Document:

<U><FONT SIZE=2><P ALIGN="CENTER">Exhibit 10.1</P>
</U><P ALIGN="JUSTIFY">THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &quot;1933 ACT&quot;), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A &quot;U.S. PERSON&quot; (AS DEFINED IN REGULATION S UNDER THE 1933 ACT) UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE.  </P>
<P ALIGN="JUSTIFY">THE TRANSFER OF THESE SECURITIES IS PROHIBITED EXCEPT (I) IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S (RULE 901 THROUGH RULE 905, AND PRELIMINARY NOTES), PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED; (II) PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED; OR (III) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.  HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED.</P>
<B><P ALIGN="CENTER"> SUBSCRIPTION AGREEMENT</P>
<P ALIGN="CENTER">to purchase the Common Shares of Douglas Lake Minerals Inc.</P>
</B><P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">December 7, 2004</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=624>
<TR><TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">TO:</B></FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Douglas Lake Minerals Inc., a Nevada corporation  (hereafter &quot;Douglas Lake&quot;)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">FROM:</B></FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">_________________________________________________________<BR>
(Name of Purchaser)</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">RE:</B></FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=2><P>Subscription and Purchase of ________________ Shares of Douglas Lake<BR>
pursuant to the Douglas Lake Offering Memorandum dated December 7, 2004</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">1.&#9;Definitions</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In this Subscription Agreement, including any schedules forming a part of this Subscription Agreement:</P>
<P ALIGN="JUSTIFY"></P>
<OL TYPE="a">

<LI> &quot;Alberta Act&quot; means the Securities Act (Alberta), the regulations and rules made thereunder and all policy statements, blanket orders, notices, directions and rulings issued by the Alberta Securities Commission, all as amended;</LI>

<P ALIGN="JUSTIFY"><LI>&quot;Applicable Securities Laws: means, in respect of each and every offer or sale of Securities, the securities legislation having application and the rules, policies, notices and orders issued by Regulatory authorities having application;</LI></P>

<LI>&quot;BC Act&quot; means the Securities Act (British Columbia), the regulations and rules made thereunder and all administrative policy statements, blanket orders, notices, directions and rulings issued by the British Columbia Securities Commission, all as amended;</LI>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Closing&quot; has the meaning given to that term in section 9.1; </LI></P>

<P ALIGN="JUSTIFY"><LI>&quot;Closing Date: has the meaning given to that term in section 9.1;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Common Share&quot; means a common share of Douglas Lake and &quot;Common Shares&quot; means more than one Common Share;</LI></P>
<P ALIGN="JUSTIFY"><LI>&quot;Directed Selling Efforts&quot; has the meaning ascribed to it in Regulation S;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI> &quot;Distribution&quot; has the meaning given to that term under Applicable Securities Laws;</LI></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;</P>
<P><HR ALIGN="RIGHT" SIZE=0>&nbsp;&nbsp;&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;</P>
<P ALIGN="JUSTIFY"><LI>&quot;Exemptions&quot; means the exemptions from the registration and prospectus or equivalent requirements under Applicable Securities Laws;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Material fact&quot; has the meaning given to that term under Applicable Securities Laws;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Offering Memorandum&quot; means and offering memorandum prepared by Douglas Lake in connection with this subscription for Common Shares and all amendments thereto and has the meaning given that term under Applicable Securities Laws;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Purchaser&quot; means an individual person that subscribes for and purchases securities under this  Subscription Agreement;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Purchaser's Securities&quot; means the number of Securities subscribed for by the Purchaser under this  Subscription Agreement as specified in paragraph A of Schedule &quot;A&quot; hereto;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Regulation S&quot; means Regulation S under the U.S. Securities Act;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Security&quot; means Common Shares offered under the Offering Memorandum and &quot;Securities&quot; means more than one Security;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Securities and Exchange Commission&quot; or &quot;SEC&quot; means the United States Securities and Exchange Commission;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;Subscription Agreement&quot; means the subscription agreement (including this subscription agreement) or purchase agreement to be entered into between Purchaser and Douglas Lake in respect of the purchase and sale of Securities and includes all schedules attached to such subscription agreement or purchase agreement, in each case as they may be amended or supplemented from time to time;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI> &quot;Time of Closing&quot; has the meaning given to that term in section 9.1;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI> &quot;United Sates&quot; means the United States of America;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;U.S. Person&quot; means a U.S. person as such term is defined in Regulation S, which definition includes an individual resident in the United States and an estate or trust of which any executor or administrator or trustee, respectively, is a U.S. Person, and is more fully described in paragraph 3.1(g);</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>&quot;U.S. Securities Act&quot; means the Securities Act of 1933, as amended , of the United States.</LI></P></OL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER">2</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Procedure</P>
</B><P ALIGN="JUSTIFY"></P>
<P>2.1&nbsp;&nbsp;&nbsp;&nbsp;On or before the Time of Closing the Purchaser shall deliver to a representative of Douglas Lake or by mail or courier to Douglas Lake, 7425 Arbutus Street, Vancouver, B.C., V6P 5T2:</P>

<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>a personal cheque in favor of &quot;Douglas Lake Minerals Inc.&quot; in the amount of US$0.25 for each Common Share subscribed;</LI></P>

<P ALIGN="JUSTIFY"><LI>a completed and originally executed copy of this  Subscription Agreement (including Schedule &quot;A&quot; hereto), and;</LI></P>

<P ALIGN="JUSTIFY"><LI>the duly completed and originally executed Form 45-103F3 Risk Acknowledgement attached as Schedule &quot;C&quot; hereto.</LI></P></OL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">2.2&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser's Subscription Agreement and Subscription cheque will be held in trust by Douglas Lake until such time as the conditions referred to in this Subscription Agreement required to be completed on or prior to the Time of Closing have been satisfied. Upon satisfaction of these conditions and subject to section 2.3, Douglas Lake will within 90 days of the date of this Subscription, cause to be issued and delivered a definitive certificate representing the Purchaser's Common Shares registered in the name of the purchaser in accordance with the Purchaser's instructions in paragraph C of Schedule &quot;A&quot; hereto. In the event that this offer is not accepted by Douglas Lake, this offer will be returned to the Purchaser at the address included in the aforesaid instructions.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">2.3&nbsp;&nbsp;&nbsp;&nbsp;Douglas Lake will have the right to accept this offer (in whole or in part) at any time at or prior to the Time of Closing. Douglas Lake's acceptance of this offer will be conditional upon, among other things, compliance with all Applicable Securities Laws. Douglas Lake will be deemed to have accepted this offer upon the delivery at the Closing of an accepted copy of this offer.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">2.4&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser will, promptly upon request by the Douglas Lake, provide Douglas Lake with any additional information and execute and deliver to Douglas Lake additional undertakings, questionnaires and other documents as Douglas Lake may request in connection with the issue and sale of the Securities. The Purchaser acknowledges and agrees that such undertakings, questionnaires and other documents, when executed and delivered by the Purchaser, will form part of and will be incorporated into this Subscription Agreement with the same effect as if each constituted a representation and warranty or such undertakings questionnaires and other documents as may be required to be filed with any stock exchange or securities regulatory authority in connection with the transactions contemplated under the Douglas Lake Offering Memorandum and under this Subscription Agreement.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representation, Warranties and Covenants of the Purchaser</P>
<P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">3.1&nbsp;&nbsp;&nbsp;&nbsp;By executing this Subscription Agreement, the Purchaser represent, warrants and covenants to Douglas Lake (and acknowledges that Douglas Lake and its counsel, are relying thereon) that:</P>
<P ALIGN="JUSTIFY"></P>
<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>the Purchaser is purchasing the Securities as principal and the purchaser is resident in the jurisdiction specified in paragraph C of Schedule &quot;A&quot; to this Subscription Agreement;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser acknowledges that he has been advised by Douglas Lake that Douglas Lake is relying on an exemption from the requirements to provide the Purchaser with a prospectus and to sell the securities under the BC Act and Applicable Securities Laws, as a consequence of acquiring securities pursuant to this exemption, certain protections, rights and remedies provided, including statutory rights of rescission or damages, will not be available to the Purchaser;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>if the Purchaser is a resident of Alberta, he must either:  (i) be an &quot;eligible investor&quot;;  or (ii) acquire Securities with an aggregate cost of not greater than $10,000.  An &quot;eligible investor&quot; includes a person or company whose (a) net assets, alone or with a spouse, exceed $400,000;  (b) net income before taxes exceeded $75,000 in each of the two most recent years and who reasonably expects to exceed that income level in the current year;  or (c) net income before taxes combined with that of a spouse exceeded $125,000 in each of the two most recent years and who reasonably expects to exceed that income level in the current year;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER">3</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY"><LI>the Purchaser acknowledges and agrees that the offer to purchase Securities was not made to the Purchaser when the Purchaser was in the United States and that:</LI></P></OL>

<P ALIGN="JUSTIFY"></P>
<OL TYPE="a">
<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>the Purchaser is not a U.S. Person; </LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser's Securities are not being acquired directly or indirectly, for the account or benefit of a U.S. Person or a person in the United States and the Purchaser does not have any agreement or understanding (either written or oral) with any U.S. Person or a person in the United States respecting:</LI></P>
<OL TYPE="i">

<P ALIGN="JUSTIFY"><LI>the transfer or assignment of any rights or interest in any of the Purchaser's Securities; </LI></P>
<P ALIGN="JUSTIFY"><LI>the division of profits, losses, fees, commissions, or any financial stake in connection with this subscription; or</LI></P>
<P ALIGN="JUSTIFY"><LI>the voting of the Purchaser's Securities.</LI></P></OL>

