Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

[Mengi] IPP Gold Ltd strikes deal

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Alpha, Sep 22, 2010.

  1. A

    Alpha JF-Expert Member

    Sep 22, 2010
    Joined: Aug 30, 2007
    Messages: 612
    Likes Received: 4
    Trophy Points: 35
    Douglas Lake Acquires 100% Interest in 4 New Properties Bordering Canaco in the Handeni District

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2010)

    Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB:DLKM)(FRANKFURT:D60) is very pleased to announce that the Company has recently received approval from its Board of Directors to both enter into and immediately close upon the terms and conditions of a certain Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with IPP Gold Ltd. ("IPP Gold"), to acquire a 100% interest in four prospecting licences (the "PLs"), totaling approximately 800 square kilometres, located in the Handeni District of Tanzania and which are owned or controlled by IPP Gold and its affiliates.

    Harp Sangha, CEO of the Company, stated: "This new Acquisition Agreement with IPP Gold represents a significant step forward for the Company. Along with our new partners at IPP Gold, we will map out our new strategy and course of action over the coming weeks and months. The Handeni District has become alive with activity since the extraordinary drilling results from Canaco Resources have placed this region on the world stage. We plan to focus our energy and resources on the exploration and potential development of this new acquisition. Our aim is to direct Douglas Lake down a path towards success."

    On September 13, 2010 Canaco announced significant new exploration developments including the identification of important new parallel trends of gold mineralization and discovery of a new mineralized zone five kilometres W/NW of the Magambazi Gold Discovery. Early results from the regional exploration on the Handeni Gold Trend indicate the work program has already made significant progress in identifying new gold targets and upgrading the potential of previously identified gold zones. Over the past month, the regional program has included over 3000 metres of Reverse Circulation ("RC") drilling, approximately 10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed airborne survey, detailed mapping of some of the key target areas defined to date and geochemical interpretation. The Handeni Gold trend is now recognized as consisting of two, parallel gold trends with a combined strike length of over 15 kilometres (Source: Canaco Resources).

    In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of Canaco Resources and announced a speculative buy recommendation with a $1.25 target price. They now believe that $175/oz is an appropriate resource multiple given the forecast high grade/low cost nature of the ounces discovered to date by Canaco. They have revised their target price to $6 per share and maintain their speculative buy rating.

    The closing of the Acquisition Agreement

    In accordance with the closing today of the Acquisition Agreement IPP Gold has now become a major stakeholder in the Company. Pursuant to the terms of the Acquisition Agreement the Company has now issued 133,333,333 restricted shares of common stock to IPP Gold in exchange for 100% interest in the four PLs of the new Handeni Project, with no further payments in shares or cash required. This acquisition of these four PLs as a whole represents the largest land position in the Handeni District, and the boundary area is geologically contiguous to Canaco's Magambazi gold project.

    In addition, and accordance with the closing of the Acquisition Agreement, the Board of Directors of the Company has also accepted the consent to act as both a director and as the Chairman of the Company from Reginald Mengi, together with the consents to act as directors of the Company from each of Reyno Scheepers and Douglas Boateng. Mr. Mengi will replace the Honorable Joseph Rugumyamheto as the Company's Chairman and Mr. Rugumyamheto will continue to serve as a director of the Company.

    Douglas Lake Acquires 100% Interest in 4 New Properties Bordering Canaco in the Handeni District - Press Release - Digital Journal
  2. S

    S. S. Phares JF-Expert Member

    Sep 22, 2010
    Joined: Nov 27, 2006
    Messages: 2,140
    Likes Received: 5
    Trophy Points: 0
    All the best R. Mengi...
  3. The Finest

    The Finest JF-Expert Member

    Sep 23, 2010
    Joined: Jul 14, 2010
    Messages: 21,712
    Likes Received: 28
    Trophy Points: 145
    Kumbe Still a player
  4. BrainPower

    BrainPower Senior Member

    Sep 23, 2010
    Joined: May 19, 2009
    Messages: 149
    Likes Received: 0
    Trophy Points: 33
    Yap, Look like it.

