Lakota Resources announces next Monday, diamond drilling to start at Tembo, Tanzania - Final exchange approval received for the private placement - Lakota's interests in the Isambara JV reduced to 1% NSR



    LAK: TSX-V

    TORONTO, Oct. 9 /CNW Telbec/ - Ian F.T. Kennedy, President and CEO of
Lakota Resources Inc. (LAK: TSX-V) (the "Company") is pleased to announce that
drilling on its Tembo Property will commence next Monday, October 13, 2008.
Further, the previously announced non-brokered private placement of common
share units has been closed and final approval has been received from the
Toronto Venture Exchange. The Company has also received notice from MDN Inc.
of its intention to reduce the Company's interests in the Isambara JV to a 1%
NSR as provided for in the joint venture agreement.

    TEMBO DRILL PROGRAM TO START NEXT MONDAY

    Next Monday, October 13, 2008, Lakota will commence an initial,
2,000 metre diamond drill program of 12 holes at the Tembo Project in Tanzania
on one of the prime targets for gold in quartz vein mineralisation within the
Archaean green stone sequence. The Tembo property is contiguous to, and six
kilometres west of, Barrick's Bulyanhulu gold mine.
    The Tembo property itself is 112 square kilometres in size and Lakota has
spent, directly or indirectly, more than $2-million (U.S.) in exploration on
the property, with more than 40,000 metres of rotary air-blast (RAB) and
reverse circulation (RC) drilling and 35,000 samples taken. Tembo has more
than 40 gold anomalies at the base of the overburden or in the underlying
saprolite in addition to several artisanal gold sites, all of which are
untested by drilling. Regardless, next week's diamond drilling program will be
focussed on the principal area of historic gold workings within the property,
in the part of a major regional structure that Lakota has termed the 'sweet
spot'. The target area, Target 7, lies immediately beneath extensive artisanal
workings where local Tanzanian miners have been extracting gold from quartz
veins for more than 40 years.
    The Target 7 area lies within a former Primary Mining License, PML 625
which was purchased by Lakota in 2000. It was only dissolved into Lakota's
surrounding licence in late 2007, once protracted estate issues of the
previous owner were resolved. The drill target area has not been tested
geochemically, nor drilled as Lakota did not have access until estate issues
were resolved. Lakota now has full access to the area and the artisanal miners
have, by agreement, decamped from the property.
    The drill program will consist of approximately 2,000 metres of diamond
drilling in 12 holes, each of which is anticipated to be 150-200 metres in
length spread over at least 400 metres of strike. Within this area, an
east-west zone of gold-bearing quartz veins has been identified as well as at
least four northwest-trending mineralized crossing structures. The appended
map illustrates the extent of the Artisanal workings. Each black square is a
shaft in hard rock and the circles represent shafts in the eluvial rubble. It
is anticipated that the drilling will begin on the southern portion of the
target with DD holes 4 and 5. (see
<a href="http://files.newswire.ca/357/PLANNING.TARGET.7.1.xls">http://files.newswire.ca/357/PLANNING.TARGET.7.1.xls</a> for the appended diamond
drill hole Map) The map grid is on a 100 meter spacing.
    All samples for assay will be taken by Lakota to SGS African Assay
Laboratories in Mwanza, Tanzania, for preparation and gold analysis by fire
assay.

    FINAL EXCHANGE APPROVAL OF PRIVATE PLACEMENT

    Lakota is pleased to confirm that the previously announced non-brokered
private placement of 7,208,943 common share units has been closed and final
approval has been received from the Toronto Venture Exchange. The non-brokered
private placement of common share units was at a purchase price of $0.17 per
unit comprising 1 common share and 1/4 common share purchase warrant
exercisable at $0.30 for a period of one (1) year from closing date for gross
proceeds of $1,225,520. All securities issued in connection with this
financing will be subject to a hold period of four months plus one day from
the date of issue of the share and warrant certificates. After giving effect
to this private placement there are 59,509,966 shares of the Company issued
and outstanding.
    An aggregate cash commission of $32,980 was payable, and 48,500 broker
warrants issuable, to Integral Wealth Securities Limited and Capital Canada
Limited.
    The net proceeds of this Private Placement will be used to fund the
Company's Tembo drilling programs and for other permitted general corporate
purposes.

