News out
Source: Soma Petroleum Limited
SOMA Petroleum Ltd. and Actel/Aikete Limited
Wednesday May 21, 4:01 pm ET
TORONTO, May 21 /PRNewswire-FirstCall/ - SOMA Petroleum Ltd. (Trading as SA1.F, SA1.DE & SA1.BE ) executives are pleased to announce the commencement plan for resuming and expanding production of the Actel/Aikete Limited and First Union Kreditanstalt S.A Joint Venture according to Mrs. M. J. Majoie Hui, President of Actel/Aikete, Ltd.
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The joint venture capital brought by Soma will allow us to expand the facility and to install additional production lines next year. The principal production is precious metal oxides, such as gold, silver platinum, palladium, iridium, rhodium, etc.
The finalized agreements show that SOMA will own 49% of all operations and mineral rights upon completion of funding.
"The Dalian facility has a registered capital of 10.7 million US$. The facilities comprehend 5.4 million tons 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. With the upgrades and expansion of the facilities we expect significant amount of production during this calendar year and due to the increasing prices of precious metals we can project upwards of twenty five million dollars next year.
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 from the current single line, 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.
Mr. Larry Skolnik, President of SOMA, is in discussion with several private investors for additional equity investment in the company in order to fund additional acquisitions and expansion.
In addition, Mr. Skolnik is continuing to develop relationships with market makers in Europe to help create additional investor awareness of SOMA on the Frankfurt and Berlin Exchanges.
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Source: Soma Petroleum Limited
