Douglas Lake Minerals Inc.
OTC Bulletin Board : DLKM

Douglas Lake Minerals Inc.

February 18, 2011 12:40 ET

Douglas Lake Encounters Up to 16 g/t Gold in Mineralization Trend East of Magambazi

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2011) - Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB:DLKM) is pleased to announce the results of initial rock sampling near to the Douglas Lake-Canaco Resources boundary in Tanzania.

Douglas Lake recently collected samples within the area of the Northwest-Southeast striking Magambazi gold trend. This area is small part of the Company's four contiguous licence areas that total 800 square kilometer's within the Handeni district. The gold content in these samples reached values as high as 16.8 g/t (Table 1).

Results from the analysis broadly define a 600m long NW-SE trend of anomalous gold mineralization as shown in Figure 1. In addition, a second area of highly anomalous gold may be present to the Northeast of the new trend.

Previous work described in Douglas Lakes' NI 43-101 Technical Report over the area revealed a strong Northwest-Southeast structural fabric to the underlying rocks from the magnetic survey as well as a strong anomalous gold response within the soils in the area. Recent exploration by Douglas Lake has included a grab sampling program directly east of Canaco's Handeni property. The samples were collected within a portion of the area of anomalous soil response that continues east-southeast from the Magambazi gold occurrence.

This initial round of sampling concentrated on Quartz veins that were collected at surface and from artisanal pits down to a depth of 10 meters. Gold analyses were conducted by SGS Laboratories Tanzania, an internationally certified laboratory. A 50 gram fire assay was employed and verification was performed by repeats and the use of blanks and standard samples.

"These results reinforce our belief that the Handeni area hosts extensive multiple gold bearing systems associated with Northwest-Southeast oriented shear zones and fold structures," says Craig Alford, Vice President of Exploration. "These are very encouraging initial results and further sampling will take place from the Southeast Magambazi Zone which possessed the highest gold in soils."

Craig Alford, Vice President Exploration for Douglas Lake Minerals, a Qualified Person under NI 43-101, has prepared and supervised the scientific or technical information for the property and verified the data disclosed in this press release.

Fig. 1: Plan view of sample location and concentrations of gold in quartz grab samples. The boundary between Canaco Resources and Douglas Lake Minerals is indicated as a vertical dark blue line. Gold values are: 5 – 30ppb=Green; 30 – 100ppb=Pink; 100 – 2 000ppb=Orange; 2 000 – 6 000ppb=Red; > 6 000ppb = Yellow. The new NW-SE trending mineralization zone is approximately 600 meters in length based on current data (between broken blue lines).

To view Fig. 1, please see the following link: http://media3.marketwire.com/docs/dlkmfig1.pdf

Table 1. Selected Grab Sample Results East of Magambazi Hill.

Sample ID Easting Northing G/T Au ppb
A160001 392016 9365905 6.64 6640
A160006 392300 9365883 0.03 30
A160007 392384 9365844 0.07 70
A160008 392330 9365852 1.73 1730
A160012 392091 9365839 0.67 670
A160013 392021 9365813 0.32 320
A160014 392047 9365813 0.07 70
A160019 392387 9365808 0.04 40
A160020 392393 9365760 0.35 350
A160022 392283 9365757 0.04 40
A160024 392157 9365763 0.4 400
A160026 392050 9365767 0.06 60
A160027 392024 9365764 1.31 1310
A160029 392147 9365717 0.06 60
A160030 392213 9365715 0.08 80
A160032 392067 9365617 0.02 20
A160033 392125 9365622 3.52 3520
A160034 392381 9365566 0.02 20
A160036 392288 9365561 3.82 3820
A160037 392232 9365559 16.8 16800
A160039 392149 9365506 0.05 50
A160041 392238 9365507 0.04 40
A160043 392340 9365522 0.6 600

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 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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