VANCOUVER, British Columbia, Nov. 13, 2007 (PRIME NEWSWIRE) -- Harp Sangha, CEO/President of Douglas Lake Minerals Inc. (OTCBB:DLKM), announced today the company has entered into a MOU with three significant government enterprises from the Peoples Republic of China (China). One is a Sovereign Fund, managed by one of the largest banks in China, and the other two are Mining Institutes with a mandate to find and acquire mineral rich resources in Africa.
Over the next several years, China is seeking to invest $20 billion in the commodities sector in Africa. And Tanzania, with its stable geopolitical environment, is at the top of their list. With DLKM's portfolio of 51 Tanzanian mining concessions, the company represents a compelling opportunity for Chinese investment. Precious metals, base metals, coal, uranium, PGM and diamonds are in high demand in China, and DLKM can provide the platform to some very prospective concessions in Tanzania. Harp Sangha has conducted high level meetings in Beijing with investment and technical personnel from these three groups.
"We are pleased their geologists are knowledgeable about the geological settings and the strong potential for mineral deposits that our Tanzanian properties represent. It boosts our confidence that their technical staff understands our strategy. China is already the largest investor in African infrastructure and the next logical step is to access mineral resources. They are going further downstream to acquire earlier stage projects and have a strong desire to partner with a company that has significant properties. The institutions are currently conducting due diligence and we expect them to make an official visit to our Tanzanian properties in the first quarter of 2008," stated Sangha.
ABOUT CHINA INVESTMENT
Excerpts from a recent article published in Bloomberg News stated that China Investment is a $200 billion sovereign wealth fund set up by the government to increase returns on its foreign exchange reserves. Creation of the agency has spurred speculation about a flood of Chinese investments in overseas companies and resources like oil and metals.
ABOUT DOUGLAS LAKE
DLKM is an emerging mineral exploration company focused on exploring and developing gold, copper, nickel, uranium and diamond mining opportunities in Tanzania. DLKM has a portfolio of 51 prospecting concessions and is negotiating to acquire an additional 80. For more information go to www.douglaslakeminerals.com
This release contains forward-looking statements which involve risks and uncertainties. Complete forward-looking statement available at www.douglaslakeminerals.com/forwardlooking.html
The Douglas Lake Minerals Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4345