SOURCE: Douglas Lake Minerals Inc.

September 22, 2010 22:03 ET

Douglas Lake Acquires 100% Interest In 4 New Properties Directly Bordering Canaco In The Handeni District

SURREY, BC--(Marketwire - September 22, 2010) -


Douglas Lake Minerals Inc. / Douglas Lake Acquires 100% Interest In 4 New Properties Directly Bordering Canaco In The Handeni District processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

Vancouver, British Columbia, September 22, 2010 -- Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB: DLKM) is very pleased to announce that the Company has recently received approval from its Board of Directors to both enter into and immediately close upon the terms and conditions of a certain Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with IPP Gold Ltd. ("IPP Gold"), to acquire a 100% interest in four prospecting licences (the "PLs"), totaling approximately 800 square kilometres, located in the Handeni District of Tanzania and which are owned or controlled by IPP Gold and its affiliates.

Harp Sangha, CEO of the Company, stated: "This new Acquisition Agreement with IPP Gold represents a significant step forward for the Company. Along with our new partners at IPP Gold, we will map out our new strategy and course of action over the coming weeks and months. The Handeni District has become alive with activity since the extraordinary drilling results from Canaco Resources have placed this region on the world stage. We plan to focus our energy and resources on the exploration and potential development of this new acquisition. Our aim is to direct Douglas Lake down a path towards success."

On September 13, 2010 Canaco announced significant new exploration developments including the identification of important new parallel trends of gold mineralization and discovery of a new mineralized zone five kilometres W/NW of the Magambazi Gold Discovery. Early results from the regional exploration on the Handeni Gold Trend indicate the work program has already made significant progress in identifying new gold targets and upgrading the potential of previously identified gold zones. Over the past month, the regional program has included over 3000 metres of Reverse Circulation ("RC") drilling, approximately 10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed airborne survey, detailed mapping of some of the key target areas defined to date and geochemical interpretation. The Handeni Gold trend is now recognized as consisting of at least two, parallel gold trends with a combined strike length of over 15 kilometres.

In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of Canaco Resources and announced a speculative buy recommendation with a $1.25 target price. They now believe that $175/oz is an appropriate resource multiple given the forecast high grade/low cost nature of the ounces discovered to date by Canaco. They have revised their target price to $6 per share and maintain their speculative buy rating.

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The closing of the Acquisition Agreement

In accordance with the closing today of the Acquisition Agreement IPP Gold has now become the majority shareholder in the Company. Pursuant to the terms of the Acquisition Agreement the Company has now issued 133,333,333 restricted shares of common stock to IPP Gold in exchange for 100% interest in the four PLs of the new Handeni Project. There shall be no additional shares or cash to be issued to IPP Gold. This acquisition of these four PLs as a whole represents one of the largest continuous and adjacent land position in the Handeni District, and the boundary area is geologically contiguous to Canaco's Magambazi gold project.

In addition, and accordance with the closing of the Acquisition Agreement, the Board of Directors of the Company has also accepted the consent to act as both a director and as the Non executive Chairman of the Company from Reginald Mengi, together with the consents to act as directors of the Company from each of Dr Reyno Scheepers and Dr Douglas Boateng. Mr. Mengi will replace the Honorable Joseph Rugumyamheto as the Company's Chairman Mr Rugumyamheto will continue to serve as a director of the company.

The Company's new directors

About Reginald Mengi

CHARTERED Accountant (UK)/Certified Accountant (Tanzania).

BUSINESSMAN, Owner and Executive Chairman of IPP Limited, a holding company with subsidiary companies engaged in mining, manufacturing, bottling (Coco-Cola products and Kilimanjaro drinking water), and media which includes television, radio and newspapers.

PREVIOUSLY, Managing Partner and Chairman, Coopers & Lybrand Tanzania, Chairman of the National Board of Accountants and Auditors Tanzania, Chairman of the National Environment Management Council Tanzania, Board Director of LEAD (Leadership for Environment and Development International), Commissioner, Tanzania HIV/AIDS Commission (TACAIDS).