    ISAMBARA/SIMBA JV.

    In September 2002, Lakota and Jope Business Associates Limited (Jope)
entered into a joint venture agreement with MDN Inc. of Montreal on certain
properties variously known as Isambara or Simba in Tanzania. MDN, as operator,
incurred sufficient expenditures on the properties to earn a 70% interest in
the property, the 30% balance being held 50:50 as between Lakota and Jope. MDN
has continued to explore the properties. MDN afforded Lakota and Jope the
opportunity to contribute their proportion of the exploration expenditures
totalling approximately $US800,000 in order to retain their interests in the
joint venture. To date, Lakota and Jope declined the offer to participate.
Yesterday, MDN exercised its rights under the joint venture agreement to
dilute the interests of Lakota and Jope to a 1% net smelter return. The
exploration and therefore expenditures on Isambara/Simba continue and Lakota
considered continued fiscal participation was not the best use of Lakota's
limited cash resources as it focuses on its own exploration projects and
particularly, the imminent drilling at Tembo.

    About the Company

    Lakota Resources Inc. is a junior mineral exploration company. For
complete details on the Company, and its partners, management encourages
investors and interested parties to view its public documents filed on SEDAR
at www.sedar.com.

    CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

    The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information contained
herein. All statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks and
uncertainties, including, without limitation, statements regarding the future
plans and objectives of Lakota Resources Inc. There can be no assurance that
such statements will prove to be accurate. Actual results and future events
could differ materially from those anticipated in such statements. These and
all subsequent written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Lakota Resources Inc.
assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.
    Certain information contained in this Press Release, including any
information as to our future financial, operating or exploration performance
and other statements that express management's expectations or estimates of
future performance, constitute "Forward-Looking Statements" within the meaning
of Section 21E of the United States Securities Exchange Act of 1934, as
amended and "Forward Looking Information" within the meaning of applicable
Canadian securities legislation..
    All statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect", "will",
"anticipate", "contemplate", "target", "plan", "continue', "budget", "may",
"intend", "estimate" and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies.
    The Company cautions the reader that such forward-looking statements
and/or forward looking information involve known and unknown risks,
uncertainties and other factors that may cause the actual financial results,
performance or achievements of the Company to be materially different from the
Company's estimated future results, performance or achievements expressed or
implied by those forward-looking statements and, the forward-looking
statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to: changes in
the worldwide price of gold, or other commodities (such as, fuel and
electricity); fluctuations in currency markets; changes in interest rates or
gold lease rates; risks arising from holding derivative instruments; ability
to successfully complete announced transactions and integrate acquired assets;
legislative, political or economic developments in the jurisdictions in which
the Company carries on business; operating or technical difficulties in
connection with exploration, development or mining activities; employee
relations; availability and increasing costs associated with exploration or
mining inputs and labour; the speculative nature of exploration and
development, including the risks of obtaining necessary licenses and permits
and diminishing quantities or grades of reserves; adverse changes in our
credit rating, contests over title to properties, particularly title to
undeveloped properties; and the risks involved in the exploration, development
and mining business. Accordingly, readers should not place undue reliance on
forward-looking statements and/or forward looking information
    The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    %SEDAR: 00008258E




For further information:

For further information: Ian Kennedy, President and CEO, (416) 598-7700;
Renmark Financial Communications Inc.: Jeffery Szita,
jszita@renmarkfinancial.com, Henri Perron, hperron@renmarkfinancial.com, (514)
939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

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LAKOTA RESOURCES INC.

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