HOUSTON LAKE MINING INC.

(HLM-CDNX)

PRESS RELEASE

Ghost Lake Tantalum Property Option Acquired, Corporate Update

May 2, 2001: Sudbury, Ontario - Houston Lake Mining Inc. (CDNX:HLM, "Houston Lake") is pleased to announce that the Company has acquired a 100 percent option interest in the Ghost Lake Tantalum Property which is located in the Kenora Mining Division near Dryden, Ontario. Houston Lake has conducted additional staking of ground adjoining the property to complete the current land position of 464 hectares (1188 acres). With this option and the 1999 acquisition of the Pakeagama Lake property Houston Lake now has a significant presence in the two foremost tantalum exploration camps of Ontario.

Houston Lake is required to pay $25,000 and issue 150,000 shares to a private individual over the two year term of the Ghost Lake option. The one hundred percent option is subject to a 2.5 percent Net Smelter Royalty ("NSR") with a buyback of $500,000 per 0.5 percent NSR to a maximum of 1.5 percent. The option agreement is subject to regulatory approval.

The Ghost Lake property covers the Boundary Zone which spans over 3.2 km (2.0 miles) of a newly defined extension of the Cat Lake - Winnipeg River Pegmatite Field, one of most important domains of rare metal (tantalum) mineralization in the Canadian Shield and host to the world-class Tanco tantalum mine. Significant rare element mineralizing systems with appreciable values of tantalum, cesium, beryllium, rubidium and tin have been previously identified by the Ontario Geological Survey ("OGS") on the property. Reported values of the OGS include 186 g/t (0.019%) tantalum oxide and 115 g/t (0.012%) tin (E. Berger, 1990) and 179 g/t (0.018%) tantalum oxide (F. Breaks, 1991). An additional 15 analyses from the property are pending from the OGS (F. Breaks, personal communication).

The high concentration and potential of the Ghost Lake property is emphasized by an elevated tantalum to niobium ratio of approximately 3:1 which approaches that of the Company’s Pakeagama Lake tantalum mineralizing system. Pronounced and broad lithium (holmquistite) and boron (tourmaline) anomalies are traceable for over 650 metres (2100 feet) on the Ghost Lake property and elsewhere have proven to be important pathfinders to rare metal (tantalum) mineralization. Dr. Breaks confirms that some gem quality emeralds occur within the Boundary Zone.

The Ghost Lake property also encompasses the former Sanmine tungsten-gold property. A 1525 by 488 metre (5000 by 1600 foot) area averaging 0.1 percent tungsten oxide has been reported by prior work. The tungsten mineralization coincides with a mafic volcanic sequence. Tungsten is used to strengthen metal alloys and has recently risen in price to around $3.00 per pound.

Corporate Update

Exploration work is expected to begin in two to four weeks on the Company’s Pakeagama Lake tantalum property which is located in the Red Lake Mining Division of Ontario. The slow Spring thaw in northern Ontario has delayed start up of the planned line-cutting, geophysics and geological mapping programs. The exploration programs will seek to add to the known 260 metre (853 foot) strike length of the Pakeagama Lake pegmatite. Channel sampling will test the Southern Wall and Stacked Aplite Zones for additional rare metals mineralization.

Houston Lake has dropped its option on the 1024 hectare (2621 acre) Favourable Lake Rare Metals Property. Management has made the strategic decision to concentrate its Red Lake Mining Division exploration efforts in the Pakeagama Lake property area with the acquisition of the Pakeagama Lake West property which was announced on March 23, 2001. Houston Lake has granted incentive 75,000 stock options priced at $0.48 to directors and employees of the Company.

Houston Lake is actively exploring for rare metals, platinum group metals and gold in northwestern Ontario. The common shares of Houston Lake Mining Inc. trade through the facilities of the Canadian Venture Exchange under the symbol HLM. Houston Lake Mining Inc. has a total of 13,521,057 common shares issued and outstanding. For further information on all of the Company's projects, we invite you to visit us at www.houstonlakemining.com.