CURRENTLY, Board Chairman/Board Member of a number of Institutions and Enterprises, including:-

· Chairman, Media Owners Association of Tanzania

· Chairman, ICC Tanzania (a National Committee of the International Chamber of Commerce)

· Director, Board of the Commonwealth Business Council

· Chairman, People with Disabilities Trust Fund, Tanzania

· Member of the International Investors Round Table, Tanzania

· Chairman, Confederation of Tanzania Industries (CTI)

· Chairman, Economic Empowerment Committee of the Tanzania National Business Council

· Chairman, East African Business Council.

FUNDS projects for social development, youth employment and for people with disabilities, and has funded the Kilimanjaro afforestation campaign since 1988 which has achieved the planting of over twenty million trees.

RECEIVED many awards including:-

· Environmentalist of the Century Award 2000 - Kilimanjaro Region

· The Order of the United Republic of Tanzania for acts and conduct earning praise and distinction for the United Republic of Tanzania (1994)

· The Order of The Arusha Declaration of the First Class for the earning great distinction for Tanzania economically, politically, socially, and in defense of Tanzania diligently and at considerable personal sacrifice (1995).

· The 2008 Martin Luther King Jr. Drum Major for Justice Award by the United States of America.

About Dr Reyno Scheepers BSc(Hons) MSc, PhD

Dr. Scheepers involvement with geology and the mining industry stretches over a period of 28 years. He started off as a researcher at the Fuel Research Institute of the Council for Scientific and Industrial Research (CSIR) of South Africa where he gained experience in the composition and characteristics of various South African coal fields. This was followed by a 2 year period as a geologist at a South African gold mine (Witwatersrand gold deposits) where he gained experience in underground geology, underground and surface exploration and gold exploration project planning. He then joined the University of Stellenbosch (S.U.) where he became associate professor in mineralogy/petrology in 1999. He obtained his Ph.D.(S.U.) on the distribution of radioelements (U, Th, K) in granites in 1990 following a seven month period at the Centre de Rescherchessur le Geologie de la Uranium (CREGU) in Nancy, France. Since 2005 he has been a full-time consultant and Director of companies, based in the Republic of Tanzania.

Dr. Scheepers received his official registration in 1984 as a Professional Natural Scientist in Geological Science (SACNASP) (Reg. No. 400202/84) from the South African Council for Natural Scientific Professions under Section 20(3) of the Natural Scientific Professions Act. Since 1984 he was actively involved in research and consultation to companies including the following fields:

a. Uranium in felsic igneous rocks.

b. Uranium exploration in sedimentary rocks and sediments of various ages.

c. Sn-W-Mo mineralization in granites.

d. Cu, Mo and Au mineralization in high - level granitic rocks.

e. Hydrothermal alteration and associated mineralization in igneous rocks.

f. Fluid movement and properties during mineralization in Au bearing systems in igneous, metamorphic and sedimentary environments on rocks from various African countries including South Africa, Namibia, Zimbabwe, Ghana, DRC and Tanzania as well as from Brazil.

g. Archaean Gold mineralization (Barberton (S.A.) and Lake Victoria (Tanzania).

h. Neoproterozoic and Paleoproterozoic gold mineralization in Eastern Africa.

i. Skarn related W-Mo-REE and Cu mineralization in granitoids and metamorphic rocks.

j. Base metal and Pt Group exploration in ultramafic and mafic rocks.

k. REE distribution and characteristics in granites, metamorphic rocks, shales and carbonatites as well as in lacustrine environments.

l. Carbonate hosted (M.V. type Pb-Zn deposits)in South Africa and Tanzania.

m. Alluvial diamond deposits in the DRC, Central African Republic, South Africa and Brazil.

n. Coal deposits in South Africa, Tanzania and Mozambique.

o. Heavy mineral placer deposits in South Africa and Tanzania.

p. Phosphates in recent sedimentary environments.

q. Various industrial minerals including clay deposits, cement raw materials, bauxite and dimension stone.

r. Geology, geochemistry and mineralogy of gemstone deposits.

s. Sedimentary Iron ore deposits in Brazil.

