Douglas Lake Minerals is a budding mineral exploration firm based in Tanzania, which focuses on the exploration and development opportunities in mining.
It has recently obtained an approval to ink a definite Mineral Property Acquisition Agreement with Handeni Resources. Under this acquisition agreement, Handeni offers Douglas Lake the best option to purchase from Handeni Resources a 100% interest in a region of around 3 sq. km to the eastern direction of the Magambazi Hill. This acquisition is performed to combine the area with one of the four current prospecting licenses of the company, which is about 800 sq. km in total, situated in Tanzania’s Handeni District.
The CEO and President of the company, has stated that the company is elated with the purchase, which is in line with the planned grand plan of DLKM in the Handeni region.
The DLM’s Managing Director and President of Exploration, has commented that this purchase provides a reality to the efficient exploration of the prospective area bearing gold to the eastern part of the Magambazi hill. It enhances the control level on the ground and significantly develops the prospective strike of the drill target areas. Currently, these targets are being prepared for the upcoming drill campaign.
According to the final terms of the Acquisition Agreement, Douglas Lake is needed to give 15,000,000 limited shares to Handeni Resources from the common stock. Currently, the company is expecting that this agreement will be finalized at the earliest.
Source: http://www.douglaslakeminerals.com/