DOUGLAS LAKE ACQUIRES 100% INTEREST IN 4 NEW PROPERTIES
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DOUGLAS LAKE ACQUIRES 100% INTEREST IN 4 NEW PROPERTIES BORDERING CANACO IN THE
HANDENI DISTRICT
Vancouver, British Columbia, September 22, 2010 -- Douglas Lake Minerals Inc.
(the "Company" or "Douglas Lake") (OTCBB: DLKM) is very pleased to announce that
the Company has recently received approval from its Board of Directors to both
enter into and immediately close upon the terms and conditions of a certain
Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with IPP
Gold Ltd. ("IPP Gold"), to acquire a 100% interest in four prospecting licences
(the "PLs"), totaling approximately 800 square kilometres, located in the
Handeni District of Tanzania and which are owned or controlled by IPP Gold and
its affiliates.
Harp Sangha, CEO of the Company, stated: "This new Acquisition Agreement with
IPP Gold represents a significant step forward for the Company. Along with our
new partners at IPP Gold, we will map out our new strategy and course of action
over the coming weeks and months. The Handeni District has become alive with
activity since the extraordinary drilling results from Canaco Resources have
placed this region on the world stage. We plan to focus our energy and
resources on the exploration and potential development of this new acquisition.
Our aim is to direct Douglas Lake down a path towards success."
On September 13, 2010 Canaco announced significant new exploration developments
including the identification of important new parallel trends of gold
mineralization and discovery of a new mineralized zone five kilometres W/NW of
the Magambazi Gold Discovery. Early results from the regional exploration on the
Handeni Gold Trend indicate the work program has already made significant
progress in identifying new gold targets and upgrading the potential of
previously identified gold zones. Over the past month, the regional program has
included over 3000 metres of Reverse Circulation ("RC") drilling, approximately
10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed
airborne survey, detailed mapping of some of the key target areas defined to
date and geochemical interpretation. The Handeni Gold trend is now recognized as
consisting of two, parallel gold trends with a combined strike length of over
15 kilometres (Source: Canaco Resources).
In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of
Canaco Resources and announced a speculative buy recommendation with a $1.25
target price. They now believe that $175/oz is an appropriate resource multiple
given the forecast high grade/low cost nature of the ounces discovered to date
by Canaco. They have revised their target price to $6 per share and maintain
their speculative buy rating.
The closing of the Acquisition Agreement
In accordance with the closing today of the Acquisition Agreement IPP Gold has
now become a major stakeholder in the Company. Pursuant to the terms of the
Acquisition Agreement the Company has now issued 133,333,333 restricted shares
of common stock to IPP Gold in exchange for 100% interest in the four PLs of the
new Handeni Project, with no further payments in shares or cash required. This
acquisition of these four PLs as a whole represents the largest land position in
the Handeni District, and the boundary area is geologically contiguous to
Canaco's Magambazi gold project.
In addition, and accordance with the closing of the Acquisition Agreement, the
Board of Directors of the Company has also accepted the consent to act as both a
director and as the Chairman of the Company from Reginald Mengi, together with
the consents to act as directors of the Company from each of Reyno Scheepers and
Douglas Boateng. Mr. Mengi will replace the Honorable Joseph Rugumyamheto as
the Company's Chairman and Mr. Rugumyamheto will continue to serve as a director
of the Company.
The Company's new directors
About Reginald Mengi
Mr. Reginald Mengi is the Chairman and owner of IPP Resources. He also chairs
IPP Ltd., one of the largest private sector holding companies in Tanzania. Mr.
Mengi commenced IPP Ltd.'s business in the mid 1980's manufacturing ball point
pens. Today the IPP group of companies is engaged in various areas including
bottling of Coca Cola products, drinking water, manufacturing and bottling of
drinks and spirits, mining of minerals and gemstones, gemstone cutting, lapidary
and media.
Until 1985, Mr. Mengi also worked as a Chartered Accountant for Coopers &
Lybrand Tanzania where he served in the role as Chairman and Managing Partner
and led auditing and consultancy teams and participated in the establishment of
companies and institutions.
About Reyno Scheepers
Dr. Reyno Scheepers' involvement with the mining industry stretches for a period
of 22 years. He started off as a researcher at the Fuel Research Institute
(CSIR) of South Africa where he gained experience in the composition and
characteristics of various South African coal fields. This was followed by a
two year period as a geologist at a South African gold mine where he gained
experience in underground geology, underground and surface exploration and gold
exploration project planning. He then joined the University of Stellenbosch
where he became a professor in petrology/mineralogy in 1999.
