Simcoe Mining Resources,Inc. (fka SMOM)

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Soma Petroleum Limited, Equitable Mining Corp and partners finalize contract with Actel/Aikete, Ltd
TORONTO, Feb. 26 /PRNewswire-FirstCall/ - Soma Petroleum Limited (SOMA) - (Frankfurt Stock Exchange: symbol SA1), Equitable Mining Corp (EQUITABLE) (a resource company trading on Frankfurt Exchange: E5W and on PinkSheets.com: EQBM) and partners announce the finalization of the contract with Actel/Aikete, Ltd ('Actel/Aikete') with an initial cash down payment for the rights to holdings in all assets to include mine tailings, land, capital infrastructure including one production line in exchange for cash and securities.

Actel/Aikete will use the initial funds to acquire chemicals and manpower for the production lines. Also, funds have been allocated to continue the public relations campaign.

The chemicals purchased will utilize a unique methodology of extracting combined metal oxides through a combination of a proprietary bromine leach, resin in pulp, solvent semi-refining and precipitation has been implemented in a current production line with 4 tanks. The metals recovered are in an oxide form and easy to export to the refineries.

'The initial funds for the down payment secures and facilitates the allocation of key personnel resources for the production facility in Dalian, China and also the plan for the capability to increase production capacity very quickly with another production line,' said SOMA CEO Lawrence Skolnik.

About Soma Petroleum Limited

Soma Petroleum Limited (SOMA) is a Canadian registered corporation that has interests in oil and gas projects in the Horn of Africa and mine tailings project in Dalian, China. It has partnered with leading resources developers including Inter-Continental Petroleum Co. Ltd (ICPC), a China-based oil and gas exploration company. ICPC has an extensive international track record in oil and gas. www.somapetroleum.com

Information presented in this newsletter contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as 'projects', 'foresee', 'expects', 'will,' 'anticipates,' 'estimates,' 'believes,' 'understands' or that by statements indicating certain actions 'may,' 'could,' or 'might' occur.

SOURCE Soma Petroleum Limited



Source: PR Newswire (February 26, 2007 - 4:00 PM EST)