LAKE RESOURCES N.L. — Interim / Quarterly Report 2008

Sep 30, 2007

Lake Resources N L, Quarterly Report, July - September 2007

LAKE RESOURCES NL QUARTERLY REPORT JULY–SEPTEMBER 2007

SUMMARY

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Pakistan: Lake Resources (Lake) is exploring for porphyry copper-gold and epithermal gold deposits in the Chagai District of Balochistan, home of the Saindak porphyry copper gold mine and the Reko Diq copper-gold project of Antofagasta PLC and Barrick Gold Corporation.

At Koh-i-Sultan, Lake is exploring an extensive system of intensely altered volcanics on the margin of an extinct volcanic caldera. Previous exploration by Lake has identified widespread gold in rocks and stream sediments associated with the alteration system and strong gold mineralisation was intersected in drillhole LRM-01 on the western margin of the system in 2005. During the quarter, an access track to provide access for a 3,000 m diamond drilling program was the main focus of activity. Mobilisation of the drill and ancillary equipment from Karachi is scheduled for the first week of October and drilling should be under way by mid October.

Cash Position: At the end of the September 2007 Quarter, Lake Resources had A$1.687 million net cash on hand.

EXPLORATION PAKISTAN

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F
Figure 1: Location Map.
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Lake Resources (Lake) is exploring for porphyry copper-gold and epithermal gold deposits in the Chagai District of Balochistan, home of the Saindak porphyry copper gold mine and the Reko Diq coppergold project of Antofagasta PLC and Barrick Gold Corporation.

Lake holds three Exploration Licences (see Table 1, & Fig. 2)

Table 1: Balochistan Tenements

Tenement	Amalaf	Dasht-i- **Gauran **	Koh-i- **Sultan **
**EL Number **	(1)/1059-69	(3)/1048-58	(4)/1037-47
Area (sq km)	29	27	56
Lake Interest	100%	100%	100%
Grant Date	20/03/2000	20/03/2000	20/03/2000
Expiry Date	19/03/2009	19/03/2009	19/03/2009

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AFGHANISTAN
IRAN
PAKISTAN
Zahidan (
Amalaf  TCC EL8 TCC EL6 Koh-i-Sultan
Copper-GoldSaindak TCC EL5Reko Diq
Mine
Dasht-i-Gauran
Taftan (
sealed highway ( Nok Kundi
Lake Resources
Exploration Licence 0 50 Km
Rail and
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At Koh-i-Sultan , Lake is exploring an extensive system of intensely altered volcanics on the margin of an extinct volcanic caldera (see Fig. 2).

The system is considered to have potential to host a world-class multi-million ounce epithermal gold deposit. Previous exploration by Lake has identified widespread gold in rocks and stream sediments associated with the alteration system and strong gold mineralisation was intersected in drillhole LRM-01 on the western margin of the system in late 2005.

Figure 2: Tenement Map.

During the quarter, an access track to provide access for a 3,000 m diamond drilling program was the main focus of activity. The proposed drilling, comprising approximately six angled holes to depths of about 500 m, will focus initially on part of an interpreted NNW– ESE trending fault zone, believed to be the principal locus of alteration and mineralization (see Figs. 3 & 6)

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Lake Resources N L, Quarterly Report, July - September 2007

Construction of the access track, which was delayed by record rainfall in late June, commenced in early July and by the end of the quarter had been completed over a distance of approximately 1.5 km, rising over 250 m up a steep and narrow gorge to within reach of the initial proposed drill sites on the west rim of Nawah Caldera (see Figs.3 & 4).

Once at the top, completion of local contour tracks from the top of the gorge to the drill sites (see Figure 6) is expected to proceed rapidly. Mobilisation of the drill and ancillary equipment from Karachi is scheduled for the first week of October and drilling should be under way by mid October.

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Figure 3: Map showing main alteration zone, proposed drilling area and access tracks.

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Figure 4: Oblique 3D view looking NE

Figure 5: Access track construction.

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Lake Resources N L, Quarterly Report, July - September 2007

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Figur e 6: View of planned acces s tracks and p roposed drill s ites (looking NNW)

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F i gure 7: Acce s s track const r uction in pro g ress.

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F igure 8: Vie w SW down a c cess track g o rge.

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Figur e 9: Access tr a ck constructi o n

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Lake Resources N L, Quarterly Report, July - September 2007

ARGENTINA

Exploratio n in Argentin a has been pl a ced on hold to enable th e Company’s r esources to b e focused o n the more advanced K oh-i-Sultan p roject in Pakistan.

CASH POSITION

At the end of the Septe m ber 2007 Quarter, Lake R e sources had A$1.687 milli o n net cash o n hand.

30 Septe m ber 2007

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J.G. Clavarino (M AusI M M, MMICA) Exploratio n Director

The inform a tion in this re p ort that relate s to Exploratio n Results, Min e ral Resources or Ore Reserv e s , is based o n information compiled b y Jim Clavari n o who is a M ember of Th e Australasian Institute of M ining and Me t allurgy. Mr Clavarino is Exploratio n Director of L ake Resource s NL and is e m ployed by A r gent Resource s Pty Ltd. M r Clavarino h as sufficient experience w hich is relevant to the style o f mineralisati o n and type of d eposit under c o nsideration a n d to the activit y which he is undertakin g to qualify as a Competent Person as de f ined in the 2 0 04 Edition of the ‘Australasian Code for R eporting of Exploratio n Results, Mine r al Resources a nd Ore Reser v es. Mr Clava r ino consents t o the inclusion in the report of the matters based on hi s information i n the form and context in whi c h it appears.

CONTACT INFORMATION

Office Address L e vel 2, 183 N o rth Quay, B r isbane, Que e nsland, Aus t ralia, 4000 Postal Address G P O Box 1239 , Brisbane, Q ueensland, A ustralia, 40 0 1 Telephone P e ter Gilchrist (61) (7) 3 2 21 5950 Ji m Clavarino (61) (7) 3 2 20 0282 Fax (61) (7) 3221 9 3 38 E-mail la k eresources @ lakeresourc e s.com.au Web site www.lakeresources.com.au

Share Registry

La k e Resources' share registr y is managed by Link Market Services ( f ormerly ASX Perpetual Registrars). Sh a reholder mat t ers including changes of a d dress should be directed t o : Lin k Market Services, P.O. Bo x 20013, World Square, N S W 2000 Inv e stor Information Services, Phone: (02) 8280 7454.

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