Since 1995 Dr. Scheepers directed his efforts towards the investigation of
gemstone deposits covering alluvial and kimberlitic diamond deposits in South
Africa, the DRC and in Tanzania. One of his major achievements in Tanzania was
the investigation of the geology and technical aspects of the Merelani tanzanite
deposit which eventually led to the successful listing of the first colored
gemstone company on the JSE.
Professor Scheepers is also closely involved in the application and development
of geochemical analytical techniques and was in charge of the running of an XRF
laboratory, an ICP=AES laboratory and a micro thermometric laboratory. He
participated in the development of international geochemical reference standards
and completed numerous challenging analytical problems for the industry over the
years.
Dr. Scheepers' interest in providing small scale miners with the necessary
skills to conduct safe and effective mining led to the establishment of the
Gemstone Research Centre at Stellenbosch University and currently the Unit for
Gemstone Geology ("UGG"). The UGG is a collaborative training and research unit
between Free State and Dar es Salaam Universities through which research on
gemstone deposits is currently conducted.
Dr. Scheepers received his B.Sc. (Hons), Cum Laude in 1979, his M.Sc, Cum Laude
in 1982 and his PhD in 1990 from the University of Stellenbosch.
About Douglas Boateng
Dr. Douglas Boateng has over 18 years of extensive multi-sector international
experience. His career includes positions as a CEO, director and senior level
consulting in Technology (ICT), Chemicals/Pharma-chemical, Pharmaceutical and
Biotechnology, Aviation, Engineering, Business management, Mergers and
Acquisitions, Strategic alliance and partnerships, Logistics and Supply Chain
Management, Media, Consulting, Corporate and Strategic Business Development,
Corporate Governance and Advisory services to selected Government ministries.
Dr. Boateng has also successfully worked and consulted for some of the world's
leading corporation's in Europe, USA and Africa.
Prior to joining IPP Resources, Dr. Boateng founded PanAvest International, an
organization with a vision to assist companies profitably extend their market
reach through the application of innovative Business Development Logistics and
Supply Chain Management solutions. He has acted as an independent advisor and
consultant to one of Scandinavia's largest generic pharmaceutical companies on
logistics, supply chain and business development and strategies and one of
Africa's leading healthcare distributors.
Dr. Boateng is also a post graduate visiting professor on logistics and supply
chain management and a Masters and Doctoral project supervisor at one of
Africa's largest and most respected business schools. He current sits on the
editorial board of Smart Procurement, the largest supply chain related portal in
Africa and the Middle East.
Dr. Boateng holds a Graduate Diploma in Company Direction from the Institute of
Directors, a Doctorate in Engineering Business Management from the University of
Warwick-UK, a MSc in Industrial Logistics from the University of Central
England-UK and a post graduate diploma in transport and logistics from Cranfield
Institute of Technology, UK.
As a consequence of the appointments of each of Mr. Mengi, Dr. Scheepers and Dr.
Boateng with the closing of the Acquisition Agreement, the Board of Directors
and Executive Officers of the Company are now comprised of the following:
+-----------------------------+------------------------------------------------+
|Name |Position |
+-----------------------------+------------------------------------------------+
|Harpreet Singh Sangha |President, Chief Executive Officer and a |
| |director |
+-----------------------------+------------------------------------------------+
|Reginald Mengi |Chairman of the Board and a director |
+-----------------------------+------------------------------------------------+
|Honorable Joseph Rugumyamheto|Director |
+-----------------------------+------------------------------------------------+
|Wenqin Zhang |Director |
+-----------------------------+------------------------------------------------+
|Revno Scheepers |Director |
+-----------------------------+------------------------------------------------+
|Douglas Boateng |Director |
+-----------------------------+------------------------------------------------+
|Herminder Rai |Chief Financial Officer, Secretary, and |
| |Treasurer |
+-----------------------------+------------------------------------------------+
About Douglas Lake
The Company is an emerging mineral exploration company focused on exploring and
potential development of mining opportunities in Tanzania. For further
information please contact Douglas Lake at (604) 575-3552 or go
towww.douglaslakeminerals.com.
Safe Harbor 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 atwww.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.
[HUG#1445936]
--- End of Message ---
Douglas Lake Minerals Inc.
Unit 222 6820-188th Street Surrey, B.C. Canada
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Douglas Lake Minerals Inc. via Thomson Reuters ONE
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Datum: 22.09.2010 - 14:30 Uhr
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News-ID 42931
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