    Do the math 133,333,333 restricted shares X (Latest Share Price) DLKM.OB: Summary for DOUGLAS LAKE MINERAL- Yahoo! Finance = Value of IPP GOLD in DLKM only.

    Not Bad Investment aye ! We need more Tanzanian's doing such deals instead of just selling their local stakes to foreign firms which is basically whats happening - That is being shortsighted.

    B.P (2010)
  5. babu M

    babu M JF-Expert Member

    Sep 23, 2010
    Joined: Mar 4, 2010
    Messages: 2,988
    Likes Received: 313
    Trophy Points: 180
    Kila la heri Mzee Mengi! Tunajua profit itakwenda kusaidia wengi.
  6. Chimunguru

    Chimunguru JF-Expert Member

    Sep 23, 2010
    Joined: May 3, 2009
    Messages: 9,805
    Likes Received: 164
    Trophy Points: 160
    mh mzee wetu eme strike golden deal
  7. Ngambo Ngali

    Ngambo Ngali JF-Expert Member

    Sep 24, 2010
    Joined: Apr 17, 2009
    Messages: 3,115
    Likes Received: 50
    Trophy Points: 145
    isijekuwa mbuzi anauzwa kwenye gunia soma hapa:

    Sep 8, 2010 Mini-Madoff Bob Moriarty 321gold ...s


    Bob Moriarty
    Sep 8, 2010

    It's getting more and more obvious by the day that the business model of the United States and maybe even the world is outright fraud. 70% of the trading on the senior exchanges is High Frequency Trading. (HFT) It's front running, it's all fraud. It has nothing to do with investing, it's stealing from your own customers. And it's all legal.

    The banks are gaming the Federal Reserve, handing the taxpayers all their bad loans in exchange for US Treasuries. Has no one figured out that when you toss a turd into a punch bowl, it doesn't matter how small the turd is or how big the punch bowl is, you contaminate the whole thing? The banks are not illiquid, they are insolvent.

    Boston University professor Laurence Kotlikoff writes a piece claiming the real US National Debt is over $202 trillion on an economy of $14 trillion. We are bankrupt and everyone is looting the vestiges of the system as fast as they can.

    It's about the same in the junior mining market. Gold is up for the 9th year. Anyone claiming to be in the gold business for the last nine years is now either mining gold or mining investors.

    I wrote about Douglas Lake Minerals over two years ago. I called it Bre-X II. That was a good call. The company had about 50 million shares outstanding then worth $.45 apiece. Now it has over 62 million shares outstanding selling for $.13. Given the actions of CEO Harpreet Sangha it's astonishing that the stock is still trading. The company was essentially bankrupt two years ago and nothing has changed except he has blown through another $3 million dollars of shareholder money.

    I think he has a secret plan for success. One that no one else would dream of. He's going to do a deal on his primary project with a third group. He's already sold it to Ruby Creek Resources in June. He resold it to a Chinese group a month later. That was the same deal that he announced on September 23 of 2009.

    Harpreet Sangha doesn't bother filling out 8-K reports, the reporting laws don't apply to him but he signed the final agreement with the Chinese in July of this year. In August he brought over yet another group of Chinese to the property to sell it to them.

    Why not? He did the same thing on the Magembe Diamond Property a year ago. He did a deal with a company named Midex Gold on the Magembe Diamond project. It's one of those minor technical issues that Andy Smith of Canaco, who used to be in a JV with Douglas Lake, believes he owns 50% of part of that project. Midex Gold just happens to operate out of the same office address as Douglas Lake in Vancouver and both websites use the same company for reporting. What a coincidence.

    Juggling projects between conflicting partners, each of whom think they own it is no particular problem for Mr. Sangha. He also apparently now has a Tanzanian wife. Things were heating up in Tanzania for Mr. Sangha over some minor issue of unpaid bills so he stayed out of the country for a year or so and took his Tanzanian wife to Vancouver.

    Harpreet was back in Tanzania last month. The Minister of Mines was interested in talking to him about how three different groups could all claim the same ground. It's going to get interesting before it gets through.

