VANCOUVER, British Columbia, Aug. 14, 2009 (GLOBE NEWSWIRE) -- Douglas Lake Minerals Inc. (the "Company") (OTCBB:DLKM) (Frankfurt:D60.F) announces that, effective on August 13, 2009, the Company entered into an Agreement (the "Agreement") with Midex Gold Corp. ("Midex") on the Magembe diamond property in the Shinyanga district of Tanzania. The Magembe diamond property comprises a total area of 46 square kilometers directly adjacent to the eastern, northern, and western boundaries of the Williamson mine, one of Africa's most significant diamond producers.
The Magembe property is part of a two-kilometer buffer zone created to surround the Williamson (Mwadui) mine as part of the original mine development in the 1940's and 1950's. This buffer zone was formed with the intention of ensuring that the mining operations could proceed in a safe and orderly manner through the prohibition of the mining of surficial diamond deposits in the area immediately adjacent to the mining operation. Elsewhere, outside the buffer zone, artisanal mining of surficial diamonds is widespread and continuing. The Shinyanga district is renowned for its diamond production from both the Williamson (Mwadui) mine and artisanal mining operations. Changes to the Tanzanian Mining Act in 2003 outlawed the existence of buffer zones and the mineral rights were acquired by Atlas Africa, a private Tanzanian company. The Company acquired the rights from Atlas Africa in December, 2006.
Pursuant to the terms of the Agreement Midex shall have the right to enter, sample, drill and otherwise explore for minerals on the property underlying the Prospecting License as granted by the Government of Tanzania under the Mining Act of 1998 and any other rights covered by the Prospecting License.
In consideration for entry into the Agreement the Company will be issued one million shares of Midex and receive a 5 percent NSR. Midex's obligation to earn 100 percent of the Company's interest in the property is to commit to $2,000,000 (U.S.) in exploration expenditures prior to the second anniversary of the Agreement.
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 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. 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.