SOURCE: Douglas Lake Minerals Inc.

February 17, 2011 12:16 ET

Douglas Lake Commences Exploration Program on the Handeni Claims

SURREY, BC--(Marketwire - February 17, 2011) -


Douglas Lake Minerals Inc. / DOUGLAS LAKE COMMENCES EXPLORATION PROGRAM ON THE HANDENI CLAIMS Processed and transmitted by Thomson Reuters. The issuer is solely responsible for the content of this announcement.

Vancouver, British Columbia, February 17, 2011 -- Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB: DLKM) is pleased to announce it has commenced its 2011 exploration activities on its 100% owned prospecting licenses in the Handeni area of eastern Tanzania. The company has four contiguous licence areas that total 800 square kilometers in size which surround and are adjacent to the 200 square kilometer Handeni project of Canaco Resources which contains the high grade gold discovery at Magambazi.

Currently exploration work is focused at Magambazi Southeast and at Kwandege, which are two of the twelve target areas identified from the previous two phases of exploration conducted over the large land holding. At present new soil and rock collecting programs are underway and new detailed geophysical surveys will commence shortly.

Work to date over the Magambazi Southeast area has included a ground magnetic survey and the collection of soil samples on a detailed grid that started at the Magambazi Hill and proceeded to the east. This area is also the site of extensive artisanal workings which originally drew exploration interest to the area. The ground magnetic survey was conducted on East-West lines spaced 100m apart. Readings were taken every 50m along the lines. The survey clearly confirmed the Northwest-Southeast structural grain of the underlying terrane. The soil sampling program effectively outlined a broad area of anomalous gold on the Douglas Lake ground which suggests that this area is the direct extension of the Magambazi gold mineralization southeast from the main zone where Canaco has had excellent drill results. Gold values within the soil reached up to 4 g/t.

At present assays from a number of rock samples collected from the area are pending. The observed rock units in the direct area were biotite-gneiss, biotite-garnet-gneiss, and garnet-amphibolite gneiss. Samples were also collected from a series of quartz veins located within sub parallel shear zones trending approximately NW-SE. The rock units are extremely similar to those observed at the main Magambazi gold zone.

The Kwandege target, which occurs approximately 14 kilometers southwest of the Magambazi mineralization, has also been the focus of intense artisanal gold workings over an area measuring approximately 1 kilometer long and 500m wide. Gold is hosted within siliceous sheared amphibolites at Kwandege.

The previous geophysical and reconnaissance soil work described in the Douglas Lake NI 43-101 Technical Report revealed that the area covered by the Kwandege gold workings were only a small part of a much larger Northwest-Southeast striking geochemical and geophysical target that measures over 3 kilometers in strike length.

Currently, a more detailed soil sampling program is underway at Kwandege which will examine an area slightly over 6 square kilometers in extent. A number of soil profiles will be extended to the south to investigate another anomalous gold trend southwest of Kwandege. An Induced Polarization (I.P.) geophysical survey is to be conducted at Kwandege shortly.

Douglas Lakes' 2011 exploration program will include further airborne surveys, soil and rock sampling, and geologic mapping of several of its other known gold targets. A larger permanent camp is being established to provide support for the exploration activities and a planned drill program.

The exploration program is being supervised by Craig Alford, P.Geo. Vice- President Exploration, a Qualified Person as defined by National Instrument 43-101.

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

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Source: Douglas Lake Minerals Inc. via Thomson Reuters ONE

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Contact Information

  • For further information please contact:

    Douglas Lake Minerals Inc.
    (604) 642-6165