<P ALIGN="JUSTIFY"><LI>the Purchaser will not engage in any Directed Selling Efforts in respect of the Purchaser's Securities; </LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser agrees not the resell the Purchaser's Securities in the United States or to a U.S. Person during the distribution compliance period, which is one year from the Closing Date; and</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser acknowledges that there are restrictions on the resale of the Purchaser's Securities and agrees to comply with the securities laws of the United States and the securities laws of the residence of the Purchaser.  The Purchaser agrees not to engage in hedging transactions with regard to the Purchaser's Securities prior to the expiration of the one-year distribution compliance period unless in compliance with the said Act;</LI></P></OL>
</OL>

<OL START=6 TYPE="a">

<P ALIGN="JUSTIFY"><LI>the Purchaser acknowledges that Douglas Lake shall refuse to register any transfer of the Purchaser's Securities not made in accordance with the provisions of Regulation S, pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption from registration under the U.S. Securities Act; provided, however, that if the Purchaser's Securities are in bearer form or foreign law prevents Douglas Lake from refusing to register securities transfers, other reasonable procedures are implemented to prevent any transfer of the Purchaser's Securities not made in accordance with the provisions of Regulation S;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser is not a U.S. person (&quot;U.S. Person&quot;) as that term is defined in Regulation S.  A &quot;U.S. Person&quot; is defined by Regulation S to be any person who is:</LI></P>
<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>any natural person resident in the United States;</LI></P>
<P ALIGN="JUSTIFY"><LI>any partnership or corporation organized or incorporated under the laws of the United States;</LI></P>
<P ALIGN="JUSTIFY"><LI>any estate of which any executor or administrator is a U.S. person;</LI></P>
<P ALIGN="JUSTIFY"><LI>any trust of which any trustee is a U.S. person;</LI></P>
<P ALIGN="JUSTIFY"><LI>any agency or branch of a foreign entity located in the United States;</LI></P>
<P ALIGN="JUSTIFY"><LI>any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporate, or (if an individual) resident in the United States; and</LI></P>
<P ALIGN="JUSTIFY"><LI>any partnership or corporation if:</LI></P>
<P ALIGN="JUSTIFY"><LI>organized or incorporated under the laws of any foreign jurisdiction; and</LI></P>
<P ALIGN="JUSTIFY"><LI>formed by a U.S. person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized or incorporated, and owned, by accredited investors </LI></P></OL>

<P>&nbsp;&nbsp;&nbsp;</P>
<P ALIGN="CENTER">4</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[as defined in Section 230.501(a) of the U.S. Securities Act] who are not natural persons, estates or trusts;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser acknowledges that if the Purchaser acquires the Purchaser's Securities and resell them into the United States not in accordance with the provisions of the Regulation S, the Purchaser may be deemed a statutory underwriter under section 2(11) of the U.S. Securities Act;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser is not an underwriter of, or dealer in, the common shares of Douglas Lake, nor is the Purchaser participating, pursuant to a contractual agreement or otherwise, in the distribution of the Purchaser's Securities;</LI></P>
<P ALIGN="JUSTIFY"><LI>no US or Canadian federal or state agency or any other securities commission has made any finding or determination as to the fairness of this investment, or any recommendation or endorsement of the Purchaser's Securities;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser has relied solely upon its own independent investigation in making the decision to purchase the Purchaser's Securities and acknowledges that an investment in the Purchaser's Securities is a speculative investment which involves a high degree of risk;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser has adequate net worth and means of providing for the Purchaser's current needs and personal contingencies to sustain a complete loss of the investment in Douglas Lake at the time of investment, and the Purchaser has no need for liquidity in the investment in the Purchaser's Securities;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser has enough knowledge and experience in finance and business matters to evaluate the risks and merits of the investment, or be able to bear the investment's economic risk;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser is acquiring the Purchaser's Securities to be held for investment purposes only and not with a view to immediate resale or distribution and will not resell or otherwise transfer or dispose of the Purchaser's Securities except in accordance with the provisions of applicable;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser represents and warrants to Douglas Lake and acknowledges and agrees that Douglas Lake urges the Purchaser and the Purchaser has had the opportunity to obtain independent legal, accounting, investment and tax advice prior to the execution and delivery of this Agreement and advancement of the subscription proceeds, and in the event that the Purchaser did not avail itself of that opportunity prior to signing this Agreement and advancement of the subscription proceeds, the Purchaser did so voluntarily and without any undue pressure or influence and agrees that any failure to obtain independent legal, accounting, investment or tax advice shall not be used as a defence to the enforcement of the Purchaser's obligations under this Agreement;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser's Securities are not being purchased by the Purchaser as a result of any material information concerning Douglas Lake that has not been publicly disclosed and the Purchaser's decision to tender this offer and purchase the Purchaser's Securities has not been made as a result of any verbal or written representation as to fact or otherwise (including that any person will resell or repurchase or refund the purchase price of Purchaser's Securities other than in accordance with their terms), that the Common Shares will be listed and posted for trading on a stock exchange or that application has been made for such a listing or as to the future price or value of the Common Shares made by or on behalf of Douglas Lake or any other person and is based entirely upon currently available public information concerning Douglas Lake;</LI></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser acknowledges that because this subscription is being made pursuant to the Exemptions:</LI></P>
<P ALIGN="JUSTIFY"></P>
<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>the Purchaser is restricted from using certain of the civil remedies available under the Applicable Securities Laws;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser may not receive information that might otherwise be required to be provided to the Purchaser under the Applicable Securities Laws if the Exemptions were not being used;</LI></P>
<P ALIGN="JUSTIFY"><LI>Douglas Lake is relieved from certain obligations that would otherwise apply under the Applicable Securities Laws if the Exemptions were not being used; and</LI></P></OL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER">5</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">the Purchaser further acknowledges that no securities commissions or similar regulatory authority has reviewed or passed on the merits of the Securities being offered pursuant to the Douglas Lake Offering Memorandum;</P>
<P ALIGN="JUSTIFY"><LI>(g)&#9;the offering and sale of the Purchaser's Securities to the Purchaser was not made through an advertisement of the Securities in printed media of general and regular paid circulation, radio, television or telecommunications, including electronic display, or any other form of advertisement;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser has the legal capacity and competence to execute and deliver this Subscription Agreement and its ancillary documents and to take all actions required pursuant thereto and that upon the execution and delivery of this Subscription Agreement and its ancillary documents, and, if an individual is of full age of majority, and if the Purchaser is a corporation it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation, and all necessary approvals by its directors, shareholders and others have been given to authorize the execution of this Agreement on behalf of the Purchaser.  This Subscription Agreement and its ancillary documents will constitute a legal, valid and binding contract of the Purchaser enforceable against the Purchaser in accordance with its terms and neither the agreement resulting from such acceptance not the completion of the transactions contemplated hereby conflict with, or will conflict with, or results, or will result in, a breach or violation of any law applicable to the Purchaser , any constating documents of the Purchaser or any agreement to which the Purchaser is a party or by which the Purchaser is bound; and</LI></P>
<P ALIGN="JUSTIFY"><LI>the Purchaser purchases the Securities as principal and the Purchaser hereby acknowledges that, at the same time or before this Agreement was signed by the Purchaser, Douglas Lake:</LI></P></OL>

<P ALIGN="JUSTIFY"></P>
<OL TYPE="i">
<OL TYPE="i">
<OL TYPE="i">

<P ALIGN="JUSTIFY"><LI>delivered the Douglas Lake Offering Memorandum dated December 7, 2004 to the Purchaser  (a copy of which is attached as Schedule &quot;B&quot; hereto); and</LI></P>
<P ALIGN="JUSTIFY"><LI>obtained a signed risk acknowledgement form from the Purchaser (a copy of which is attached as Schedule &quot;C&quot; hereto).</LI></P></OL>
</OL>
</OL>

<P ALIGN="JUSTIFY">3.2&nbsp;&nbsp;&nbsp;&nbsp;The foregoing representations and warranties are made by the undersigned with the intent that they may be relied upon in determining the undersigned's eligibility to acquire the Securities under Applicable Securities Laws. Unless the Purchaser otherwise has advised Douglas Lake in writing, the representations and warranties of the Purchaser contained in this Subscription Agreement shall be true at the Time of Closing as thought they were made at the Time of Closing and shall survive the completion of the transactions contemplated under this Subscription Agreement for a period on one year from the Closing Date.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of Douglas Lake</P>
<P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">4.1&nbsp;&nbsp;&nbsp;&nbsp;Douglas Lake represents and warrants to the Purchaser, and acknowledges that the Purchaser is relying on           these representations and warranties and entering into this Agreement, that:</P>
<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>Douglas Lake is a valid and subsisting corporation duly incorporated and in good standing under the laws of the jurisdiction in which it was incorporated;</LI></P>
<P ALIGN="JUSTIFY"><LI>upon their issuance, the shares comprising the securities will be validly issued and outstanding fully paid and non-assessable common shares of Douglas Lake registered in the name of the Purchaser, free and clear of all trade restrictions (except as may be imposed by operation of the Applicable Securities Laws) and, except as may be created by the Purchaser, liens, charges or encumbrances of any kind whatsoever;</LI></P>
<P ALIGN="JUSTIFY"><LI>Douglas Lake has complied and will comply fully with the requirements of all applicable corporate and securities laws, including, without limitation, the Alberta Act and BC Act in relation to the issue of the Securities and in all matters relating to this subscription;</LI></P>
<P ALIGN="JUSTIFY"><LI>Douglas Lake and its Subsidiaries, if any, will hold all licenses and permits that are required for carrying on their proposed business in the manner in which such business is contemplated and Douglas Lake and its Subsidiaries, if any, will have the corporate power and capacity to acquire assets and to carry on the </LI></P>

