VANCOUVER, British Columbia, Sept. 28, 2006 (PRIMEZONE) -- Harp Sangha, CEO / President of Douglas Lake Minerals Inc. (OTCBB:DLKM), announced today that Canaco Resources has exercised its option to work on the Morogoro concession under the terms of the Strategic Alliance Agreement between the two companies. The property, located in the Kilosa district of east-central Tanzania, consists of a Prospecting License with a total area of 150 square kilometres.
"Canaco's announcement of its exercised option on the Morogoro property was combined with the release of their 43-101 Morogoro Property Report," stated Harp Sangha. "We are very optimistic that under the expert guidance of Andrew Lee Smith, P.Geo. Chairman and CEO of Canaco Resources, the planned exploration program will further expand the significant gold mineralization outlined in the report. Andrew brings to this project 20 plus years of experience in successfully exploring, developing and operating North American precious and base metal mining projects."
The Morogoro property has been the subject of a series of recent surface, bedrock gold discoveries made by local prospectors within the last eighteen months. These discoveries of high-grade, flat lying gold bearing veins occur along a northwesterly mineralized trend that extends for over 2.2 kilometres on the property. Gold mineralization at Morogoro occurs in the form of multiple narrow (10cm to 50cm) quartz veinlets and/or silicified zones containing fine visible gold. Initial samples (5) from individual mineralized intervals from the active workings returned values ranging from 7.41 to 177.50 grams gold per tonne, and ore delivered by local miners for processing averaged 25.20 grams gold per tonne. A sample of the tailings produced by the artisanal mining process assayed 3.39 grams per tonne.
About Canaco Resources
Canaco Resources is an emerging junior mineral exploration company listed on the TSX Venture Exchange. The Company is engaged in the acquisition and exploration of advanced mineral prospects. Further information on the Company and its projects can be viewed at (www.canaco.ca).
About Douglas Lake Minerals, A Royalty-Based Company
Our vision at Douglas Lake Minerals is to focus on exploring and developing gold, copper, nickel, uranium and diamond mining opportunities in Tanzania, a country with vast amounts of undeveloped mineral-rich natural resources. We are exploring and developing our large portfolio of prospecting concessions through royalty-based joint venture partnerships. Our strategy is to provide investors with considerable upside potential while minimizing future shareholder dilution through our royalty partnerships (www.douglaslakeminerals.com).
NOTE: No Exchange has either approved or disapproved the information contained herein. This news release many contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and risk factors beyond its control; and actual results may differ materially from expected results. The Company will not update forward-looking statements as conditions change. Factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's quarterly and other periodic filings with the SEC.