Douglas Lake Minerals acquires massive 430 sq km alluvial gold deposit
Fri May 9, 2:02 PM
ca.news.finance.yahoo.com
VANCOUVER, May 9 /CNW/ - The company is pleased to announce today that it has concluded an agreement with a Tanzanian National who holds the mineral rights to four Prospecting Licenses (PL's). The PL's cover an area of 430 square kilometers, and are situated in Mbwemkuru in the Lindi Region in Southeastern Tanzania.
The area is situated in the SE margin of the Karoo Basin, where there is an interland paleo basin comprising greater than 10 meters of gold bearing gravel and sandy material. The property is currently in small scale production by the current owner. One of the most significant prospects being a 8 km by 2km block, with high gold concentrations within 1.0 and 1.5 meter zones between the gravel's and the bedrock. Another zone, a 3 by 4 kilometer block, is covered by over 9 meters thick of gravel and sandy material from surface to bedrock. In order to determine the upside potential pertaining to these placer deposits situated in this block a systematic exploration program is planned to commence on June 1, 2008.
On a recent site visit it became obvious that the area has significant potential.
The closing date on the transaction is on or before June 30, 2008.
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.
Contacts
Douglas Lake Minerals Inc.
Suite
1445 West Georgia Street
Vancouver
BC
Canada
V6G 2T3
T (604) 669-0203
F (604) 669-3645
M (604) 825-1309
www.douglaslakeminerals.com |
