HOUSTON LAKE MINING INC.

(HLM-TSX.V)

PRESS RELEASE

Houston Lake Closes $151,000 Financing for West Cedartree Gold Project

January 23, 2003: Sudbury, Ontario - Houston Lake Mining Inc. (TSX.V:HLM, "Houston Lake") is pleased to report that the Company has raised $151,000 to advance the Company’s West Cedartree Gold Project located near Kenora, Ontario. Line-cutting and geophysical surveys (magnetics and VLF-EM) will start in the next several weeks while geological mapping and mechanized stripping will commence in the Spring.

The company will issue 302,000 units at a price of $0.50 per unit for maximum gross proceeds of $151,000. Each unit consists of one flow through common share and one purchase warrant. Each full warrant can be exercised into one non-flow-through common share at a price of $0.60 for the first year and $0.70 for the second year. The offering has a hold period of 4 months and is subject to regulatory approval.

Houston Lake has a 100 percent ownership interest in the West Cedartree Gold Property and the North Block Gold Property, and has completed the requirements of a 100 percent ownership interest the Jesse (North) Gold Property subject to Net Smelter Royalties ("NSR") ranging from nil to 2.5 percent. The Company has a 45 percent ownership interest in the McLennan Gold Property and is required to expend a further $180,000 over 4.5 years to complete the 100 percent earn in of the McLennan Gold Property subject to a 2.25 percent NSR. The West Cedartree Gold Project covers approximately 634 hectares (1567 acres) across the four properties. The surface program will follow up upon positive results of the trenching and stripping program announced on August 21, 2002 by investigating the strike extensions of the two gold-bearing structures and additional gold occurrences noted on the properties.

Houston Lake is actively exploring for Gold, Rare Metals, and Platinum Group Metals with a strategic focus on northwestern Ontario. Houston Lake Mining Inc. has a total of 15,499,195 common shares issued and outstanding exclusive of the current financing. The common shares of Houston Lake Mining Inc. trade through the facilities of the TSX Venture Exchange under the symbol HLM. For further information on all of the Company's projects, we invite you to visit us at www.houstonlakemining.com.

For more information, please contact:

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.