Douglas Lake Minerals Inc.
OTC Bulletin Board : DLKM
FRANKFURT : D60

Douglas Lake Minerals Inc.

November 23, 2010 09:07 ET

Douglas Lake Outlines Gold Exploration Targets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB:DLKM) (FRANKFURT:D60) is pleased to provide an update regarding its recently acquired Handeni Project which is located in the rapidly developing region of eastern Tanzania. Douglas Lakes' 100% owned Handeni Project consists of four prospecting licenses covering approximately 800 km2 which are directly adjacent to, and partly surround, Canaco Resources Inc's (V.CAN) 200 km2 Kilindi license which holds the Magambazi gold mineralization occurrence.

Douglas Lake Successfully Delineates Structural Controls
on Gold Mineralization in the Four Handeni Project PLs

The Company is pleased to provide the results of the recent exploration program conducted on PLR PLR4973/2008, subsequently subdivided into four PL's (PL6742/2010, PL6743/2010, PL6744/2010 and PL6779/2010), based on the outcomes of the first phase of the continuous exploration program conducted since 2008. This exploration phase included a fixed-wing aircraft flown aeromagnetic and radiometric survey at a line spacing of 200m and a height of 80m, subsequent interpretation of data and ground follow-up. The survey and interpretation was conducted according to internationally accepted standards by the Council for Geoscience, South Africa.

Interpretation of aeromagnetic data was successful in delineating prominent structural features including NW-SE shear zones of which five in the Company's property area, with a total length of 143km, are given first order priority. These shear zones and their distances within the Company's properties are: 1 – Southwestern shear zone (31km); 2 – Kimamba shear zone (41km); 3 – Kilima Mzinga – Kwandege main shear zone (28km); 4 – Mligazi shear zone (15km); and 5 - Magambazi – Mjembe (28km) shear zone. The Company has identified three further key elements in the delineation of gold mineralization which includes the prominence of NE-SW lineaments (seven in total), the role of SW to NE thrust planes and the use of radioelements to outline potential target areas. Three major SW to NE thrusts planes were also identified: a main thrust zone of 46km; and two additional thrusts zones of 5km and 3km each. In addition to the key elements sheath folding, open folds (2km to 10km scale) and boudinage provide additional targets with a second order priority.

The position of regional gold mining activities, as well as known gold mineralization occurrences, were utilized to test the Company's developed model for locating gold mineralization and this approach proved to be successful. Following from this the Company considers the Kilima Mzinga – Kwandege shear zone, with a distance of 28km in PL6742, PL6779 and PL6744 as one of their primary targets, substantiated by the artisanal mining activities along the northwestern and southwestern outcrop area of the shear. In addition to the shear component along the Kilima Mzinga – Kwandege shear zone, a considerable SW to NE thrust component acted along a 25km long stretch of the shear within the Company's property adding to the gold mineralization potential of this zone based on the current model.

Harp Sangha, the Company's CEO, stated: "We are confident that the model developed based on the first exploration phase provides a substantial platform for understanding gold mineralization in the prospecting licenses as exemplified by the success with which the model predicts and outlines existing and known gold anomalies". Phase two of the exploration program focused on the identified potential zones during an intensive stream sediment and soil sampling program. The results will be released in due course.

The Company has requested a geologist to prepare a Technical Report on the Handeni Project in accordance with the provisions of National Instrument 43-101 ("NI 43-101") of the Canadian Securities Administrators. Upon receipt of the Technical Report the Company will file it on SEDAR at www.sedar.com.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and has been reviewed by Reyno Scheepers, Ph.D., Pr.Sci.Nat, Director of Exploration and a director of the Company, a QP under NI 43-101.

About Douglas Lake

The Company is an emerging mineral exploration company focused on exploring mining opportunities in Tanzania. For more information, go to www.douglaslakeminerals.com.

Notice to U.S. Investors

Any mineral resources referred to herein or in other materials provided by the Company have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101 and are not compliant with U.S. Securities and Exchange Commission (the "SEC") Industry Guide 7 guidelines. In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources referred to in this news release or in other materials provided by the Company are economically or legally mineable.

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 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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