<P>&nbsp;</P>
<P ALIGN="CENTER">6</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>business contemplated by them and they will be duly qualified to carry on business in all jurisdictions in which they contemplate carrying on business;</P>
<P ALIGN="JUSTIFY"><LI>all offering memorandums and other disclosure documents of Douglas Lake including, but not limited to, financial statements, contain no untrue statement of material fact as at the date thereof nor do they omit to state a material fact which, at the date thereof, was required to have been stated or was necessary to prevent a statement that was made from being false or misleading in the circumstances in which it was made;</LI></P>
<P ALIGN="JUSTIFY"><LI>to the best of its knowledge, and except as publicly disclosed, there are no material actions, suits, judgments, investigations or proceeding of any kind whatsoever outstanding, pending or threatened against or affecting Douglas Lake at law or in equity or before or by any Federal, Provincial, State, Municipal or other governmental department, commission, board, bureau or agency of any kind whatsoever and, to the best of Douglas Lake's knowledge, there is no basis therefore;</LI></P>
<P ALIGN="JUSTIFY"><LI>Douglas Lake has good and sufficient right and authority to enter into this Agreement and complete its transactions contemplated under this Agreement on the terms and conditions set forth herein; and</LI></P>
<P ALIGN="JUSTIFY"><LI>to the best of its knowledge, the execution and delivery of this Agreement, the performance of its obligations under this Agreement and the completion of its transactions contemplated under this agreement will not conflict with, or result in the breach of or the acceleration of any indebtedness under, or constitute default under, the constating documents of Douglas Lake or any indenture, mortgage, agreement, lease, licence or other instrument of any kind whatsoever to which Douglas Lake is a party or by which it is bound, or any judgment or order of any kind whatsoever of any Court of administrative body of any kind whatsoever by which it is bound.</LI></P></OL>

<B><P>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covenants of Douglas Lake</P>
</B><P>5.1&nbsp;&nbsp;&nbsp;&nbsp;Douglas Lake will:</P>
<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>offer, sell, issue and deliver the Securities pursuant to the Exemptions of the Provinces of British Columbia  and Alberta and otherwise fulfill all legal requirement required to be fulfilled by Douglas Lake (including without limitation, compliance with all Applicable Securities Laws) in connection with the Douglas Lake Offering Memorandum;</LI></P>
<P ALIGN="JUSTIFY"><LI>from and including the date of the Subscription Agreement through to an including the Time of Closing, do all such acts and things necessary to ensure that all of the representations and warranties of Douglas Lake contained in the Subscription Agreement or any certificates or documents delivered by it pursuant thereto remain true and correct in all material respects; and </LI></P>
<P ALIGN="JUSTIFY"><LI>from and including the date of this Subscription Agreement through to and including the Time of Closing, not do any such act or thing that would render any representation or warranty of Douglas Lake contained in this Subscription Agreement or any certificates or documents delivered by it pursuant thereto materially untrue or materially incorrect.</LI></P></OL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER">7</P>
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<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resale Restrictions</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">6.1&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser understands and acknowledges that the Common Shares will be subject to certain resale restrictions under Applicable Securities Laws and the securities laws of the United States and that certificates representing the Common Shares may bear certain legends to that effect. </P>
<P ALIGN="JUSTIFY">6.2&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser hereby consents to the placement of a legend on all certificates representing the Purchaser's Securities in substantially the following form:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P><DIR>
<DIR>

<I><P ALIGN="JUSTIFY">&quot;The transfer of these securities is prohibited except (i) in accordance with the provisions of Regulation S (Rule 901 through Rule 905, and preliminary notes), promulgated under the Securities Act of 1933, as amended; (ii) pursuant to registration under the Securities Act of 1933, as amended; or (iii) pursuant to an available exemption from registration.  Hedging transactions involving these securities may not be conducted unless in compliance with the Securities Act of 1933, as amended.&quot;</P>
</I>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P></DIR>
</DIR>

<P ALIGN="JUSTIFY">6.3&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser agrees to resell the Securities only in accordance with the provisions of Regulation S (Rule 901 through Rule 905, and Preliminary Notes), pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption from registration in accordance with the provisions of the U.S. Securities Act, and the applicable securities regulations of the residence of the Purchaser, pursuant to registration under the BC Act or Alberta Act, or pursuant to an available exemption from registration.</P>
<P ALIGN="JUSTIFY">6.4&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser acknowledges that since Douglas Lake is not a reporting issuer in British Columbia and Alberta, the applicable hold period may never expire, and if no further statutory exemption may be relied upon and if a discretionary order is not obtained, this could result in the Purchaser having to hold the Purchaser's Securities for an indefinite period of time.</P>
<P ALIGN="JUSTIFY">6.5&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser also acknowledges that it has been advised to consult its own legal advisors with respect to applicable resale restrictions and that it is solely responsible (and Douglas Lake is in no way responsible) for complying with such restrictions.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers of Attorney</P>
<P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">7.1&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser hereby irrevocable appoints any officer of Douglas Lake to act as its true and lawful attorney-in-fact to represent it at the Closing for the purpose of all closing matters and deliveries of documents and payments of funds and the Purchaser hereby authorizes Douglas Lake to extend the Time of Closing and execute on the Purchaser's behalf instruments in writing to modify, waive, discharge or terminate this Subscription Agreement or any provision hereof as in its absolute discretion Douglas Lake may deem appropriate. </P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnity</P>
</B><P ALIGN="JUSTIFY">8.1&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser agrees to indemnify and hold harmless Douglas Lake and its directors, officer, employees, agents, adviser, and shareholders from and against any and all loss liability, claim, damage and expense, whatsoever including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigation, preparing or defending against any litigation, administrative proceedings or investigations commenced or threatened or any claim whatsoever arising out of or based upon any representation or warranty of the Purchaser contained </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER">8</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY">herein or in any document furnished by the Purchaser to Douglas Lake in connection herewith being untrue in any material respect or any breach or failure by the Purchaser to comply with any covenant or agreement made by the Purchaser herein or in any document furnished by the Purchaser to Douglas Lake in connection herewith.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">9.1&nbsp;&nbsp;&nbsp;&nbsp;The Purchaser acknowledges and agrees that the closing (the &quot;Closing&quot;) of the transactions contemplated hereby will be completed at the offices of Douglas Lake as Douglas Lake may direct, at 11: 00 am (Vancouver, BC time) on December 31, 2004 or at such other time and date as Douglas Lake, at its sole discretion, determines.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.1&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this Subscription Agreement, time is of the essence.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.2&nbsp;&nbsp;&nbsp;&nbsp;This offer is made for valuable consideration and, subject to applicable laws, once the offer or the Subscription Funds have been accepted, subject to the 2 day right of withdrawal pursuant to the Douglas Lake Offering Memorandum, may not be withdrawn, cancelled, terminated or revoked by the Purchaser.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.3&nbsp;&nbsp;&nbsp;&nbsp;Neither this Subscription Agreement nor any provision hereof shall be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.4&nbsp;&nbsp;&nbsp;&nbsp;This Subscription Agreement represents the entire agreement of the parties relating to the subject matter and there are no representations, warranties, covenants, or agreements relating to the subject matter hereof except as stated or referred to herein.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.5&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto shall execute and deliver all such further documents and instruments and to all such acts and things as may either before or after the execution of the Subscription agreement be reasonably required to carry out the full intent and meaning of the Subscription Agreement.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.6&nbsp;&nbsp;&nbsp;&nbsp;This Subscription Agreement shall be subject to, governed by and construed in accordance with the laws of British Columbia.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.7&nbsp;&nbsp;&nbsp;&nbsp;This Subscription Agreement may not be assigned by any party hereto. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.8&nbsp;&nbsp;&nbsp;&nbsp;Douglas Lake shall be entitled to rely on delivery of a facsimile copy of this Subscription Agreement, and acceptance by Douglas Lake of a facsimile copy of the Subscription Agreement shall create a legal, valid and binding agreement between the Purchaser and Douglas Lake in accordance with its terms.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">10.9&nbsp;&nbsp;&nbsp;&nbsp;This Subscription Agreement may be signed by the parties in as many counterparts as may be deemed necessary, each of which so signed, or a facsimile copy thereof, shall be deemed to be an original, and all such counterparts together shall constitute one and the same instrument.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">IN WITNESS WHEREOF</B> the Purchaser has duly executed this Subscription Agreement on this </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">_______________ day of ________________________, 2004.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">_______________________________________________<BR>
Signature of Purchaser</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">_______________________________________________<BR>
Print Name (as it appears on Passport or Driver's License)</P>
<B><P ALIGN="JUSTIFY"></P>
</B><P ALIGN="CENTER">9</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<B><P ALIGN="JUSTIFY">ACCEPTANCE:</P>
</B><P ALIGN="JUSTIFY"></P>
</FONT><I><FONT SIZE=3><P>The above mentioned Subscription Agreement is hereby accepted and agreed to <BR>
this ____________ day of ___________________________, 2004.</P>
</I><P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">&nbsp;</P>
<P>DOUGLAS LAKE MINERALS INC.</B>,<BR>
</FONT><FONT SIZE=2>By its Authorized Signatory:</P>
</FONT><FONT SIZE=3><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">_________________________________________<BR>
</FONT><FONT SIZE=2>Signature</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">10</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">SCHEDULE &quot;A&quot; TO THE  SUBSCRIPTION AGREEMENT</P>
<P ALIGN="CENTER">DATED DECEMBER 7, 2004, OF DOUGLAS LAKE MINERALS INC. </P>
</B><P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">(To be completed by the Purchaser)</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">A,)&nbsp;&nbsp;&nbsp;&nbsp;<B>Number of Securities:</B> The total number of Shares of Douglas Lake Minerals Inc. subscribed for under this Subscription Agreement is as follows:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">_____________________ Shares</P>
<P ALIGN="JUSTIFY"></P></DIR>

