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

Douglas Lake Minerals Inc.

March 17, 2010 09:01 ET

Douglas Lake Mkuvia Update - Ruby Creek Completes Mkuvia Due Diligence and Has Paid $250,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2010) - Douglas Lake Minerals Inc. (the "Company") (OTCBB:DLKM) (FRANKFURT:D60) is pleased announce that it has received $250,000 from Ruby Creek Resources, Inc. as part of a series of payments due to the Company with respect to the Joint Venture Agreement on the Mkuvia Alluvial Gold Project (see the news release dated November 09, 2009 and related filings for full details of the Agreement).

The Company has also received a Notice of Satisfactory Due Diligence letter from Ruby Creek. By completion of this due diligence, Ruby Creek will make a further payment of $100,000 as per the Joint Venture Agreement. The next payment due to the Company of $400,000 will be made upon closing and Ruby Creek receiving its first mining license.

The Company has been notified that Ruby Creek President, Rob Slavik, in a series of meetings held in Tanzania in late February with key stakeholders, began the process of establishing infrastructure in support of the full development and commencement of operations on the Mkuvia Alluvial Gold Project. This includes test mining, with the aim of selecting the appropriate processing plant, continuing evaluation for the engagement of alluvial geologists and geo-techs and the support structure for those production and exploration teams, consulting and contracting work by the Geological Survey of Tanzania, identifying staff for logistics, support and accounting, as well as, camp support and office and housing in Dar es Salaam. The Company is confident that the steps taken by Ruby Creek in developing their strategic plan for the Mkuvia Project are thorough and are the necessary steps in preparation for developing this project. 

The Company has also signed an agreement with Ruby Creek and Mr. Mkuvia Maita which will lead to the creation of a Tanzanian Joint Venture Company, "Ruby Creek (Tanzania) Limited", for the advancement of the 125 sq km Mkuvia Alluvial Gold Project. This joint venture company will be owned 70% by Ruby Creek Resources, 25% by Douglas Lake Minerals and 5% by Mr. Mkuvia Maita, the original Prospecting License owner. Ruby Creek (Tanzania) will be the operating company and will hold title to the 125 sq km of lands relating to Mkuvia Alluvial Gold Project discussed under the terms of the Agreement dated November 9, 2009. Ruby Creek (Tanzania) will assume control of the permitting and licensing processes. This agreement has been created with the highest level of co-operation between the three parties with a mutual understanding and determination to advance the Mkuvia Project to full scale operations as quickly as possible.

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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