Douglas Lake Minerals Inc.
OTC Bulletin Board : DLKM
FRANKFURT : D60

Douglas Lake Minerals Inc.

December 09, 2009 21:31 ET

Douglas Lake Minerals Provides a Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2009) - Douglas Lake Minerals Inc. (the "Company") (OTCBB:DLKM) (FRANKFURT:D60) is pleased to provide an update with respect to corporate matters, current negotiations on projects in Tanzania, and the current status of the Mining License application.

The Company has made the full and final payment to Mr. Mkuvia Maita of $40,000 on its Joint Venture Agreement dated June 5th, 2009. This agreement, representing 4 prospecting licenses, covers 380 kilometers and has been previously referred to as the Mkuvia Project. For further information on the Mkuvia project, a National Instruments 43-101 compliant Technical and Resource Report is available on the Company's website at www.douglaslakeminerals.com

As discussed in the news release dated September 10th, 2009, the Company has initiated a Tanzanian Mining License application. As of today management has been informed by Mr. Laurence Stephenson, P. Eng., that it can expect to have approval of the application in the first quarter of 2010. Mr. Stephenson has been engaged by the Company as an independent consultant and is the author of the NI 43-101 report. When the Company signs additional joint venture agreements on this project, it will assist in aiding to obtain other Mining License applications as needed.

Since the inception of the Mkuvia project in 2008, the Company has had the support of and is in current negotiations with Chinese investors, from both public and private entities, with the goal of exploration and development. A nine member delegation from China recently completed its due diligence on the Mkuvia project in early October. For more information refer to the Company's news release dated September 23, 2009. From the time of completion of this due diligence until now, management has met with the Chinese on a recent trip to China to further the negotiations and to prepare for a finalized agreement. Given the multiple levels of governmental agencies and bureaus the Company is dealing with, management is pleased that approval for funding for this project has been well received at every level, and that it expects a decision by the year's end. 

The Company has also initiated discussions with another party interested in working with it on the Mkuvia project. The negotiations are underway with this non-public entity and management will make the appropriate disclosures in a timely manner as required.

The Company would also like to report that it has received the initial payment from its Joint Venture partner, Ruby Creek Resources, as per the agreement to develop 125 square kilometers of the 380 square kilometer Mkuvia project.

About Douglas Lake

The Company is an emerging mineral exploration company focused on exploring and developing mining opportunities in Tanzania. For more information, go to www.douglaslakeminerals.com.

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 www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). 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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