Douglas Lake Minerals Inc.
OTC Bulletin Board : DLKM
FRANKFURT : D6O

Douglas Lake Minerals Inc.

November 09, 2009 13:49 ET

Douglas Lake Signs an Agreement on the Mkuvia Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Douglas Lake Minerals Inc. (the "Company") (OTCBB:DLKM) (FRANKFURT:D6O) is pleased to announce that it has signed an Agreement with Ruby Creek Resources, Inc. ("Ruby Creek") with respect to the Company's Mkuvia Alluvial Gold Project.

Under the terms of this Agreement, the Company and Ruby Creek have entered into a Joint Venture that will cover 125 square kilometers of the Company's 380 square kilometer Mkuvia property. Ruby Creek will earn a 70 percent interest of the 125 square kilometers by making payments totaling $3,000,000 within three years of the Closing transaction, where the Closing transaction is expected to occur shortly after the 90 day due diligence period by Ruby Creek. The Agreement provides that Ruby Creek will make payments to the Company of $100,000 and $150,000 within 5 and 15 business days respectively. On confirmation of a satisfactory Due Diligence, Ruby Creek will make an additional $100,000 payment. On the day of the Closing transaction and receipt of the first mining license, Ruby Creek will make another payment of $400,000 to the Company for a total of $750,000 in payments from Signing to Closing. Ruby Creek will also pay an additional $750,000 payment for a total of $1,500,000 within 12 months of Closing. The Agreement also provides that within 12 months of the Closing transaction, Ruby Creek has the option to increase their interest to 75 percent of the 125 square kilometers by making an additional $1,000,000 payment to the Company. Ruby Creek will make additional payments of $750,000 each within 24 and 36 months of the Closing Transaction. In all cases, the original owner of the prospecting licenses, Mr. Mkuvia Maita, retains a 3 percent Net Smelter Royalty as per the Joint Venture Agreement between Mr. Maita and the Company. Ruby Creek has budgeted $500,000 for its Mining License and Development plan. In addition, Ruby Creek has a development budget of $5,000,000 for the two years following the issuance of the Mining License.

Management from Ruby Creek, along with management from the Company, was on the initial site visit to the Mkuvia property in April 2008. They have followed the development of the property over this time and have been encouraged by the work and results produced thus far. The Company is pleased that its efforts have resulted in a great deal of interest from various groups focused on development of its Mkuvia property.

This Ruby Creek Agreement, covering approximately one third of the Mkuvia property, provides the Company with a non-dilutive source of financing while retaining more than two thirds of the area covered by the 380 square kilometers of its 4 prospecting licenses. The Company is actively pursuing and has initiated discussions with other potential joint venture partners, including the investment group from China mentioned in prior news releases.

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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