<P ALIGN="JUSTIFY">B.)&nbsp;&nbsp;<B>Amount of Subscription Funds:</B> The total subscription amount for each Share subscribed for under this Subscription Agreement is as follows:</P>
<P ALIGN="JUSTIFY"></P><DIR>

<P ALIGN="JUSTIFY">___________________________<BR>
(US funds)</P>
<P ALIGN="JUSTIFY"></P></DIR>

<P ALIGN="JUSTIFY">C.)&nbsp;&nbsp;<B>Name and Address of Purchaser:</B> The name and address of the Purchaser is as follows:</P>
<P ALIGN="JUSTIFY"></P><DIR>

<P ALIGN="JUSTIFY">Name:&nbsp;&nbsp;&nbsp;&nbsp;_______________________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Print name as appears on Purchaser's Passport of Driver's Lic.)</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Street Address:&nbsp;&nbsp;____________________________________________</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">City/Town:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________________</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Province:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Postal Code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<P>Note: The Common Shares when issued will be registered in the above name and delivered to the above address. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All correspondence will be sent to the Purchaser at the above address.</P>
<P ALIGN="JUSTIFY"></P><DIR>

<P ALIGN="JUSTIFY">D.)&nbsp;&nbsp;<B>Exemption Relied Upon:</B> The Canadian exemption being relied upon by the Purchaser to purchase the Securities is the B.C. and Alberta Offering Memorandum Exemption </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">E.)&nbsp;&nbsp;<B>Telephone Number of Purchaser:</B> home______________________________________</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;business____________________________________</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">F.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Email Address of Purchaser:</B> ______________________________________________</P>
<P ALIGN="JUSTIFY">&#9;&#9;</P>
<P ALIGN="CENTER"></P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">SCHEDULE B TO THE SUBSCRIPTION AGREEMENT</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">OFFERING MEMORANDUM </P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">SCHEDULE &quot;C&quot; TO THE SUBSCRIPTION AGREEMENT<BR>
DATED DECEMBER 7, 2004, OF DOUGLAS LAKE MINERALS INC.</P>
</B>
<P>FORM 45-103F3</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">Risk Acknowledgement</P>
</B>
<P>I acknowledge that this is a risky investment:</P>

<UL>
<LI>I am investing entirely at my own risk.</LI>
<LI>No securities commission has evaluated or endorsed the merits of these securities or the disclosure in the offering memorandum.</LI>
<LI>The person selling me these securities is not registered with a securities commission and has do duty to tell me whether this investment is suitable for me.</LI>
<LI>I will not be able to sell these securities except in very limited circumstances. I may never be able to sell these securities. </LI>
<LI>I could loose all the money I invest.</LI></UL>

<P>I am investing $____________________ (US) in total; this includes any amount I am obliged to pay in the future. Douglas Lake Minerals Inc. will pay up to 10% of this amount as a finder's fee.</P>

<B><P>I acknowledge that this is a risky investment and that I could lose all the money I invest.</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="TOP">
<B><FONT SIZE=2><P>__________________________<BR>
</B>Date</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<B><FONT SIZE=2><P>___________________________<BR>
</B>Signature of Purchaser</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>___________________________<BR>
Print name of Purchaser</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2>
</B><P>&nbsp;</P>
<P ALIGN="JUSTIFY">Sign 2 copies of this document. Keep one copy for your records.</P>
<B><P>You have 2 business days to cancel your purchase:</B> To do so send a notice to Douglas Lake Minerals Inc. stating that you want to cancel your purchase. You must send the notice before midnight of the 2<SUP>nd</SUP> business day after you sign the agreement to purchase the Securities. You can send the notice by fax or deliver it in person to Douglas Lake Minerals Inc. at its business address. Keep a copy of the notice for your records.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=492>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>Issuer Name and Address:</FONT></TD>
<TD WIDTH="65%" VALIGN="TOP">
<FONT SIZE=2><P>Douglas Lake Minerals Inc. <BR>
7425 Arbutus Street<BR>
Vancouver, B.C., V6P 5T2<BR>
Phone: 604-771-3050</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P ALIGN="RIGHT"> (over)</P>
<B>
</B><P><HR ALIGN="RIGHT" SIZE=0></P>
<B>
<P>You are buying <I>Exempt Market Securities.</P>
</B></I><P>They are called <I>exempt market securities</I> because two parts of securities law do not apply to them. If an issuer wants to sell exempt market securities to you:</P>

<UL>
<LI>the issuer does not have to give you a prospectus ( a document that describes the investment in detail and gives you some legal protections), and;</LI></UL>

<UL>
<LI>the securities do not have to be sold by an investment dealer registered with a securities commission.</LI></UL>

<P>There are restrictions on your ability to resell <I>exempt market securities. Exempt market securities</I> are more risky than other securities.</P>

<B><P>You will receive an offering memorandum.</P>
</B><P>Read the offering memorandum carefully because it has important information about the issuer and its securities. Keep the offering memorandum because you have rights based on it. Talk to a lawyer for details about these rights.</P>

<B><P>You will not receive advice.</P>
</B><P>You will not get professional advice about whether the investment is suitable for you, but you can still seek that advice from an advisor or investment dealer registered with a registered securities commission. Contact the Investment Dealers Association of Canada (website at www.ida.ca) for a list of registered investment dealers in your area.</P>

<B><P>The securities you are buying are not listed.</P>
</B><P>The securities you are buying are not listed on any stock exchange, and they may never be listed. You may never be able to sell these securities.</P>

<B><P>The issuer of your securities is a non-reporting issuer.</P>
</B><P>a non-reporting issuer does not have to publish financial information or notify the public of any changes in its business. You will not receive ongoing information about this issuer.</P>

<P ALIGN="JUSTIFY">For more information on the <I>exempt market</I>, call your local securities commission.  If you live in British Columbia, contact the British Columbia Securities Commission at 604/899-6500 or 1-800-373-6393, or visit its website at www.bcsc.bc.ca.  If you live in Alberta, contact the Alberta Securities Commission in Calgary at 403/297-6454 and in Edmonton at 780/427-5201, or visit its website at <I>www.albertasecurities.com.</P>
</I><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT></BODY>
</HTML><U><FONT SIZE=2><P ALIGN="CENTER">Exhibit 10.2</P>
</U><B><P ALIGN="CENTER">SCHEDULE B TO THE SUBSCRIPTION AGREEMENT</P>
</B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="JUSTIFY">THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &quot;1933 ACT&quot;), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A &quot;U.S. PERSON&quot; (AS DEFINED IN REGULATION S UNDER THE 1933 ACT) UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE.  </P>
<P ALIGN="JUSTIFY">THE TRANSFER OF THESE SECURITIES IS PROHIBITED EXCEPT (I) IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S (RULE 901 THROUGH RULE 905, AND PRELIMINARY NOTES), PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED; (II) PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED; OR (III) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.  HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED.</P>
<B><P ALIGN="CENTER">Form 45-103F1 Offering Memorandum<BR>
</B>December 7, 2004<BR>
<B>DOUGLAS LAKE MINERALS INC.<BR>
</B>(&quot;Douglas Lake&quot;)<BR>
7425 Arbutus Street<BR>
Vancouver B.C<BR>
V6P 5T2<BR>
  phone: 604-961-0203</P>

<P ALIGN="JUSTIFY">Douglas Lake is not currently listed or quoted on any securities exchange. Douglas Lake is a reporting issuer in the United States. Douglas Lake is not a SEDAR filer.</P>

<B><P ALIGN="CENTER">The Offering<BR>
</FONT><FONT SIZE=5>1,000,000 Common Shares<BR>
</B></FONT><FONT SIZE=2>of Douglas Lake<BR>
at a price of $0.25 in the currency of the United States (&quot;US&quot;) per share.</P>
<B><P ALIGN="CENTER"> </P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=590>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Minimum Offering</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=2><P>$0</B> no minimum. You may be the only purchaser.</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Maximum Offering</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=2><P>$250,000 US</B> in respect of <B>1,000,000 common shares</B> </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Minimum Subscription per Subscriber</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>10,000 shares (10,000 shares @ $0.25 US= $2500 US)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Payment Terms</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>By personal cheque upon subscription:</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Proposed Closing Date</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>December 31, 2004</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Selling Agent:</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P>Yes.  See item 7.</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Subscriptions for fractional Shares will not be accepted</P>
<P ALIGN="CENTER"></P>
<U><P ALIGN="CENTER">Shares of this offering are restricted to individuals who are residents of British Columbia and Alberta who have achieved the age of  21 years.</P>
<P ALIGN="CENTER"></P>
</U><P ALIGN="CENTER">There are no important tax consequences to these securities.</P>
<P ALIGN="CENTER"></P>
</B><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="CENTER">Resale Restrictions</P>
<P ALIGN="CENTER"></P>
</B><P ALIGN="JUSTIFY">You will be restricted from selling your securities for an indefinite period. See item 10.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">Purchaser's Rights</P>
</B><P ALIGN="JUSTIFY">You have 2 business days to cancel your agreement to purchase these securities. If there is a misrepresentation in this Offering Memorandum, you have the right to sue either for damages or to cancel the agreement. See item 11.</P>
<P ALIGN="JUSTIFY"></P>
<B><I><P ALIGN="JUSTIFY">No securities regulatory authority has assessed the merits of these securities or reviewed this Offering Memorandum. Any representation to the contrary is an offence. This is a risky investment.</I> See item 8.</P>
</B><P><HR ALIGN="RIGHT" SIZE=0></P>
<B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Item 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Available Funds</P>
</B>
<B><P>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Proceeds and available Funds</P>
</B></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=590>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><FONT SIZE=2><P>Assuming Minimum Offering</B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><FONT SIZE=2><P>Assuming Maximum Offering</B></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P>A</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=2><P>Amount to be raised by this offering</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$0</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$250,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P>B </FONT></TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=2><P>Selling commissions and fees</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$0</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$25,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P>C</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=2><P>Estimated offering costs (accounting, printing &amp; filing fees)</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$3,000 US</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$3,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P>D</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=2><P> Net proceeds: D = A - (B+C)</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$(3,000) US</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>$222,000 US</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
<B><P>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Available Funds</P>
</B></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=590>
<TR><TD WIDTH="50%" VALIGN="TOP">
<B><FONT SIZE=2><P>Description of intended use of available funds listed in order of priority.</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT SIZE=2><P>Assuming Minimum Offering</B></FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<B><FONT SIZE=2><P>Assuming Maximum Offering</B></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Legal &amp; filing fees for US Reporting Issuer Status</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>$ 0 US</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>$10,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Accounting &amp; Audit</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>$ 0 US</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>$ 10,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Printing, postage &amp; misc. office expense</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>$ 0 US</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>$ 5,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Geological Evaluation (2nd year program)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>$ 0 US</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>$ 10,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Listing fee for trading on a recognized US public trading market</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>$ 0 US</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>$ 5,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Identify and acquire mineral property(s) of merit</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>$ 0 US</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>$ 30,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P>Working Capital Reserve</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>$ 0 US</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>$ 152,000 US</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>We intend to spend the available funds as stated. We will reallocate funds only for sound business reasons.</P>

