SOURCE: Douglas Lake Minerals Inc.

January 12, 2011 09:11 ET

Douglas Lake Identifies Several Gold Bearing Shear Structures Parallel the Magambazi Gold Trend

SURREY, BC--(Marketwire - January 12, 2011) -

Douglas Lake Minerals Inc. /

Douglas Lake Identifies Several Gold Bearing Shear Structures Parallel the Magambazi Gold Trend

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Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB: DLKM), further to its news releases of November 23, 2010, is pleased to provide an update for its exploration targets for 2011.

Douglas Lake has recently filed a NI 43-101 Technical Report on its four 100% owned prospecting licenses which cover 800 square kilometers in the Handeni District of eastern Tanzania. This area recently has been recognized as an important gold district after the Magambazi gold find.

The 43-101 report details the first and second phases of exploration over the license area. In the Company's November 23(rd) release it was disclosed that the first phase airborne geophysical survey effectively outlined the folded and faulted geologic terrain as well as five prominent Northwest-Southeast trending shear zones that extend through the Douglas Lake ground. The second phase work program concentrated on collecting and analyzing soil geochemical samples on both detailed grids as well as reconnaissance style control lines across the large project area.

Historically, the region has seen only small-scale artisanal workings which originally allowed explorers to focus on the Magambazi prospect. Now the Handeni region is recognized to be one of the prime exploration targets for gold in Tanzania. On September 13(th) 2010, Canaco Resources Inc. (TSX.V CAN) announced that regional soil sampling had outlined a total of two North-Westerly parallel trends of gold mineralization on their license area. The two trends, which include the Magambazi mineralization, are said to have a combined strike length of 15 kilometers.

Within the second phase of work, outlined in Douglas Lakes' 43-101 report, portions of the five northwest-southeast shear zones were tested by widely spaced soil sample profiles. The results indicate linear anomalous gold trends in soil that are coincident with the Northwest-Southeast structures as outlined by geophysics. In total, the soil program was successful in outlining gold trends that have a combined strike length of over 40 kilometers on the Douglas Lake ground.

"The Handeni Gold Trend that was initially reported by Canaco has been significantly extended by the work on the Douglas Lake ground", reports Harp Sangha CEO. "Our results indicate that there is a lot more to this area."

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.
    Investor Relations
    (604) 642-6165