Douglas Lake Acquires 100% Interest in 4 New Properties Bordering Canaco in the Handeni District
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2010)
Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBBLKM)(FRANKFURT60) is very pleased to announce that the Company has recently received approval from its Board of Directors to both enter into and immediately close upon the terms and conditions of a certain Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with IPP Gold Ltd. ("IPP Gold"), to acquire a 100% interest in four prospecting licences (the "PLs"), totaling approximately 800 square kilometres, located in the Handeni District of Tanzania and which are owned or controlled by IPP Gold and its affiliates.
Harp Sangha, CEO of the Company, stated: "This new Acquisition Agreement with IPP Gold represents a significant step forward for the Company. Along with our new partners at IPP Gold, we will map out our new strategy and course of action over the coming weeks and months. The Handeni District has become alive with activity since the extraordinary drilling results from Canaco Resources have placed this region on the world stage. We plan to focus our energy and resources on the exploration and potential development of this new acquisition. Our aim is to direct Douglas Lake down a path towards success."
On September 13, 2010 Canaco announced significant new exploration developments including the identification of important new parallel trends of gold mineralization and discovery of a new mineralized zone five kilometres W/NW of the Magambazi Gold Discovery. Early results from the regional exploration on the Handeni Gold Trend indicate the work program has already made significant progress in identifying new gold targets and upgrading the potential of previously identified gold zones. Over the past month, the regional program has included over 3000 metres of Reverse Circulation ("RC") drilling, approximately 10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed airborne survey, detailed mapping of some of the key target areas defined to date and geochemical interpretation. The Handeni Gold trend is now recognized as consisting of two, parallel gold trends with a combined strike length of over 15 kilometres (Source: Canaco Resources).
In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of Canaco Resources and announced a speculative buy recommendation with a $1.25 target price. They now believe that $175/oz is an appropriate resource multiple given the forecast high grade/low cost nature of the ounces discovered to date by Canaco. They have revised their target price to $6 per share and maintain their speculative buy rating.
The closing of the Acquisition Agreement
In accordance with the closing today of the Acquisition Agreement IPP Gold has now become a major stakeholder in the Company. Pursuant to the terms of the Acquisition Agreement the Company has now issued 133,333,333 restricted shares of common stock to IPP Gold in exchange for 100% interest in the four PLs of the new Handeni Project, with no further payments in shares or cash required. This acquisition of these four PLs as a whole represents the largest land position in the Handeni District, and the boundary area is geologically contiguous to Canaco's Magambazi gold project.
In addition, and accordance with the closing of the Acquisition Agreement, the Board of Directors of the Company has also accepted the consent to act as both a director and as the Chairman of the Company from Reginald Mengi, together with the consents to act as directors of the Company from each of Reyno Scheepers and Douglas Boateng. Mr. Mengi will replace the Honorable Joseph Rugumyamheto as the Company's Chairman and Mr. Rugumyamheto will continue to serve as a director of the Company.
Douglas Lake Acquires 100% Interest in 4 New Properties Bordering Canaco in the Handeni District - Press Release - Digital Journal
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2010)
Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBBLKM)(FRANKFURT60) is very pleased to announce that the Company has recently received approval from its Board of Directors to both enter into and immediately close upon the terms and conditions of a certain Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with IPP Gold Ltd. ("IPP Gold"), to acquire a 100% interest in four prospecting licences (the "PLs"), totaling approximately 800 square kilometres, located in the Handeni District of Tanzania and which are owned or controlled by IPP Gold and its affiliates.
Harp Sangha, CEO of the Company, stated: "This new Acquisition Agreement with IPP Gold represents a significant step forward for the Company. Along with our new partners at IPP Gold, we will map out our new strategy and course of action over the coming weeks and months. The Handeni District has become alive with activity since the extraordinary drilling results from Canaco Resources have placed this region on the world stage. We plan to focus our energy and resources on the exploration and potential development of this new acquisition. Our aim is to direct Douglas Lake down a path towards success."
On September 13, 2010 Canaco announced significant new exploration developments including the identification of important new parallel trends of gold mineralization and discovery of a new mineralized zone five kilometres W/NW of the Magambazi Gold Discovery. Early results from the regional exploration on the Handeni Gold Trend indicate the work program has already made significant progress in identifying new gold targets and upgrading the potential of previously identified gold zones. Over the past month, the regional program has included over 3000 metres of Reverse Circulation ("RC") drilling, approximately 10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed airborne survey, detailed mapping of some of the key target areas defined to date and geochemical interpretation. The Handeni Gold trend is now recognized as consisting of two, parallel gold trends with a combined strike length of over 15 kilometres (Source: Canaco Resources).
In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of Canaco Resources and announced a speculative buy recommendation with a $1.25 target price. They now believe that $175/oz is an appropriate resource multiple given the forecast high grade/low cost nature of the ounces discovered to date by Canaco. They have revised their target price to $6 per share and maintain their speculative buy rating.
The closing of the Acquisition Agreement
In accordance with the closing today of the Acquisition Agreement IPP Gold has now become a major stakeholder in the Company. Pursuant to the terms of the Acquisition Agreement the Company has now issued 133,333,333 restricted shares of common stock to IPP Gold in exchange for 100% interest in the four PLs of the new Handeni Project, with no further payments in shares or cash required. This acquisition of these four PLs as a whole represents the largest land position in the Handeni District, and the boundary area is geologically contiguous to Canaco's Magambazi gold project.
In addition, and accordance with the closing of the Acquisition Agreement, the Board of Directors of the Company has also accepted the consent to act as both a director and as the Chairman of the Company from Reginald Mengi, together with the consents to act as directors of the Company from each of Reyno Scheepers and Douglas Boateng. Mr. Mengi will replace the Honorable Joseph Rugumyamheto as the Company's Chairman and Mr. Rugumyamheto will continue to serve as a director of the Company.
Douglas Lake Acquires 100% Interest in 4 New Properties Bordering Canaco in the Handeni District - Press Release - Digital Journal