<B><P>Item 2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business of Douglas Lake Minerals Inc.</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=2><P>2.1</B></FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">Structure:</B> Douglas Lake Minerals Inc. is a business corporation, incorporated under the laws of the state of Nevada on January 5, 2004.</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=2><P>2.2</B></FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<B><FONT SIZE=2><P>Our Business:</B> We were formed for the purpose of acquiring and commercially exploiting exploration stage mineral properties.</P>

<P>In April 2004, we acquired a 100% undivided mineral interest in the two mineral claims (PAC 1 and PAC 2), located in the Coast Range mountains in south-west British Columbia near Squamish, in the Lillooet Mining Divisions. There is no assurance that a mineral deposit exists on the mineral claim until appropriate geological exploration is done and a final comprehensive evaluation is concluded. There are no mineral reserves on the mineral claim and our proposed exploration program is entirely exploratory in nature.</P>
<B></B></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=2><P>2.3</B></FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<B><FONT SIZE=2><P>Development of Our Business: </B>Since our formation, we have raised $64,970 US through the sale of our common shares. See item 4.3. Our business plan is to proceed with the exploration of the PAC claims to determine whether there are commercially exploitable reserves of base and precious metals. We have decided to embark upon the initial phase of the exploration program recommended by Glen Macdonald, P.Geo. The initial phase of the recommended program will cost approximately $6,200.</P>
<B>
</B><P>We expect that the Phase I field work of our initial exploration program will be concluded by December 31, 2004. Once we receive the results of our initial exploration program, our board of directors, in consultation with our consulting geologist, will assess whether to proceed to any further exploration phases. In making this determination to proceed, we will make an assessment as to whether the results of the initial exploration phase are sufficiently positive to enable us to proceed. This determination will include an assessment of our cash reserves after completion of the initial phase, the price of minerals and the market for financing of mineral exploration projects at the time of our assessment. Should the results of our initial exploration program prove not to be sufficiently positive to proceed with further exploration on the PAC claims, we intend to seek out and acquire other mineral exploration properties which, in the opinion of our consulting geologist, offer attractive mineral exploration opportunities.</P>
<B>
</B><P>Should a follow-up exploration program be undertaken, it would likely commence in March 2005 after reviewing the results of Phase I. The cost and scope of Phase II of the exploration program is estimated at $11,600. We presently have sufficient funds to carry out Phase II of our exploration program, if the results of Phase I supports our carrying out of Phase II. However, we may not have the funds to conduct Phase II after we have completed Phase I, and we are not reserving any of our cash for Phase II.</P>
<B></B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P><HR ALIGN="RIGHT" SIZE=0></P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=2><P>2.4</B></FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<B><FONT SIZE=2><P>Long Term Objectives:</B> To become a public traded mining exploration company listed for trading on a recognized United States public trading market. <B>There is no assurance that we will become either publicly traded or listed on an exchange.</P>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=2><P>2.5</B></FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<B><FONT SIZE=2><P>Short Term Objectives and How We Intend to Achieve Them:</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=590>
<TR><TD WIDTH="70%" VALIGN="TOP">
<B><FONT SIZE=2><P>What we must do and how we will do it</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT SIZE=2><P>Target Completion Date</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P>Our Cost to Complete</B></FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P>Close this offering of our common shares</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P>December 2004</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>$28,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P>Complete our 1<SUP>st</SUP> year geological evaluation program</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P>December 2004</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>$5,400 US</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P>Apply for, and secure approval of the listing of our common shares for trading on a recognized US public trading market*</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P>January 2005</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>$5,000 US</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="TOP">
<FONT SIZE=2><P>Identify and acquire mineral property(s) of merit</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P>June 2005</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>$30,000US</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2>
<P>* There is no assurance that we will be successful in attaining a listing for our common shares. <BR>
Our common shares will be subject to additional restrictions for residents of Canada. See item 10.</P>

</B><P>The proceeds of this offering in addition to our current working capital reserve may not be sufficient to accomplish other than our short term objectives and there is no assurance that alternative financing will be available.</P>

<B><P>2.6</P>
<P>Material Agreements: </B>We own a 100% interest in two mineral claims (PAC 1 and PAC 2) located in the Coast Range mountains in south-west British Columbia near Squamish, in the Lillooet Mining Divisions, consisting of an aggregate of 40 units. The PAC claims were acquired by our Company for a cash payment of US$7,500 from Nicholson &amp; Associates and subsequently transferred to Laurence Stephenson who holds the PAC claims in trust, as President, on behalf of the Company.<B> </P>
<P>Acquisition of PAC Claims: </B>Pursuant to the Property Acquisition Agreement dated April 11, 2004, Douglas Lake acquired a 100% undivided mineral interest in the PAC claims from Nicholson &amp; Associates Natural Resources Development Inc. ("Nicholson") for cash consideration of US$7,500. Nicholson retained a 7.5% Gross Rock Royalty and 2.5% Net Smelter Return Royalty on the mineral claims, but Douglas Lake has a right to repurchase 1.5% of the Net Smelter Return Royalty interest at a price of approximately US$1,000,000 within 12 months from commencement from commercial production. Under the Property Acquisition Agreement, we will have to pay Nicholson approximately US$25,000 per year as advance royalties commencing April 11, 2007. If we fail to pay Nicholson the US$25,000 by April 11, 2007, we must transfer ownership of the mineral claims back to Nicholson. As part of the $7,500 purchase price for the mineral interests, Nicholson will provide geological consulting services for the claims and maintain the claims in good standing until April 11, 2006. </P>
<P>The PAC Claims consist of two mineral claims representing a total of 40 units that has been staked and recorded as a four post claim. In the Province of British Columbia, each unit equals 25 hectares. The following table sets forth the details of the claim. </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=556>
<TR><TD WIDTH="5%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P>Claim Name</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P>Units</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P>Record Number</B></FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P>Expiry Date</B></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<FONT SIZE=2><P>PAC 1</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<FONT SIZE=2><P>20</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<FONT SIZE=2><P>406692 </FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<FONT SIZE=2><P>November 5, 2005</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<FONT SIZE=2><P>PAC 2</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<FONT SIZE=2><P>20</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<FONT SIZE=2><P>406693</FONT></TD>
<TD WIDTH="26%" VALIGN="MIDDLE">
<FONT SIZE=2><P>November 5, 2005</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P>Interest in Mineral Claims: </B>Mr. George Nicholson staked the claims. Nicholson has agreed to maintain the claims in good standing until November 5, 2005. In order to keep our mineral claims in good standing, a registered owner has to pay approximately $4,400 to the Mineral Titles Branch of the British Columbia government, or instead, complete and file assessment work equivalent to $4,400 each year prior to November 5, 2005. Douglas Lake may allocate to future years any assessment work completed for greater than $4,400. After November 5, 2005, we need to spend approximately $8,800 per year to keep the mineral claims in good standing. The mineral claims are recorded in the name of Mr. Stephenson to avoid the extra costs of creating a wholly-owned subsidiary British Columbia company to hold title. Mr. Stephenson has signed a Declaration of Trust stating that he is holding the PAC claims in trust and on behalf of Douglas Lake.</P>
<P>Under British Columbia law, title to British Columbia mining claims can only be held by British Columbia residents. In the case of corporations, title must be held by a British Columbia corporation. Since we are a Nevada corporation, we can never possess a legal mining claim to the land. In order to comply with the law we would have to incorporate a British Columbia wholly owned subsidiary corporation and obtain audited financial statements. We believe these costs are not necessary. If we decide to form a wholly-owned British Columbia corporation, it will have to pay a minimum of $500 and register other documentation to be able to file a Bill of Sale on the Company's behalf. The decision to record or not record the mineral claim in our name is solely within our discretion.</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<B><P>Geology Report: </B>In May 2004, Mr. Glen Macdonald, P.Geo. was hired by Nicholson under the Property Acquisition Agreement to provide an initial Geology Report on the PAC Claims. Mr. Macdonald has 28 years experience as a consulting geologist. He graduated from the University of British Columbia, Canada, with degrees in Economic in 1971 and Geology in 1973. He is a member of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (No. 20464) and a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (No. 36214). The purpose of this report was to evaluate the area of the claim group, and the prior exploration work conducted on the claims, and to recommend an exploration program. Mr. Macdonald recommended an initial two phase exploration program, Phase I consists of geological sampling and mapping programme on the property and is estimated to cost approximately $6,200. Phase II will be contingent on the success of Phase I and will consist of more detailed mapping and sampling any newly discovered areas of interest at a proposed cost of approximately $11,600. The decision to conduct additional exploration on the PAC claims will be based on the results of Phases I and II. The full scope and cost of this additional work will not be known until the completion of the previous work completed in Phase I and Phase II.</P>

