VANCOUVER, BRITISH COLUMBIA, Aug 05, 2011 (MARKETWIRE via COMTEX News Network) --
Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB: DLKM) is pleased to announce that the Company has recently received approval from its Board of Directors to enter into the terms and conditions of a certain Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with Handeni Resources Limited ("Handeni Resources"), a local Tanzanian company, providing the Company with an exclusive option (the "Option") to acquire from Handeni Resources a 100% interest in an area of approximately 3km(2) to the east of Magambazi Hill to be amalgamated into one of the Company's four existing prospecting licences (each a "PL"), totaling approximately 800 square kilometers, which are located in the Handeni District of Tanzania.
"We are delighted with this acquisition which fits into DLKM's strategic grand plan within the Handeni area" commented Dr. Douglas Boateng, President and CEO of the Company.
Dr. Reyno Scheepers, President of Exploration and Managing Director for DLM (Tanzania) Ltd, stated: "This acquisition renders the effective exploration of the potential gold bearing area to the east of Magambazi hill a reality. It increases our level of control on the ground and substantially expands the potential strike distance of our drill targets. These targets, which will be part of the forthcoming drilling program, are now being prepared.
Subject to certain conditions precedent to the closing of the Acquisition Agreement, the Company is required to issue 15,000,000 restricted shares of its common stock to Handeni Resources. It is presently expected that the Acquisition Agreement will close within the next two weeks.