May 9, 2006: Sudbury, Ontario, Canada - Houston Lake Mining Inc. ("Houston Lake", TSX.V:HLM) is pleased to report that the Company has reached agreement with Magma Metals Limited (“Magma”) of Perth, Western Australia for the option of Houston Lake’s 100 percent-owned, 2064 hectare (5098 acre) Tib Lake PGM Project located in the Thunder Bay Mining District of NW Ontario. Houston Lake’s ownership interest is subject to a 2.5% NSR.

Under the Option agreement Houston Lake has received an initial cash payment of $25,000 with a second payment of $25,000 due by June 30, 2006. Magma is required to make exploration expenditures of $CDN2.6 million and a total of $CDN400,000 in cash payments over a five year period. Houston Lake would have a 30% Free Carried Interest to the completion of a bankable feasibility study. Houston Lake may elect to have Magma secure financing for mine development for an additional 5% interest. The agreement is subject to regulatory approval.

The Tib Lake property is located in the Lac Des Iles (LDI) area just 15 km. (9 mi.) from the 15,000 tpd mill at the Roby Zone open pit mine of North American Palladium Ltd.  A $40 million underground expansion has recently been completed at the nearby mine.  The Tib gabbro, with a surface exposure of some 25 square km. (10 square miles),  is the second largest intrusion of the LDI suite of rocks and, as such, is a prime target for PGE exploration. 

In excess of $1.0 million in exploration has been expended to date on the Tib Lake property. Four PGE occurrences have been identified: the Kuhner, the West Shore, the Road and the Jewelweed. The vicinity of the Kuhner Zone has been the main target of previous exploration. The Kuhner Zone remains open to depth below previous drill intersections of 18.47 metres (60.6 feet) of core length grading 1.58 g/t PGE’s at an average depth of 35 metres (100 feet) and 22 metres (72.2 feet) of core length grading 1.456 g/t PGE’s at an average depth of 65 metres (213.2 feet). A new interpretation of the PGE (palladium-platinum-gold) occurrences on the property indicates that the mineralization is mainly associated with primary igneous layering similar in style to that of the prolific Merensky Reef of South Africa’s Bushveld Complex as well as cross-cutting zones of vari-textured gabbro breccia.

Houston Lake President and CEO, E. Grayme Anthony, stated “We are very pleased to have Magma Metals as a partner on the Tib PGM property. We are impressed with their technical acumen and their fervent belief in the great potential of the project. Magma’s timing is excellent given that palladium prices have doubled over the past half year and platinum prices continue to be firm.”

About Houston Lake Mining Inc.

Houston Lake Mining Inc. is an exploration company listed on The TSX Venture Exchange under the symbol HLM. Houston Lake is actively exploring for Gold, Platinum Group Metals and Rare Metals with a strategic focus on northwestern Ontario. The Company has a total of 19,986,675 common shares issued and outstanding exclusive of the financing announced on April 25, 2006. For additional information, we invite you to visit us at www.houstonlakemining.com.

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

Company Contacts:

A. Schwab & Associates MBA
Investor Relations
1-800-537-4099 (toll-free)
aschwab@silk.net

E. Grayme Anthony B.Sc., P. Geo., FGAC.,
President & CEO
Tel: (705) 897-7622 Fax: (705) 897-7618
gathony@houstonlakemining.com

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