Douglas Lake Signs an Agreement on the Mkuvia Project

VANCOUVER, BRITISH COLUMBIA, Nov 09 (MARKET WIRE) --
Douglas Lake Minerals Inc. (the "Company") (OTCBB: DLKM) (FRANKFURT: D6O)
is pleased to announce that it has signed an Agreement with Ruby Creek
Resources, Inc. ("Ruby Creek") with respect to the Company's Mkuvia
Alluvial Gold Project.

Under the terms of this Agreement, the Company and Ruby Creek have
entered into a Joint Venture that will cover 125 square kilometers of the
Company's 380 square kilometer Mkuvia property. Ruby Creek will earn a 70
percent interest of the 125 square kilometers by making payments totaling
$3,000,000 within three years of the Closing transaction, where the
Closing transaction is expected to occur shortly after the 90 day due
diligence period by Ruby Creek. The Agreement provides that Ruby Creek
will make payments to the Company of $100,000 and $150,000 within 5 and
15 business days respectively. On confirmation of a satisfactory Due
Diligence, Ruby Creek will make an additional $100,000 payment. On the
day of the Closing transaction and receipt of the first mining license,
Ruby Creek will make another payment of $400,000 to the Company for a
total of $750,000 in payments from Signing to Closing. Ruby Creek will
also pay an additional $750,000 payment for a total of $1,500,000 within
12 months of Closing. The Agreement also provides that within 12 months
of the Closing transaction, Ruby Creek has the option to increase their
interest to 75 percent of the 125 square kilometers by making an
additional $1,000,000 payment to the Company. Ruby Creek will make
additional payments of $750,000 each within 24 and 36 months of the
Closing Transaction. In all cases, the original owner of the prospecting
licenses, Mr. Mkuvia Maita, retains a 3 percent Net Smelter Royalty as
per the Joint Venture Agreement between Mr. Maita and the Company. Ruby
Creek has budgeted $500,000 for its Mining License and Development plan.
In addition, Ruby Creek has a development budget of $5,000,000 for the
two years following the issuance of the Mining License.

Management from Ruby Creek, along with management from the Company, was
on the initial site visit to the Mkuvia property in April 2008. They have
followed the development of the property over this time and have been
encouraged by the work and results produced thus far. The Company is
pleased that its efforts have resulted in a great deal of interest from
various groups focused on development of its Mkuvia property.

This Ruby Creek Agreement, covering approximately one third of the Mkuvia
property, provides the Company with a non-dilutive source of financing
while retaining more than two thirds of the area covered by the 380
square kilometers of its 4 prospecting licenses. The Company is actively
pursuing and has initiated discussions with other potential joint venture
partners, including the investment group from China mentioned in prior
news releases.

About Douglas Lake

The Company is an emerging mineral exploration company focused on
exploring and developing mining opportunities in Tanzania. For more
information, go to www.douglaslakeminerals.com.

Safe Harbour Statements

Except for the statements of historical fact contained herein, the
information presented in this news release constitutes "forward-looking
statements" as such term is used in applicable United States and Canadian
laws. These statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any statements that express
or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or "does not
anticipate", "plans, "estimates" or "intends", or stating that certain
actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact and
should be viewed as "forward-looking statements". Such forward looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such risks and other factors include, among others, the
actual results of exploration activities, the availability of capital to
fund programs and the resulting dilution caused by the raising of capital
through the sale of shares, accidents, labour disputes and other risks of
the mining industry including, without limitation, those associated with
the environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction activities,
title disputes or claims limitations on insurance coverage. Although the
Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements contained in this news
release and in any document referred to in this news release.

Forward looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and the
Company undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should
change, except as required by applicable law. Such forward-looking
statements reflect our current views with respect to future events and
are subject to certain risks, uncertainties and assumptions, including,
the risks and uncertainties outlined in our most recent financial
statements and reports and registration statement filed with the United
States Securities and Exchange Commission (the "SEC") (available at
www.sec.gov) and with Canadian securities administrators (available at
www.sedar.com). Such risks and uncertainties may include, but are not
limited to, the risks and uncertainties set forth in the Company's
filings with the SEC, such as the ability to obtain additional financing,
the effect of economic and business conditions, the ability to attract
and retain skilled personnel and factors outside the control of the
Company. These forward-looking statements are made as of the date of this
news release, and the Company assumes no obligation to update the
forward-looking statements or to update the reasons why actual results
could differ from those projected in the forward-looking statements,
except as required by applicable law. Although the Company believes that
the beliefs, plans, expectations and intentions contained in this news
release are reasonable, there can be no assurance those beliefs, plans,
expectations or intentions will prove to be accurate. Investors should
consider all of the information set forth herein and should also refer to
the risk factors disclosed in the Company's periodic reports filed from
time-to-time with the SEC. This news release shall not constitute an
offer to sell or the solicitation of an offer to buy securities of the
Company nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such jurisdiction.

Contacts:
Douglas Lake Minerals Inc.
Harp Sangha
(604) 575-3552
www.douglaslakeminerals.com

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