Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB: DLKM) is pleased to announce that, effective immediately, and following the successful implementation of selected strategic initiatives, Dr. Reyno Scheepers, the Company's current Chief Operating Officer, shall be taking over from Dr. Douglas Boateng as the Company's President and Chief Executive Officer.
In this regard the Company has reached an agreement with Dr. Boateng whereby he will: (i) spearhead Company efforts to position itself outside the United States and Canada as well as attract a new investor base particularly in Europe, Africa and Asia; (ii) act as an advisor to both the Company's non-executive Chairman and its CEO on business-related best practices; (iii) remain as a professional director and member of the Company's Supervisory Board; and (iv) act as Chairman of the Company's recently established Strategy and Governance Advisory Committee.
"Douglas Lake owes Dr. Boateng a great debt of gratitude", stated Mr. Mengi, Chairman of the Board. "His pragmatic and diplomatic approach helped to successfully steer the Company through a very challenging period both internally and externally. I look forward to continuing to tap his broad knowledge and experience and his vast European, Asian and African business network for the benefit of our Company", continued Mr. Mengi.
Dr. Boateng remarked, "With virtually all listed exploration companies suffering as a result of the continued global stock market turmoil, I agreed at that time to take the challenge of leading the company with some specific objectives in mind. These included, amongst others: (i) helping to stabilize the organization through a sensitive transitional period; (ii) creatively acquiring a very strategic asset through a cashless deal; and (iii) obtaining material knowledge through various strategic alliances and partnerships. All the above were achieved in a good time. More importantly, we have managed to drill and intersect gold anomalies on two of our potential targets. .With my mission primarily accomplished, I am happy to hand over the baton to Dr. Scheepers to continue with the very positive progress achieved so far", continued Dr. Boateng.
With this change in CEO the Company has also determined to immediately effect the following: (i) to search for and appoint an experienced and performance driven Senior Vice President for Business and Investor relationship development and management for the United States and Canada; (ii) to promote Mr. McDonald from Exploration manager to the position of Senior Vice President for Exploration for the Company; and (iii) to promote Mr. Rwekiti from Project Geologist to Exploration Manager for the Company.
Dr. Scheepers has been a director of Douglas Lake since September 21, 2010. His involvement with the mining industry stretches for a period of 28 years, and includes gold mining in South Africa, underground geology, underground and surface exploration and gold exploration project planning. One of his many achievements in Tanzania was the innovative and successful investigation and interpretation of the highly complex geology and technical aspects of the Merelani tanzanite deposit (in Proterozoic rocks) which eventually led to the listing of the first colored gemstone company on the Johannesburg Stock Exchange. He was further involved in the listing of the colored gemstone company Tanzanite One (now Richland Resources) on the London AIM. He also successfully led a Tanzanian exploration team to the greenfields discovery of significant gold mineralization, currently being drilled, in Archaean rocks in the Lake Victoria region in Tanzania. Dr. Scheepers' knowledge of rock formations and structures hosting the Handeni gold mineralization stretches over a period of 14 years, commencing with the investigation of the structural and geochemical aspects of the so called eastern granulites in 1998. He remains particularly interested in the gold and base metal potential as well as structural controls on mineralization of Tanzanian Proterozoic rocks. Dr. Scheepers was in charge of high level analytical laboratories that produced exemplary results on international geochemical reference standards.
"It is most of all Dr. Scheepers' quiet, determined, respectful and focused approach as he led several exploration teams concurrently, and sometimes under tough political and environmental conditions, in countries such as Democratic Republic of Congo(DRC), and Central African Republic, his fiscal frugality and most of all his exciting vision for the future of Douglas Lake that resulted in him being considered favorably for the position", said Mr. Mengi. "The Board wishes Dr Scheepers the best of success in his new role. We are sure that in him we have a geologist at the top who will lend further momentum to our Company's exploration strategy, future growth and development", continued Mr. Mengi.