Since 1998 a major interest of his was the investigation of gemstone deposits covering alluvial and kimberlitic diamond deposits in South Africa, the DRC and in Tanzania as well as ruby, sapphire, emerald, alexandrite, tanzanite and other colored gemstones in South Africa, Namibia, Zimbabwe, Zambia and Tanzania. Achievements in Tanzania in this regard were:

a. Playing a key role in investigating and understanding the geology and technical aspects of the Merelani tanzanite deposit which led to the successful listing of the first colored gemstone company on the JSE in South Africa and eventually the AIM in London.

b. Conducting the exploration (all phases), underground mine planning and technical aspects of the Tanzanite Africa Ltd tanzanite mine in an area previously considered without potential for the gemstone.

c. Conducting successful exploration and citing of an exploration shaft for a ruby/sapphire deposit in NE Tanzania yielding positive results from a bulk sample operation.

d. Successfully exploring for various gemstone deposits in Tanzania including emerald, ruby/sapphire and rhodolite.

Various successful alluvial diamond operations were initiated under his guidance in the DRC.

Since 2005 his focus was on Tanzanian geology and mineral deposits including base metals, gold, uranium and industrial minerals. He has been directing the exploration on a large portfolio of prospecting licenses ( > 150 licenses) for IPP(Resources) and with his geological team achieved the following:

a. Delineation of a major gold prospect in an Archaenterrane previously overlooked for its Au potential.

b. Generating several Au targets in the Lake Victoria Archaen granite/greenstone terrane, all of which are currently in various phases of exploration.

c. Recognition of the potential of Late Proterozoic and Paleoproterozoicterranes in Tanzania for Au and base metals and focusing IPP(Resources) exploration on these terranes with considerable success including the delineation of major Au prospects.

d. Delineating MV-type Pb-Zn mineralization in geological terranes unknown to contain these deposits in Tanzania.

Dr. Scheepers is also closely involved in the application and development of geochemical analytical techniques and were in charge of the running of an XRF laboratory, an ICP-AES laboratory and a micro thermometric laboratory. He participated in the development of international geochemical reference standards and completed numerous challenging analytical problems for the industry over the years.

Dr. Scheepers has an extensive publication record as is apparent from the following list:

Peer Reviewed journals 37. Chapters in books 1. Conference Proceedings 39. Presentations national conferences 27. Presentations international conferences 30. Unpublished technical reports 141.

ACADEMIC QUALIFICATIONS

University of Stellenbosch
B.Sc. (1978)
B.Sc. (Hons) (1979) Cum Laude
M.Sc. (1982) Cum Laude
Ph.D. (1990)

PROFESSIONAL MEMBERSHIPS.

Geological Society of South Africa (since 1984).

SACNASP Registered (since 1984).

The Mineralogical Society of South Africa (1996 to 2001).

Geological Society Western Province Branch (1985 to 2002).

Society of Geology Applied to Mineral Deposits (1989 to 1997).

Council member of the Geological Society of South Africa (1996 to 1999).

Council Member: The Mineralogical Society of South Africa (2002).

Committee member: Geological Society Western Province Branch (1985 to 1989).

Committee member: The S.A. Code for Stratigraphy Committee, since 1993.

About Dr Douglas Boateng- MSc, EngD, FIoD, FCMI, FIBC, FCILT, FIOM

Dr. Douglas Boateng has over 18 years of extensive multi-sector international experience. His career includes positions as a CEO, director and senior level consulting in Technology (ICT), Chemicals/Pharma-chemical, Pharmaceutical and Biotechnology, Aviation, Engineering, Business management, Mergers and Acquisitions, Strategic alliance and partnerships, Logistics and Supply Chain Management, Media, Mining*,Consulting, Corporate and Strategic Business Development, Corporate Governance and Advisory services to selected Government ministries.

Dr. Boateng has also successfully worked and consulted for some of the world's leading corporation's in Europe, USA and Africa.

Prior to joining IPP Resources, Dr. Boateng founded PanAvest International, an organization with a vision to assist companies profitably extend their market reach through the application of innovative Business Development Logistics and Supply Chain Management solutions. He has acted as an independent advisor and consultant to one of Scandinavia's largest generic pharmaceutical companies on logistics, supply chain and business development and strategies and one of Africa's leading healthcare distributors.