<B><P>Item 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors, Management, Promoters and Principal Holders</P>

<P>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and Securities Held</P>
</B></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=583>
<TR><TD WIDTH="25%" VALIGN="TOP">
<B><FONT SIZE=2><P>Name and Municipality of principal residence</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT SIZE=2><P>Positions held and date of obtaining that position</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT SIZE=2><P>Compensation paid the contemplated to be paid within one year</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=2><P>Securities held after completion of minimum offering</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT SIZE=2><P>Securities held after completion of maximum offering </B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>Laurence Stephenson Vancouver, B.C.</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>President </FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P>Nil*</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P>250,000 common shares or 8.0%</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>250,000 common shares or 5.8%</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>Steven Johnston<BR>
Vancouver, B.C.</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>Secretary &amp; Treasurer </FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P>Nil*</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P>100,000 common shares or 3.2%</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>100,000 common shares or 2.3%</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>Duff Reid<BR>
Kelowna, B.C.</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>Principal Holder</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=2><P>NA</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P>1,650,000 common hares or 53.0%</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>1,650,000 common shares or 38.3%</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">* Both of our officers and directors currently act in their respective capacities without compensation.</P>

<B><P>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Experience:</P>
</B></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=590>
<TR><TD WIDTH="24%" VALIGN="TOP">
<B><FONT SIZE=2><P>Name</B></FONT></TD>
<TD WIDTH="76%" VALIGN="TOP">
<B><FONT SIZE=2><P>Principal occupation and related experience</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>Laurence Stephenson <BR>
Vancouver, B.C.</FONT></TD>
<TD WIDTH="76%" VALIGN="TOP">
<FONT SIZE=2><P>Mr. Stephenson graduated from Carleton University in 1975 with a Bachelor of Science degree in Geology. In 1985, he graduated from York University with a Masters of Business Administration. He is registered as a Professional Engineer for the Province of Ontario (1981) and currently a member in good standing. With over 30 years experience in the field of mining exploration he has the experience to guide new companies through the effective use of financing in their exploration program. </FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P>Steven Johnston<BR>
North Vancouver, B.C.</FONT></TD>
<TD WIDTH="76%" VALIGN="TOP">
<FONT SIZE=2><P>Over the past 7 years, Mr. Johnston has been actively involved with corporate relations within the resource sector. A graduate of the University of Victoria, Mr. Johnston completed a double major in Canadian-U.S. Law &amp; Government and Urban Town Planning.</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<B><P>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties, Sanctions and Bankruptcy:</P>
</B>
<OL TYPE="a">

<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>During the past 10 years there has been no penalty or sanction against</LI></P></OL>
</OL>

<OL TYPE="i">
<DIR>
<DIR>

<OL TYPE="i">

<P ALIGN="JUSTIFY"><LI>any of our directors, senior officers or control persons, or</LI></P>
<P ALIGN="JUSTIFY"><LI>an issuer of which a person or company referred to in (i) above was a director, senior officer or control person at that time. </LI></P></OL>
</DIR>
</DIR>
</OL>

<OL TYPE="a">

<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>During the past 10 years there has been no declaration of bankruptcy, voluntary assignment in bankruptcy, proposal under any bankruptcy or insolvency legislation, proceedings, arrangement or compromise with creditors or appointment of a receiver, receiver manager or trustee to hold assets, with regard to any</LI></P></OL>
</OL>

<OL TYPE="i">
<DIR>
<DIR>

<OL TYPE="i">

<P ALIGN="JUSTIFY"><LI>of our director, senior officers or control person, or;</LI></P></OL>
</DIR>
</DIR>
</OL>

</FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=590>
<TR><TD VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P><HR ALIGN="RIGHT" SIZE=0></P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=686>
<TR><TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P>ii.</FONT></TD>
<TD WIDTH="77%" VALIGN="TOP">
<FONT SIZE=2><P>an issuer of which a person or company referred to in (i) above was a director, senior officer or control person at that time.</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 4</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">Capital Structure</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>4.1</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">Share Capital:</B></FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P ALIGN="JUSTIFY"></P></B></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=590>
<TR><TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Description of Security</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Number authorized to be issued</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Number outstanding as of the date of this Offering Memorandum</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Number outstanding after minimum offering</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Number outstanding after maximum offering</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Common Shares</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">100,000,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">3,113,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">3,113,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">4,113,000</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>4.2</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">Long Term Debt: </B>We have no long term debt.</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>4.3</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">Prior Sales:</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=590>
<TR><TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Date of Issuance</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Type of Security Issued</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Number of Securities Issued</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Price per Security</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT SIZE=2><P>Total Funds Received</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">June, 2004</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Common Shares</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">22,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$0.01 US per share</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$220US</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">March, 2004</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Common Shares</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">41,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$0.25 US per share</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$10,250US</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">February, 2004</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Common Shares</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,050,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$0.05 US per share</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$52,500US</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">January, 2004</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Common Shares</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">2,000,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>$0.001 US per <BR>
Share</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">$2,000US</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 5</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">Securities Offered</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>5.1</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="JUSTIFY">Terms of our Common Shares:</B> Holders of our common shares are entitled to one vote for each share on all matters submitted to a stockholder vote. Holders of common shares do not have cumulative voting rights. Therefore, holders of a majority of the shares of common shares voting for the election of directors can elect all of the directors. Holders of our common shares representing a majority of the voting power of our capital stock issued and outstanding are entitled to vote, represented in person or by proxy, are necessary to constitute a quorum at any meeting of our stockholders. A vote by the holders of a majority or our outstanding shares is required to effectuate certain fundamental corporate changes such as liquidation, merger or an amendment to our Articles of Incorporation.</P>
<B><P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">Holders of common shares are entitled to share in all dividends that the board of directors, in its discretion, declares from legally available funds. In the event of a liquidation, dissolution or winding up, each outstanding share entitles its holder to participate pro rata in all assets that remain after payment of liabilities and after providing for each class of shares, if any having preference over the common shares. Holders of our common shares have no pre-emptive rights, no conversion rights and there are no redemption provisions applicable to our common shares</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">All common shares issued pursuant to this offering will be validly issued, fully paid and non-assessable shares of our capital stock.</P>
<B><P ALIGN="JUSTIFY"></B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P><HR ALIGN="RIGHT" SIZE=0></P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P>5.2</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Subscription Procedure</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="95%" VALIGN="TOP" COLSPAN=2>
<OL TYPE="a">
<OL TYPE="a">

<FONT SIZE=2><P ALIGN="JUSTIFY"><LI>A purchaser may subscribe for Shares of this offering by completing and executing 2 copies of the Subscription Agreement dated December 7, 2004 and the Risk Acknowledgement attached as schedule &quot;C&quot; thereto, and returning these, along with a personal cheque in the amount of $0.25 US for each share subscribed, to one of our representatives to: Douglas Lake Minerals Inc., 7425 Arbutus Street, Vancouver, B.C. V6P 5T2, Canada at any time prior to closing. Closing is expected to occur prior to December 31, 2004. </LI></P>
<P ALIGN="JUSTIFY"><LI>Subscription documents and funds will be held in trust pending the closing of this offering, but in no case will subscription documents and funds be held in trust for less than the two day Cancellation Right Period. See Item 11.</LI></P>
<P ALIGN="JUSTIFY"><LI>The actual closing date will be determined by us. Subscriptions for Shares of this offering will be accepted at our sole discretion. We are under no obligation to accept any or all subscriptions or any part thereof. We will not consider for acceptance subscriptions from other than individual persons, age 21 years or older, who are residents of the Province of British Columbia and Alberta.</LI></P></OL>
</OL>

<B><P ALIGN="JUSTIFY"></B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 6</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Tax Consequences</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">You should consult your own professional advisers to obtain advice on the tax consequences that apply to you.</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 7</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Compensation Paid to sellers and Finders</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P>Finders' fees of 10% of monies raised pursuant to this offering is being paid to individuals who are assisting us in the distribution of this offering:<BR>
Finders' fees with respect to the Minimum Offering of $0 US: $0 US<BR>
Finders' fees with respect to the Maximum Offering of $250,000 US: $25,000 US</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P>Item 8</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Risk Factors</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P>8.1</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Investment Risks:</B> risks specific to our common shares</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="88%" VALIGN="TOP" COLSPAN=2>
<OL TYPE="a">

<FONT SIZE=2><P ALIGN="JUSTIFY"><LI>The price at which our common shares are being offered pursuant to this offering memorandum has been arbitrarily established. </LI></P>
<P ALIGN="JUSTIFY"><LI>Our common shares are subject to trading restrictions.</LI></P>
<B><P ALIGN="JUSTIFY"><LI>WE HAVE NOT ATTAINED A LISTING FOR OUR SHARES ON A RECOGNIZED PUBLIC MARKET AND THERE IS NO ASSURANCE THAT THE FOREGOING WILL OCCUR. </LI></P></OL>

</B><P ALIGN="JUSTIFY"></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="88%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P>8.2</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Issuer Risks:</B> risks specific to our common company</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="88%" VALIGN="TOP" COLSPAN=2>
<OL TYPE="a">

<FONT SIZE=2><P ALIGN="JUSTIFY"><LI>We have limited funds and will require additional financing within one year.</LI></P>
<P ALIGN="JUSTIFY"><LI>We have no history of profits and due to the nature of mineral exploration, are unlikely to generate a positive cash flow from our operations for many years.</LI></P>
<P ALIGN="JUSTIFY"><LI>Only one of our executive officers has formal training specific to the technicalities of mineral exploration.</LI></P>
<P ALIGN="JUSTIFY"><LI>We will have to rely upon the technical services of others in appropriate areas. Such individuals can be in high demand and we may not be able to contract the services of such individuals.</LI></P></OL>

