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HOUSTON LAKE MINING INC. (HLM-TSX.V)
PRESS RELEASE
Houston
Lake Mining Closes $281,400.92
September 7, 2004: Sudbury, Ontario, Canada - Houston Lake Mining Inc. ("Houston Lake", TSX.V:HLM) is pleased to report that the Company has received conditional regulatory approval for the conversion of debt with five major creditors in a Shares for Debt Financing. Houston Lake will issue 938,003 common shares at price of $0.30 for a total debt settlement of $281,400.92. The financing has a four month hold period which will expire on January 7, 2005. The price of $0.30 represents a 14.4% discount to the prior day’s closing price of $0.35 on August 11, 2004. The $281,400.92 debt includes $253,058.92 owed to companies owned by two non-arms length individuals. The non-arms length portion of the financing is 877,150 common shares. The debt has been audited by the Company’s auditors as part of the preparation of the March 31, 2004 Audited Annual Financial Statements. Houston Lake had received Shareholder permission at the February 10, 2004 Annual and Special General Meeting to retire up to $400,000 of debt for creditors who are owed in excess of $5,000. Voting by arms length Shareholders had 2,318,152 in favour of the resolution while 393,611 were opposed. Management believes that the Shares for Debt financing strengthens the Company’s balance sheet and increases the attractiveness of Houston Lake for future financings. Houston Lake is actively exploring for Gold, Platinum Group Metals and Rare Metals with a strategic focus on NW Ontario. The Company has a total of 17,838,198 common shares issued and outstanding inclusive of the 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 our projects, we invite you to visit us at www.houstonlakemining.com.
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