SOMA Petroleum Ltd and Actel/Aikete Limited announce joint venture agreement

    TORONTO, Nov. 22 /PRNewswire-FirstCall/ - SOMA Petroleum Ltd (Trading
 as SOMPF.PK, 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.
 
     "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 US$10.7 million. The facilities
 comprehend 5.4 million tons of tailings, 11 accessory buildings, and 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 and additional details for
 funding are being worked out 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.
 
 
 

SOURCE Soma Petroleum Limited