</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="88%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P>8.3</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Industry Risks:</B> risks faced due to the nature of the mineral exploration industry.</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="88%" VALIGN="TOP" COLSPAN=2>
<OL TYPE="a">

<FONT SIZE=2><P ALIGN="JUSTIFY"><LI>Mineral exploration and development involves a high degree of risk and few properties which are explored are ultimately developed into producing mines.   There is no assurance that any mineral exploration we undertake will result in any discoveries of commercial bodies of mineralization.</LI></P>
<P ALIGN="JUSTIFY"><LI>As we undertake the exploration of mineral claims, we will be subject to compliance with government regulations that may increase the anticipated costs of our exploration programs.</LI></P>
<P ALIGN="JUSTIFY"><LI>The mining industry is intensely competitive and we will be competing with other companies which have far greater resources, financial and otherwise.  </LI></P>
<P ALIGN="JUSTIFY"><LI>There is no assurance that, even if we discover and develop commercial quantities of mineral resources, a profitable market will exist for the sale of same.  </LI></P>
<P ALIGN="JUSTIFY"><LI>Substantial expenditures are required to establish ore reserves through drilling, to develop metallurgical processes to extract the metal from the ore and, in the case of new properties to develop the mining and processing facilities and infrastructure at any site chosen for mining.  Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities or grades to justify commercial operation or that the funds required for development can be obtained on a timely basis.  </LI></P></OL>

</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 9</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Reporting Obligations</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>9.1</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P>We are not a reporting issuer in British Columbia.  We are currently a reporting issuer within the US and as such are required to file reports under section 13 of the Securities and Exchange Act of 1934 in addition to those required by the laws of the state of Nevada.  We are not required to mail financial statements to our shareholders. You will be given notice of and entitled to attend general meetings of the holders of outstanding common shares of the Company in accordance with the corporate laws of Nevada.</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>9.2</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P>Information relating to us is available to our shareholders and the public through the US Securities and Exchange Commission. www.sec.gov</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item10</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Resale Restrictions</P>
</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">If you purchase these securities, you will have certain rights, some of which are described below.  For information about your rights you should consult a lawyer.</P>
<P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>10.1</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P>Our common shares will be subject to a number of resale restrictions, including a restriction on trading. Until the restriction on trading expires, you will not be able to trade the securities unless you comply with an exemption from the prospectus and registration requirements under securities legislation.</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>10.2</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P>Unless permitted under securities legislation, you cannot trade the securities before the date that is four months and a day after the date Douglas Lake becomes a reporting issuer in any province or territory of Canada.</P>

<P>BC's Offshore Resale Policy. If the Subscriber is a resident of British Columbia, the Subscriber may have an exemption from registration under the BC Act to resell the Securities if the Subscriber complies with B.C. Securities Commission's BC Instrument 72-502 &quot;Trade In Securities of U.S. Registered Issuers&quot;. According to BC Instrument 72-502, a B.C. resident who acquired securities under a prospectus exemption in a company that is not a reporting issuer under the BC Act may sell those securities without filing a prospectus under the BC Act, if all of the following conditions are met:</P>
<P>(i) The securities of the Company are registered under section 12 of the U.S. Securities Exchange Act of 1934, as amended, or the Company is required to file reports under section 15(d) of that Act. </P>
<P>(ii) The seller's residential address or registered office is in British Columbia.</P>
<P>(iii) A 4-month period has passed since the date the Company issued the securities to the seller.</P>
<P>(iv) If the seller is a control person of the Company, then the seller has held the securities for at least 6 months.</P>
<P>(v) The number of securities the seller proposes to sell, plus the number of securities of the Company of the same class that the seller has sold in the preceding 12-month period, does not exceed 5% of the Company's outstanding securities of the same class.</P>
<P>(vi) The seller sells the securities through a registered investment dealer.</P>
<P>(vii) The registered investment dealer executes the trade through an exchange, or market, outside Canada.</P>
<P>(viii) There has been no unusual effort made to prepare the market or create a demand for the securities.</P>
<P>(ix) The seller has not paid any extraordinary commission or other consideration for the trade.</P>
<P>(x) If the seller is an insider of the Company, the seller reasonably believes that the Company is not in default of the securities legislation (including U.S. federal and state securities legislation) that governs the Company.</P>
</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 11</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Purchasers' Rights</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>11.1</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Two Day Cancellation Right: </B>You can cancel your agreement to purchase our common shares. To do so, you must send a notice to us by midnight on the 2<SUP>nd</SUP> business day after you sign the Subscription Agreement.</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>11.2</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Contractual Rights of Action in the Event of a Misrepresentation:</B> If there is a misrepresentation in this offering memorandum, you have the contractual right to sue Douglas Lake Minerals Inc.:</P><DIR>
<DIR>

<P>a.) to cancel your agreement to buy these common shares, or;<BR>
b.) for damages.</DIR>
</DIR>
</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P>This contractual right to sue is available to you whether or not you relied on the misrepresentation. However, in an action for damages, the amount you may recover will not exceed the price that you paid for your securities and will not include any part of the damages that Douglas Lake Minerals Inc. proves does not represent the depreciation in value of the securities resulting from the misrepresentation. Douglas Lake Minerals Inc. has a defense if it proves that you knew of the misrepresentation when you purchased the common shares.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P>If you intend to rely on the rights described in a.) or b.) above, you must do so within strict time limitations. You must commence your action to cancel the agreement within 180 days after you signed the agreement to purchase the common shares. You must commence your action for damages within the earlier of 180 days after learning of the misrepresentation and 3 years after you signed the agreement to purchase the common shares.<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="87%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 12</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Financial Statements</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>Douglas Lake Minerals, Inc.<BR>
(An Exploration Stage Company)</P>

<P>November 30, 2004</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=624>
<TR><TD WIDTH="92%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Index</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="TOP">
<FONT SIZE=2><P>Balance Sheets...........................................................................................................................</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">F-1</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="TOP">
<FONT SIZE=2><P>Statements of Operations............................................................................................................</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">F-2</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="TOP">
<FONT SIZE=2><P>Statements of Cash Flows............................................................................................................</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">F-3</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="TOP">
<FONT SIZE=2><P>Notes to the Financial Statements..................................................................................................</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">F-4</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>&nbsp;</P>
<P>Douglas Lake Minerals, Inc.<BR>
(An Exploration Stage Company)<BR>
Balance Sheets<BR>
(Expressed in US dollars)</P>

<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=649>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18>
<FONT SIZE=2><P ALIGN="CENTER">November 30,<BR>
2004<BR>
$<BR>
(unaudited)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=18>
<FONT SIZE=2><P ALIGN="CENTER">May 31,<BR>
2004<BR>
$<BR>
(audited)</FONT></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P>ASSETS</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P>Current Assets</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P>Cash</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">10,156</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">44,769</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P>Prepaid expenses</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P>Total Current Assets</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">10,656</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P ALIGN="RIGHT">44,769</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=18>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Property and Equipment (Note 3)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;1,132</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P>Total Assets</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;11,589</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;45,901</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P>LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P>Current Liabilities</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P>Accounts payable</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P ALIGN="RIGHT">3,435</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P>Accrued liabilities</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;4,951</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;22,000</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Total Liabilities</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;8,386</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;22,000</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=6><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Commitments and Contingencies (Notes 1 and 5)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Stockholders' Equity</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Common Stock (Note 6)<BR>
&nbsp;&nbsp;&nbsp;Authorized: 100,000,000 shares, $0.001 par value <BR>
&nbsp;&nbsp;&nbsp;Issued: 3,113,000 shares and 3,091,000 shares, respectively </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">3,113</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">3,091</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P>Additional Paid in Capital</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P ALIGN="RIGHT">55,382</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT SIZE=2><P ALIGN="RIGHT">55,184</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Donated Capital  (Note 4(a))</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">5,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Deficit Accumulated During the Exploration Stage</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">(60,792)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">(36,874)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Total Stockholders' Equity</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;3,203</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;23,901</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Total Liabilities and Stockholders' Equity</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;11,589</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;45,901</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="70%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P ALIGN="CENTER">F-1</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">(The accompanying notes are an integral part of the financial statements)</P>

<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>Douglas Lake Minerals, Inc.<BR>
(An Exploration Stage Company)<BR>
Statements of Operations<BR>
(Expressed in US dollars)<BR>
(Unaudited)</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=662>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">From<BR>
January 5, 2004 <BR>
(Date of Inception)<BR>
to November 30,<BR>
2004<BR>
$</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">For the Three<BR>
Months Ended<BR>
November 30,<BR>
2004<BR>
$</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">For the Six<BR>
Months Ended<BR>
November 30,<BR>
2004<BR>
$</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">From<BR>
January 5, 2004 <BR>
(Date of Inception)<BR>
to May 31,<BR>
2004<BR>
$</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P>Revenue</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Expenses</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Amortization</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">267</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">100</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">200</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">67</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Bank charges</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">204</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">47</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">107</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">97</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Donated services (Note 4(a))</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">5,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">3,000</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Filing and regulatory fees</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">953</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">111</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">953</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>General and administrative</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">3,635</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1,153</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">1,353</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,283</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Mineral property costs (Note 5)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">10,000</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">7,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Professional fees</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">34,817</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">5,086</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">11,969</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">22,847</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P>Rent  and utilities </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;5,416</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,500</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,836</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=15>
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,580</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Total Expenses</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;60,792</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;11,997</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,918</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,874</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Net Loss For the Period</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">(60,792)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;(11,997)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;(23,918)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;(36,874)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Net Loss Per Share - Basic and Diluted</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">                </FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P>Weighted Average Shares Outstanding  </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">3,113,000</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">3,110,000</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">2,039,000</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER">F-2</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">(The accompanying notes are an integral part of the financial statements)</P>

