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Press Release Source: Soma Petroleum Limited
SOMA Petroleum Ltd and Actel/Aikete Limited
Monday May 12, 1:01 am ET
TORONTO, May 12 /PRNewswire-FirstCall/ - SOMA Petroleum Ltd (Trading as SA1.F, SA1.DE & SA1.BE) executives are pleased to announce the completion of a joint venture agreement between Actel/Aikete Limited and First Union Kreditanstalt S.A according to Mrs. M. J. Majoie Hui, President of Actel/Aikete, Ltd.
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"Our company, Actel/Aikete Limited, has been heavily investing in China, especially in a mining waste recycling facility in Dalian. The Dalian facility has a registered capital of 10.7 million US$. The facilities comprehend 5.4 million ton's of tailings, 11 accessory buildings, a 40,000 square feet 100' tall factory; with all the necessary infrastructure, such as electricity, water, roads, dams, etc...
The joint venture capital brought by SOMA will allow us to expand the facility and to install additional production lines. The principal production is precious metal oxides in semi-refined form, such as palladium, iridium, rhodium, etc...
The contract was signed at the end of March 2007 and additional details for funding are being finalized at the present time. SOMA has made multiple transfers, to date, of their total contractually committed funding in excess of three million dollars (US)."
The due diligence has been completed by SOMA and the property has received Chinese Government environmental approvals. The property is currently owned by D.A.K., a privately owned Chinese resource corporation held by H.M.H. of Hong Kong. Once the agreements are finalized and executed, SOMA will own 49% of all operations and mineral rights upon completion of funding. Significant deposits of gold, platinum, palladium, rhodium and copper have been identified in the mine and mine tailings. Monthly revenues of $1.6 million and annual revenues of $19.2 million are projected within one year of closing.
The Dalian acquisition covers the mineral rights to 220,000 square meters of land leased from the government for 25 years with 15 years remaining, with right of renewal. The property includes 5.2 million tons of mine tailings plus infrastructure in place including roads, electricity, water, fencing, storm sewer, transportation and one operating production line. To date $7 million has been invested in the project by H.M.H. and D.A.K. Once the acquisition is complete SOMA plans to increase production to three lines, within the first year. The company will utilize D.A.K.'s environmentally friendly leaching process to extract the mineral deposits.
Safe Harbor
Certain statements above may constitute forward-looking statements. Such forward- looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the companies to be materially different from any further results, performance or achievements expressed or implied by such forward-looking statements.
In additional news, Mr. Larry Skolnik, President of SOMA, is continuing to develop relationships with market makers in Europe to help create additional investor awareness of SOMA on the Frankfurt and Berlin Exchanges.