Dr. Boateng is also an external examiner and post graduate visiting professor* on logistics and supply chain management and a Masters and Doctoral project supervisor at one of Africa's largest and most respected business schools. He current sits on the editorial board of Smart Procurement, the largest supply chain related portal in Africa and the Middle East. In addition he is the President of:-

· UK's Institute of Operations Management Africa for the Africa region

· West African Institute for Supply chain leadership. KNUST Business School GHANA.

Dr Boateng has over 40 published and unpublished industrial action and supply chain related research articles and international presentations to his name:

ACKNOWLEDGEMENTS & RECOGNITIONS

· Induction into the South African Institute of Directors Wall of Fame for sector specific industrial contribution in South Africa

· Yearly recognition by WHO'S WHO of South Africa since 2000

· One of the Youngest professionals to be admitted for membership into the United Kingdom's Institute of Directors(1994) for sector specific industrial achievement

· Among a handful of global sector specific professionals to concurrently hold elected FELLOWSHIPs in 5 leading international professional institutions for continued industrial and academic contribution

· 1st student in the United Kingdom to graduate with an Engineering Management Doctorate(EngD) in 1998 focusing on selected aspects of international Pharmaceutical/Pharma-chemical logistics and supply chain management

· One of carefully selected of professionals outside the United Kingdom to be elected a FELLOW of the powerful United Kingdom's Institute of Directors; a highly influential body consisting of UK top CEO and Directors( Also an elected FELLOW of the Institute of Directors South Africa) .

Dr. Boateng holds a Graduate Diploma in Company Direction from the Institute of Directors, a Doctorate in Engineering Business Management from the University of Warwick-UK, a MSc in Industrial Logistics from the University of Central England-UK and a post graduate diploma in transport and logistics from Cranfield Institute of Technology, UK. He is an elected fellow of:

Institute of Directors                    |Fellow-United Kingdom
------------------------------------------+--------------------------------
------------------------------------------+--------------------------------
 Chartered Institute of Logistics and     |Chartered Fellow-United Kingdom
 Transport                                |
------------------------------------------+--------------------------------
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 The Chartered Management Institute       |Chartered Fellow-United Kingdom
------------------------------------------+--------------------------------
------------------------------------------+--------------------------------
 Institute of Operations Management       |Fellow-United Kingdom
------------------------------------------+--------------------------------
------------------------------------------+--------------------------------
 Institute of Business Consulting         |Fellow-United Kingdom
------------------------------------------+--------------------------------
------------------------------------------+--------------------------------
 Institute of Directors                   |Fellow-Southern Africa
------------------------------------------+--------------------------------
------------------------------------------+--------------------------------
 Chartered Institute of Logistics and     |Chartered Fellow-Southern Africa
 Transport                                |

As a consequence of the appointments of each of Mr. Mengi, Dr. Scheepers and Dr. Boateng with the closing of the Acquisition Agreement, the Board of Directors and Executive Officers of the Company are now comprised of the following:

  Name                  | Position
------------------------+--------------------------------------------------
  Harpreet Singh Sangha | Chief Executive Officer and a director
------------------------+--------------------------------------------------
  Reginald Mengi        | Chairman of the Board and a director
------------------------+--------------------------------------------------
  Francis Zangira       | Alternate Director
------------------------+--------------------------------------------------
  Joseph Rugumyamheto   | Alternate Director
------------------------+--------------------------------------------------
  Wenqin Zhang          | Director
------------------------+--------------------------------------------------
  RevnoScheepers        | Director
------------------------+--------------------------------------------------
  Douglas Boateng       | Director
------------------------+--------------------------------------------------
  HerminderRai          | Chief Financial Officer, Secretary, and Treasurer

Further announcements shall be made regarding the executive officers and other directors of the company.

About Douglas Lake

The Company is an emerging mineral exploration company focused on exploring and potential development of mining opportunities in Tanzania. For further information please contact Douglas Lake www.douglaslakeminerals.com.

Safe Harbor 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 atwww.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.

[HUG#1446257]

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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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Source: Douglas Lake Minerals Inc. via Thomson Reuters ONE

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