[quote=@Vertigo]
Oh! I'm not an expert on kanji either, haha. But yeah, so, [@Xiro Zean], the reading doesn't affect the meaning of the name any. You can use either the Japanese or Chinese reading for kanji in a name, and it doesn't change the meaning itself - only the kanji themselves affect that. 

And yeah, I think Reo might be a reading exclusively used in names...? I could be wrong, but I haven't heard that reading for those kanji either. It looks to be used as a name in real life too, though. Might be one of those cases like "Raito" used as an unusual reading, haa.

As for the meaning, 嶺 means peak or summit, and I had to google 臣. Knew that it's used in the word for minister, but alone it seems to mean subject or a retainer? Make of that whatever meaning you will. (Mountaintop would sound cooler than "Retainer of the summit", at least...)
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So, I asked my Japanese friend. She says that Reo/Leo is a modern name with unusual reading. It can be "spelled" in several different ways, but 嶺臣 is the most famous one 'cause there's some athlete with the name. So, she says that it's correct that 嶺 means "top", but that 臣 apparently is an old "word" for "slave" O_o 
Also, she mentioned that it is spelled like 嶺"=pron. [i]mine[/i]" and 臣 "=pron. [i]shin[/i]", but could be read as "[i]Matsumi[/i]" and pronounced "[i]Reo/Leo[/i]", so I am confused like hell and don't even quite know what that means.

She also told me that most Japanese names don't have some profound meanings, despite them actually meaning something, but are just stuck together with what sounds good. Then she asked me if I knew the meaning of my name + my kids' names, 'cause they all had one and I probably didn't choose the name because of the meaning (jokes on her, 'cause I actually did for my son). I actually [i]didn't[/i] know the meaning of my own name, even though I did know the meaning of both of my kids' names, my husband's name and my little brother's name, so I wet a-googleing and found that my name is [s]shit[/s] poop.
Bonus info; apparently, my friend's name means "match" (as in the thing you light a fire with).