update of Operations - QR Mine Project B.C.
28/11/07 - QR Mine Reaches Full Operations with First Gold Pours

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