VANCOUVER, British Columbia, July 6, 2009 (GLOBE NEWSWIRE) -- Douglas Lake Minerals Inc. (the "Company") (OTCBB:DLKM) (Frankfurt:D60) announces that, effective on July 3, 2009, the Board of Directors of the Company accepted the resignations as directors of the Company from each of Medard M.C. Kalemani and Abdulkarim Hamisi Mruma, together with the resignations as officers of the Company from each of Sylvia Tang, as the Company's previous Chief Executive Officer, and Harpreet Singh Sangha, as the Company's previous President, Secretary and Treasurer. Mr. Sangha will continue as the Company's Chief Executive Officer.
Also effective on July 3, 2009, the Board of Directors of the Company accepted the consent to act as both a director and as the President of the Company from Charles Xaviar Mnguto, together with the consent to act as the Secretary, Treasurer and Chief Financial Officer of the Company from Herminder Rai.
Mr. Charles Xaviar Mnguto, B.Sc. in Geology (Hon), from the University of Dar es Salaam, Tanzania (1995), has been a consulting geologist to and the Company's Exploration Manager in Tanzania since January of 2007. Mr. Mnguto is a multi-terrain geologist with 13 years experience in both local and international exploration fields. During his career Mr. Mnguto has worked on various base and precious metals projects located in Tanzania, Zimbabwe and the Democratic Republic of Congo. Prior to working with the Company, and during the previous five years, Mr. Mnguto has worked: as a Senior Project Geologist (Expatriate) on the Lugushwa Project for Banro Congo Mining SARL (January to October of 2006); as a Senior Project Geologist (Expatriate) on the Namoya Project; as a Project Geologist on each of the Golden Pride West Project (January to September of 2005) and Nyanzaga Project (March to December of 2004) for Barrick Exploration Africa Ltd.; and as a Senior Project Geologist (Exploration Dept.) on the Ashanti Goldfields/Anglogold Joint Venture for Geita Gold Mining Limited (August of 1999 to February of 2004). Mr. Mnguto is not a director or officer of any other reporting company.
Mr. Herminder Rai, B.A. (major in economics) from Simon Fraser University, has, for the past five years, been an investment advisor with Global Securities Corporation, of Vancouver, British Columbia. Mr. Rai is a graduate of many Canadian Securities Institute securities-related courses, and recently passed Level I of the CFA program and is currently enrolled as a Level II candidate. Mr. Rai is not a director or officer of any other reporting company.
At present there are no compensation arrangements as between the Company and either of Messrs. Mnguto or Rai in their capacities as either directors or Executive Officers of the Company.
As a consequence of the resignations of each of Messrs. Kalemani and Mruma and Ms. Tang, together with the corresponding appointments of each of Messrs. Mnguto and Rai, the Board of Directors and Executive Officers of the Company are now comprised of the following:
Name Position
---- --------
Harpreet Singh Sangha Chief Executive Officer and a director
Honorable Joseph Rugumyamheto Chairman of the Board and a director
Wenqin Zhang Director
Charles Xavier Mnguto President and a director
Herminder Rai Secretary, Treasurer and Chief
Financial Officer
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.
The Douglas Lake Minerals Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4345
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 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.