LAKOTA RESOURCES INC.
TSX VENTURE : LAK

LAKOTA RESOURCES INC.

August 23, 2006 14:08 ET

Lakota Receives Regulatory Approval for Property Acquisitions

TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2006) - Lakota Resources Inc. (the "Company") (TSX VENTURE:LAK) is pleased to announce that the property options/acquisitions described in its press release dated July 19, 2006 have received approval from the TSX Venture Exchange.

In its July 19, 2006 press release the Company announced that it had entered into two option agreements with Flamingo Inn, a sole proprietorship registered in Tanzania, in respect of two non-contiguous prospecting licences referred to as the Nikonga Project and the Nzega Project.

The Nikonga Project covers approximately 51 square kilometres of unexplored greenstones in the western end of the Ushirombi Greenstone belt. Lakota has the right to earn a 100% interest in this property through cash payments totalling US$100,000 over four years and incurring US$200,000 in exploration expenditures over an unspecified period subject to a retained 1% Net Smelter Royalty (NSR) by the vendor. In addition, the Company will make pre-production payments to the vendor, when a decision to mine is made, based on a bankable feasibility study, of US$150,000, payable in cash and common shares in the capital of the Company having a market value of US$100,000. The number of common shares to be issued will be calculated based on the market price of the shares at the time of issuance.

The Nzega Project covers approximately 18 square kilometres of unexplored greenstones adjoining the Golden Pride gold mine, owned by Resolute Mining Limited, in the centre of the Nzega Greenstone belt. Lakota has the right to earn a 100% interest in this property through cash payments totalling US$100,000 over four years and incurring US$200,000 in exploration expenditures over an unspecified period subject to a retained 1% (NSR) by the vendor. In addition, the Company will make pre-production payments to the vendor, when a decision to mine is made, based on a bankable feasibility study, of US$150,000, payable in cash and common shares in the capital of the Company having a market value of US$100,000. The number of common shares to be issued will be calculated based on the market price of the shares at the time of issuance.

The third agreement approved by the exchange is the previously disclosed (see press release dated July 19, 2006) agreement with Nyati Resources Ltd. for the purchase of three primary mining licences (PMLs) for total consideration of US$75,000 and 100,000 common shares in the capital of the Company.

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 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 the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking 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.

Outstanding Shares: 44,298,523

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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