VANCOUVER, British Columbia, Aug. 10, 2009 (GLOBE NEWSWIRE) -- Douglas Lake Minerals Inc. (the "Company") (OTCBB:DLKM) (Frankfurt:D60.F) is pleased to announce the completion of a Technical & Resource Report on the Mkuvia Alluvial Gold Project, in compliance with NI 43-101.
The Technical & Resource Report on the Mkuvia Alluvial Gold Project was prepared by Mr. Laurence Stephenson, P.Eng. of White Rock, British Columbia and Ross McMaster, MAusIMM of Ravenshoe, Qld Australia. Mr. Stephenson and Mr. McMaster are independent and Qualified Persons ("Q.P.s") in accordance with NI 43-101 and JORC.
This report was initiated by Harpreet (Harp) Sangha, CEO of Douglas Lake Minerals Inc., for the purpose of evaluating the active exploration program that the Company has undertaken on the Mkuvia Alluvial Gold Property during 2008 through to March 2009, including the regional and detailed exploration throughout the property, to outline the inferred resource estimate completed by independent consultants and to recommend further exploration and development. The prepared resource estimate will be used to apply for a mining license on the company's Mkuvia Alluvial Gold Property.
The Mkuvia Alluvial Gold Project comprises four prospecting licenses (PL 5664/2009, PL 5669/2009, PL 5673/2009 and PL 5662/2009) covering a total area of 380 square kilometres. The Prospecting Licenses were originally granted to Mr. Mkuvia Maita and were renewed in 2009 by Mr. Maita, in his name as part of a joint venture agreement with Douglas Lake Minerals Inc., whereby the Company acquired all rights under the prospecting licenses, including the right to enter, sample, drill and otherwise explore for minerals, subject to a 3% royalty payable to Mr. Maita on any minerals produced.
The report is based on work done by the Company on the Mkuvia Property and supervised and reported by Charles Mnguto, a professional geologist and President of DLKM, and Ross McMaster of TMEx, an independent geological consultant and co-author of the Technical & Resource Report on the Mkuvia Alluvial Gold Project, who took on the management of the project in August of 2008, including planning and implementation of field work deemed necessary to prepare an Inferred Resources statement for an identified prospect within the property boundaries.
During this period, a number of geological consultants have visited the property for technical advice and consultation which contributed to the geological information presented in this report through discussions and field observations. The author would like to acknowledge the direct and indirect contributions of Prof. David Groves, technical advisor of the Company, Andy Lee Smith, President and CEO of Canaco Resources Inc., Iain Groves, Geological consultant, and Cris Carman. Their direct contributions that were in part incorporated into the report are cited in the references but the primary author takes full responsibility for their input.
The full technical and resource report will be posted on SEDAR at www.sedar.com and on the Company's website at www.douglaslakeminerals.com.
About Douglas Lake
The Company is an emerging mineral exploration company focused on exploring and developing mining opportunities in Tanzania. The Company has a portfolio of gold, copper, nickel, uranium and diamond prospecting licenses. For more information, go to www.douglaslakeminerals.com.
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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. 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.