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80 Carat Diamond Discovered on Douglas Lake Minerals' Newly Acquired Magembe Property - Directly Adjacent to De Beer's Williamson Mine

Posted on: Tuesday, 12 December 2006, 18:00 CST

Harp Sangha, CEO / President of Douglas Lake Minerals Inc. (OTCBB:DLKM), announced the vendor of their newly acquired Magembe Diamond Property reported that a local miner recently discovered an 80 carat diamond.

"This is a good news, bad news story," stated Harp Sangha. "The good news is that we've had reports of a monster diamond along with numerous other large diamonds being discovered on our property. The bad news is that since we haven't yet moved onto the property, the local miners are taking our diamonds. To discourage them from continuing to take them, we've implemented on-site security. We're also in discussion with De Beers to determine if they can provide additional security."

Harp Sangha went on to say, "We believe this is a once in a lifetime opportunity. We walked our property with some top resource industry experts and their excitement was contagious. Management is enthusiastic about the huge opportunity this property represents, and humbled by the confidence shown by our Tanzanian partners."

Property Work Program Planned

Douglas Lake is planning a property work program for early 2007. The program will likely include an air mag survey, updated mapping, geochemical work and a bulk sampling program. This will enable us to determine the best course of action to leverage the property's full potential for the future benefit of our shareholders. Further work program details will be announced soon.

For a full report, click on this link http://www.investornewsalerts.com/DLKM121206.html

DLKM's Magembe Property is Directly Adjacent to World's Largest Diamond Pipe

The Magembe diamond property consists of a number of prospecting licenses comprising a total area of 46 square kilometres that are directly adjacent to the eastern, northern and western boundaries of the Williamson Mine, one of Africa's most significant diamond producers.

The Williamson Mine is currently owned 75% by De Beers and 25% by the Government of Tanzania, and has a production history that spans six decades. The Williamson pipe covers 360 acres and, at the time of its discovery in 1940, was considered the largest economically exploitable pipe in the world. The large open pit mine is currently about 90 meters (300 ft) deep and located about 160 kilometres (100 miles) south of the town of Mwanza on the shores of Lake Victoria in Tanzania, in the Shinyanga region. The most important geological feature of the Williamson diamond mine is the kimberlite pipe, which ranks as the largest economically exploitable diamond-bearing volcanic pipe in the world. Dr. Williamson, the discoverer of the site, first owner and namesake of the mine, named the site "Mwadui" after a local chief; "Williamson" and "Mwadui" are now virtually synonymous in the diamond mining world.

Production in the 1950s and 1960s was between 500,000 and 750,000 carats (100 and 150 kg) per year; the peak year of production was 1966, when 924,984 carats (185 kg) were produced. Today, production levels for all Williamson mine diamond recovery activities is about 300,000 carats (60 kg) per year. Notable stones produced at the Williamson mine include a 54 carat (10.8 g) flawless pink diamond (presented to then Princess Elizabeth and Prince Philip upon their wedding in 1947), and a 388 carat (77.6 g) diamond found in 1990. Since 1994, De Beers has improved the performance of the Williamson diamond mine by making needed capital investments in equipment, and bringing in expertise in technology, technique, and exploration. De Beers has identified several possible avenues for development that would keep the mine operating well into the future. Note: Source for Williamson Mine data contained in this release is http://en.wikipedia.org/wiki/Williamson_diamond_mine

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 may 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.

Source: Business Wire

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