Douglas Lake Minerals Successfully Closes AcquisitVANCOUVER, June 30, 2008 /PRNewswire-FirstCall via COMTEX/ --Harp Sangha, CEO and Presidentof Douglas Lake Minerals Inc. (DLKM-OTCBB) announced today that the companyhas closed the acquisition of the Mbwemkuru Alluvial Gold Project Licences inthe Lindi region in Southeastern Tanzania.
The Prospecting Licences are situated in the SE margin of the Karoo Basinand cover an area of 430 square kilometers. The property is currently in smallscale production by the owner. One of the most significant prospects is aneight by two kilometer block, with high gold concentrations within 1.0 and 1.5meter zones between the gravel and bedrock. Results of initial systematicsampling of alluvium as reported by Echo Tech Laboratories showed an averagegrade of 9.48 g/t gold.
The vendor of the property will receive $1,000,000.00 USD, a 3% NetSmelter Return (NSR), and a five year employment contract, totaling$540,000.00 USD. The necessary funding was provided by the Tianjin Instituteof Geology and Mineral Resources (TIGMR).
"We are extremely pleased with this new acquisition and we are lookingforward to announcing further assay results in the near future," stated HarpSangha.