MOA Mountain Lake Resources Inc.

The following corrects and replaces the release sent on July 19th, 2011 @ 9:24am
ET. The second bulleted point has been amended.


NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRES SERVICES, OR DISSEMINATION IN THE
UNITED STATES 


Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH)
today announced that Primeline has signed a Memorandum of Agreement ("MOA") with
China National Offshore Oil Corporation ("CNOOC") to amend the existing
petroleum contract for Block 25/34 ("Existing Contract") and to enter into a new
petroleum contract. 


The exploration period under the Existing Contract was due to expire on 30th
April 2013, with a two-well exploration commitment remaining, assuming Primeline
elected to proceed to phase three of the exploration period. However, as a
result of recent discussions, CNOOC, Primeline and Primeline Petroleum
Corporation (PPC), which is wholly owned by Mr. Victor Hwang, the Chairman and
largest shareholder of the Company, have now agreed alternative arrangements
which are set out in a Memorandum of Agreement dated 15th July 2011 ("MOA"). The
MOA amends the Existing Contract so that no further exploration activity will be
carried out under that contract and Primeline and PPC will relinquish all of the
current area of 5,221 sq kms held under the Existing Contract, save for the
development area for the LS36-1 gas field, comprising 84.7 sq kms. The Existing
Contract will remain in effect in relation to the continuing development and
production operations for the LS36-1 gas field. In order to provide Primeline
with continuing exploration rights in the area, the MOA also provides that a new
petroleum contract ("New Contract") will be granted on the following basis: 




--  Area: The exploration area under the New Contract will cover the same
    area as that currently held under the Existing Contract but with an
    additional adjacent area to the east making a new contract area of 5,877
    sq kms. The new area has been designated as Block 33/07. 
--  Term: The New Contract will have a 7 year exploration period divided
    into 3 exploration periods of 3, 2 and 2 years each with a minimum work
    commitment in the first phase of two wells plus 600 sq kms of 3D
    seismic. The commitment for each of the second and third phases is one
    well. 
--  Future discoveries in the new contract area (and any CNOOC self financed
    discoveries nearby, if there is spare capacity and subject to payment of
    a proportion of operational costs) will enjoy the right to free use of
    the production facilities to be built for the LS36-1 gas field. 
--  All other terms are the same as the Existing Contract and the New
    Contract will be held by Primeline and PPC in the same proportions in
    which they held the Existing Contract of 75%/25%. 



Accordingly, Primeline and PPC will continue to have a significant exploration
area around the LS36-1 gas field for a further seven years whilst CNOOC,
Primeline and PPC will continue to develop the LS 36-1 gas field over the next 2
years. 


It is intended that Primeline and CNOOC will finalise and enter into the New
Contact shortly, which will then be subject to the approval of the Ministry of
Commerce in China.


With regard to the development of the LS 36-1 gas field, CNOOC and Primeline
have continued with the finalisation of documentation required for the
submission of the Overall Development Program (ODP) for Government approval,
whilst CNOOC has been carrying out the engineering design for the development.
The environmental impact assessment (EIA) was reviewed on 26th April 2011 by the
State Oceanography Administration (SOA) without major challenge and CNOOC is now
working with the SOA to finalise the EIA which is required to be submitted with
the ODP. CNOOC has confirmed that it will use reasonable endeavours to submit
the ODP as soon as reasonably practicable subject only to final approval of the
EIA. A further announcement will be made once the ODP has been submitted for
approval.


About Primeline Energy Holdings Inc.

Primeline is an exploration and development company focusing exclusively on
China resources to become a major supplier of gas and oil to the East China
market. Primeline has a Contractor's interest and is the operator for
exploration in the Existing Contract with CNOOC for Block 25/34, an offshore
exploration area of 5,221 sq kms in the East China Sea and which is now to be
replaced by Block 33/07, comprising 5,877 sq kms. Primeline also has an interest
in the LS36-1 gas field in Block 25/34 which is being developed by Primeline
together with CNOOC (acting as Operator for the development) and PPC. CNOOC is
proceeding with the preparation of the development and Primeline is leading the
exploration effort currently focused on the prospects in the 3D seismic data
area where a number of high potential prospects near the LS36-1 development have
been mapped and where the LS35-3-1 discovery (drilled in 2010) is located. The
new LS35-3-1 discovery and previously drilled wells in and around Block 25/34
(and Block 33/07) encountered oil and gas shows and flows indicating that there
is significant potential in the remainder of the Block. Shares of the Company
are listed for trading on the TSX Venture Exchange under the symbol PEH.


ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.

Ming Wang, Chief Executive Officer

Please visit the Company's website at www.pehi.com. Should you wish to receive
Company news via email, please email lauren@chfir.com and specify "Primeline
Energy" in the subject line.


Forward-Looking Statements

Some of the statements in this news release contain forward-looking information,
which involves inherent risk and uncertainty affecting the business of
Primeline. These statements relate to Primeline's expectation that it will enter
into a new petroleum contract pursuant to the MOA and that such contract will be
approved by the PRC Ministry of Commerce, that the Overall Development Plan will
be finalised and submitted and that Primeline can successfully make arrangements
to finance its share of development and exploration costs. Actual results may
vary from those anticipated in such statements. Such agreements may not be
entered into on the terms expected or at all, and financing may not be available
on acceptable terms or at all. Exploration for oil and gas is subject to the
inherent risk that it will not result in a commercial discovery.

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