OTC BB:DLKM.OB

Douglas Lake Minerals Options Two Gold Properties for $500,000, Stock and $2.5 Million Work Program Expenditure

VANCOUVER, CANADA, August 1, 2007 – Harp Sangha, CEO / President of Douglas Lake Minerals Inc. (DLKM – OTC BB), announced the company has entered into option agreements with Canaco Resources Inc. to explore two gold prospects in Tanzania.

“We are pleased that Canaco has committed to this continued partnership to spend $2.5 million on the Negero and Kwadijava gold properties,” stated Harp Sangha. “Canaco's management believes that Negero and Kwadijava, together with the New Kilindi property, establishes a regional scale land position in a new and emerging gold exploration camp in east-central Tanzania.”

The Negero and Kwadijava gold properties are located in the Handeni district, 160 kilometres northwest of the city of Morogoro in the Tanga region of Tanzania. The Kwadijava property is a 575-square-kilometre reconnaissance licencee which hosts active artisanal alluvial and bedrock mining operations established in 2005 after the discovery of gold in stream beds. Alluvial mining traced the gold to its source where miners now continue to extract gold from surface mining of bedrock. The Negero property is a 195-square-kilometre prospecting licencee that hosts active alluvial mining operations covering an area of over 15 square kilometres. These alluvial mining operations were established after the discovery of gold in stream beds in 2005, coming on the heels of gold discoveries at Kwadijava and Magambazi months earlier. The Negero property is contiguous to Midland Minerals’ New Kilindi property. Negero and Kwadijava are important properties based on recent artisanal discoveries in the area. These recent gold discoveries have occurred on a district scale and have defined an extent of mineralization with a strike length of over 100 kilometres. The geology and location of the known gold discoveries, which occur in both alluvial and in bedrock settings, suggest the mineralization is controlled by regional structures.

Under the terms of the agreement for the Negero and Kwadijava properties, Canaco undertakes to spend $2.5 million in work programs over 36 months to earn 70 per cent interest in the properties. The terms of the option include cash payments of $500,000 and the issuance of 1,600,000 common shares of Canaco to Douglas Lake over two years. The option agreements are conditional on Canaco receiving confirmation of title from Douglas Lake.

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.

For further information please contact:
Byron Hampton
Tel: 604-781-2393
Email: byronhampton@shaw.ca

Harp Sangha, CEO / President
Tel: 604-669-0323
Fax: 604-669-3645
Email: harpsangha@shaw.ca
Website: www.douglaslakeminerals.com