SOURCE: Douglas Lake Minerals Inc.

June 16, 2010 08:53 ET


SURREY B.C., U.S.A.--(Marketwire - June 16, 2010) -

Douglas Lake Minerals Inc. / DOUGLAS LAKE SIGNS AGREEMENT FOR THE ENTIRE MKUVIA GOLD PROJECT processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.


VANCOUVER, British Columbia, June 16, 2010 -- Douglas Lake Minerals Inc. (the "Company") (OTCBB: DLKM) (Frankfurt: D60.F) is pleased announce that it has signed an additional Purchase Agreement with Ruby Creek Resources, Inc for the remaining 255 square kilometers of the Mkuvia Alluvial Gold Project in Tanzania. The Mkuvia Alluvial Gold Project is located in the Liwale and Nachingwea Districts, Lindi Region of the United Republic of Tanzania. The Project is the subject of a report titled the "Technical & Resource Report on the Mkuvia Gold Project", prepared by Laurence Stephenson, P.Eng. of British Columbia, Canada and Ross McMaster, MAusIMM of Queensland, Australia. Mr. Stephenson and Mr. McMaster are independent and Qualified Persons ("Q.P.s") in accordance with JORC and NI 43-101.

This new agreement, along with the November 7, 2009 agreement with Ruby Creek, covers the entire 380 square kilometer area held by the Company. Under the terms of the new agreement, Ruby Creek will make payments totaling $6 million in a combination of cash and common shares over the next three years for the exclusive mineral and mining rights of the remaining 255 square kilometers. Along with the payments due under the November 9, 2009 agreement, this will bring a total commitment of $9 million due to the Company from Ruby Creek for the exclusive rights to the entire Mkuvia Project. This source of financing continues to solidify our working relationship with Ruby Creek and has the added bonus of being non-dilutive to our shareholders.

The Mkuvia Project will be operating through Ruby Creek Resources (Tanzania) Limited, the joint venture company established by the Company and its joint venture partners. The Company owns 25% of this newly established company, with Ruby Creek and Mr. Mkuvia Maita holding the remaining 70% and 5%, respectively. The Joint Venture Company has been registered with the Tanzanian Ministry of Energy and Minerals, and we proceeding with filings for governmental approvals and permits, as well as environmental and mining licenses, to commence full scale mining operations.

Harp Sangha, CEO of Douglas Lake Minerals Inc., stated "This agreement with Ruby Creek represents a positive step forward in developing the Mkuvia Project in its entirety. We are very pleased to have such a strong and dedicated team from Ruby Creek working on this project with us. This allows us to allocate our time and resources on our hard rock properties in the Morogoro Region and the Handeni District. We have been extremely encouraged with the grades recovered by Canaco Resources (TSX: CAN) from their diamond drill results in the Handeni District given two of our 100% owned properties are contiguous to the north and to the west of Canaco's New Killindi property. This has not only had a substantial impact on their share price, recently hitting CDN$0.93 from a 52 week low of CDN$0.06, but it has also created worldwide interest in the exploration and development of this area."

Safe Harbour Statements

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at and with Canadian securities administrators (available at Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward- looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.


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Douglas Lake Minerals Inc. Unit 222 6820-188th Street Surrey, B.C. Canada

Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;

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