<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>Douglas Lake Minerals, Inc.<BR>
(An Exploration Stage Company)<BR>
Statements of Cash Flows<BR>
(Expressed in US dollars)<BR>
(Unaudited)</P>

<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=625>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">For the Six Months Ended November 30, <BR>
2004<BR>
$</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">From<BR>
January 5, 2004<BR>
(Date of Inception)<BR>
to May 31,<BR>
2004<BR>
$</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Cash Flows Used In Operating Activities</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Net loss for the period</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">(23,918)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">(36,874)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Adjustments to reconcile net loss to cash:</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Amortization</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">200</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">67</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Donated services</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">3,000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">2,500</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Change in operating assets and liabilities:</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>(Increase) in prepaid expenses</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">(500)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Increase (decrease) in accounts payable and accrued liabilities</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;(13,615)</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;22,000</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Net Cash Used in Operating Activities</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;(34,833)</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;(12,307)</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Cash Flows Used In Investing Activities</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Purchase of equipment</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;(1,199)</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Net Cash Flows Used In Investing Activities</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;(1,199)</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Cash Flows From Financing Activities</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Stock subscription received</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">220</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net of share issue<BR>
&nbsp;&nbsp;&nbsp;costs</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;58,275</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Net Cash Flows Provided By Financing Activities</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;58,275</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Increase (Decrease) in Cash</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">(34,613)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">44,769</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Cash - Beginning of Period</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;44,769</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Cash - End of Period</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;10,156</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;44,769</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Non-Cash Financing and Investing Activities</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Supplemental Disclosures</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Interest paid</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Income taxes paid</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER">F-3</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">(The accompanying notes are an integral part of the financial statements)</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>1.&#9;Exploration Stage Company</P><DIR>

<P ALIGN="JUSTIFY">The Company was incorporated in the State of Nevada on January 5, 2004. The Company is an Exploration Stage Company, as defined by Statement of Financial Accounting Standard (&quot;SFAS&quot;) No.7. The Company's principal business is the acquisition and exploration of mineral resources. The Company has not presently determined whether its properties contain mineral reserves that are economically recoverable. </P>
<P ALIGN="JUSTIFY">These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations and to determine the existence, discovery and successful exploitation of economically recoverable reserves in its resource properties, confirmation of the Company's interests in the underlying properties, and the attainment of profitable operations. As at November 30, 2004, the Company has accumulated losses of $60,792 since inception. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These factors raise substantial doubt regarding the Company's ability to continue as a going concern.</P>
<P ALIGN="JUSTIFY">The Company filed an SB-2 Registration Statement with the United States Securities and Exchange Commission that was declared effective July 22, 2004, to register 1,113,000 shares of common stock for resale by existing shareholders of the Company. The Company did not receive any proceeds from the resale of shares of common stock by the selling stockholders.</P>

<P>&nbsp;</P></DIR>

<P>2.&#9;Summary of Significant Accounting Policies</P><DIR>

<P ALIGN="JUSTIFY">a)&#9;Basis of Presentation</P><DIR>

<P ALIGN="JUSTIFY">These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars.  The Company's fiscal year-end is May 31.</P></DIR>

<P ALIGN="JUSTIFY">b)&#9;Use of Estimates</P><DIR>

<P ALIGN="JUSTIFY">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</P></DIR>

<P ALIGN="JUSTIFY">c)&#9;Basic and Diluted Net Income (Loss) Per Share</P><DIR>

<P ALIGN="JUSTIFY">The Company computes net income (loss) per share in accordance with SFAS No. 128, "<I>Earnings per Share</I>". SFAS No. 128 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.</P></DIR>

<P ALIGN="JUSTIFY">d)&#9;Comprehensive Loss</P><DIR>

<P ALIGN="JUSTIFY">SFAS No. 130, &quot;<I>Reporting Comprehensive Income</I>,&quot; establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at November 30, 2004, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.</P></DIR>

<P ALIGN="JUSTIFY">e)&#9;Cash and Cash Equivalents</P><DIR>

<P ALIGN="JUSTIFY">The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.</P>

<P ALIGN="CENTER">&nbsp;</P></DIR>
</DIR>

<P ALIGN="CENTER">5</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>2.&#9;Summary of Significant Accounting Policies (continued)</P><DIR>

<P ALIGN="JUSTIFY">f)&#9;Property and Equipment</P><DIR>

<P>Property and equipment consists of office equipment recorded at cost and amortized on a straight-line basis over a three-year period.</P></DIR>

<P ALIGN="JUSTIFY">g)&#9;Mineral Property Costs</P><DIR>

<P ALIGN="JUSTIFY">The Company has been in the exploration stage since its formation on January 5, 2004 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property acquisition and exploration costs are charged to operations as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve.</P></DIR>

<P ALIGN="JUSTIFY">h)&#9;Financial Instruments</P><DIR>

<P ALIGN="JUSTIFY">Financial instruments, which includes cash, prepaid expenses and accounts payable and accrued liabilities, were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The Company's operations are in Canada and virtually all of its assets and liabilities are giving rise to significant exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company's operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.</P></DIR>

<P ALIGN="JUSTIFY">i)&#9;Income Taxes</P><DIR>

<P ALIGN="JUSTIFY">Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted SFAS No. 109 as of its inception. Pursuant to SFAS No. 109 the Company is required to compute tax asset benefits for net operating losses carried forward. Potential benefit of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. </P></DIR>

<P ALIGN="JUSTIFY">j)&#9;Foreign Currency Translation</P><DIR>

<P ALIGN="JUSTIFY">The Company's functional and reporting currency is the United States dollar. The financial statements of the Company are translated to United States dollars in accordance with SFAS No. 52 &quot;Foreign Currency Translation&quot;. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</P></DIR>

<P ALIGN="JUSTIFY">k)&#9;Recent Accounting Pronouncements</P><DIR>

<P ALIGN="JUSTIFY">In December 2003, the United States Securities and Exchange Commission issued Staff Accounting Bulletin No. 104, "Revenue Recognition" (&quot;SAB 104&quot;), which supersedes SAB 101, "Revenue Recognition in Financial Statements." The primary purpose of SAB 104 is to rescind accounting guidance contained in SAB 101 related to multiple element revenue arrangements, which was superseded as a result of the issuance of EITF 00-21, "Accounting for Revenue Arrangements with Multiple Deliverables." While the wording of SAB 104 has changed to reflect the issuance of EITF 00-21, the revenue recognition principles of SAB 101 remain largely unchanged by the issuance of SAB 104. The adoption of SAB 104 did not have a material impact on the Company's financial statements.</P></DIR>

<P ALIGN="JUSTIFY">l)&#9;Interim Financial Statements</P><DIR>

<P ALIGN="JUSTIFY">These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. </P></DIR>
</DIR>

<P ALIGN="CENTER">6</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>

<P>3.&#9;Property and Equipment</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=639>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">Cost<BR>
$</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">Accumulated<BR>
Amortization<BR>
$</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">November 30,<BR>
2004<BR>
Net Book<BR>
Value<BR>
$<BR>
(unaudited)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">May 31,<BR>
2004<BR>
Net Book<BR>
Value<BR>
$<BR>
(audited)</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P>Office equipment</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">1,199</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">266</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">933</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">1,132</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
<P>4.&#9;Related Party Balances/Transactions</P><DIR>

<P ALIGN="JUSTIFY">a)&#9;During the six months ended November 30, 2004, the Company recognized a total of $3,000 for donated services provided by the President of the Company.</P>
<P ALIGN="JUSTIFY">b)&#9;On March 1, 2004, the Company paid a finder's fee of $5,250 to a director of the Company. Refer to Note&nbsp;6(b).</P>

<P>&nbsp;</P></DIR>

<P>5.&#9;Mineral Properties</P><DIR>

<P>The Company entered into an Agreement dated April 11, 2004 to acquire a 100% interest in two mineral claims located near Pemberton, British Columbia, Canada, in consideration for a cash payment of $7,500. The claims are subject to a 2.5% net smelter returns royalty and a 7.5% gross rock royalty. Advance royalty payments of $25,000 are due each year commencing April 17, 2007.</P>

<P>&nbsp;</P></DIR>

<P>6.&#9;Common Shares</P><DIR>

<P ALIGN="JUSTIFY">a)&#9;On January 5, 2004 the Company issued 2,000,000 shares of common stock at a price of $0.001 per share for cash proceeds of $2,000.  </P>
<P ALIGN="JUSTIFY">b)&#9;On March 1, 2004 the Company issued 1,050,000 shares of common stock at a price of $0.05 per share for cash proceeds of $47,250 after payment of a $5,250 finder's fee to a director of the Company. </P>
<P ALIGN="JUSTIFY">c)&#9;On March 16, 2004 the Company issued 41,000 shares of common stock at a price of $0.25 per share for cash proceeds of $9,025 after payment of a $1,225 finder's fee. </P>
<P ALIGN="JUSTIFY">d)&#9;In June 2004, the Company issued 22,000 shares of common stock at a price of $0.01 per share for cash proceeds of $220. </P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P></DIR>

<P ALIGN="CENTER">7</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<B>
</B><P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Item 13</B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<B><FONT SIZE=2><P>Date and Certificate</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>Dated  this 7th day of December, 2004.</P>

<P>This offering memorandum does not contain a misrepresentation.</P>

<P>Douglas Lake Minerals Inc.</P>

<P>&nbsp;</P>
<P>by:_______________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laurence Stephenson <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P>by: ______________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Johnston<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary Treasurer</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">8</P>
<P><HR ALIGN="RIGHT" SIZE=0></P>
<P ALIGN="JUSTIFY"></P></FONT></BODY>
</HTML>

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