    Harpreet Sangha is perfectly familiar with charges of pumping and dumping shares. In the most blatant effort on his part to date, he bought 31 million shares of Artepharm Global Corp for $3,100 on February 26, 2010. That was an especially well-timed purchase because at the same time he was paying $.0001 for each share, they were being quoted at about $.25 in the market place. Sorta makes you wonder if maybe someone was jerking the price around.

    In any case, Artepharm Global had an especially bright future. Or it did until the BCSC halted trading on August 25, 2010. Perhaps Harpreet is back in Tanzania because the summer is a little hot in Vancouver this year.

    On April 20, 2010, Mr. Sangha announced a joint venture with a Chinese company called Artepharm China, not to be confused for any reason with Artepharm Global that just happens to have a similar name. Artepharm China owns the rights to an anti-malarial medicine named Artequick.

    Interestingly enough, there was no 8-K report filed with the SEC announcing the JV with the Chinese company of the same name and in his latest filings for the quarter ended June 30, 2010, he says, "The company is currently in negotiations with a business called Artepharm Co. . . The company seeks to acquire the patent and worldwide marketing rights to market Artepharm Co.'s product called Artequick(R). Artequick(R) is a natural artemisinin-based anti-malaria drug."

    So there you have it. He either has the rights to the drug that he claims in numerous press releases or he does not. If I was a betting man, I'd say Mr. Sangha was running a pump and dump. He unloaded a boatload of his own shares between February and now. When you buy 100 shares for a cent, you can make a lot of money pumping and dumping a stock that smells like a total scam.

    I don't know what will happen in Tanzania with the 380 square km now claimed by at least two different groups and perhaps three. Ruby Creek has people on site but that company is a disaster waiting to happen. They don't have a single advisor or geologist who knows anything about placer gold. Their chief technical guy is an Electronics Engineer that I have been trying to warn about the fraud going on at DLKM for two years and he has totally ignored me.

    Ruby Creek has committed to paying DLKM $9 million dollars over three years. RBYC is $400,000 in the hole to DLKM already. They are giving all the impression of motion with a bunch of press releases. but I don't see any real action.

    I own 139 square km of ground to the immediate west of the DLKM/RBYC/Chinese Group #1/Chinese Group #2 ground. I have half a dozen specialists to call on, I have a real camp and I have real equipment. And it's not easy for us. I have an EIA. I have a mining license. I'm utterly baffled as to how a company with no mining expertise or people actually believes it can succeed when they know even their land tenure is at question.

    Harpreet Sangha is a liar and a thief. I know because he has lied to me again and again and he stole $115,000 that I advanced to get him the project in the first place. I have always hoped he would succeed with someone so I could sue him and have a reasonable chance of recovering my money. Interestingly enough, Harpreet's brother Gus called me a year ago and wanted to talk to me about me helping DLKM. I told him that I would but only if Harpreet was fired and I was paid back the money I was owed.

    His response was interesting. He admitted I had put up the money to get DLKM the project in the first place but since I gave the money directly to Harpreet the company didn't owe me, I should sue Harpreet to recover it. I'd say the standards of basic honesty in that family are shared equally.

    I'm astonished Sangha hasn't been run out of Tanzania, tarred and feathered. Everything he has done has been a fraud. You can look over every press release he has ever issued and there would be an issue of fraud in every single release I ever read.

    Perhaps the BCSC will get serious this time around. When they halted DLKM 18 months ago, they slapped his hand and made him remove the assays he inflated by 1000% and claims of 5.5 million ounces in reserves and all the other totally misleading information he was touting.

    My company has a mining license. We got it because we jumped through all the hoops every company in Tanzania has to jump through. We filed our Environmental Impact Assessment because we paid for it. DLKM and RBYC have been claiming for a year they had a mining license in progress. I know it's not true because DLKM never paid the guy to do the EIA and never applied for a Mining License. And while RBYC was claiming to be in production months ago, they made it all up.

    Three years ago, DLKM had a business plan that could have worked under professional management. Canaco has gone from a $.06 stock a year ago to a $2.89 stock with a $400 million dollar market cap. DLKM had the ground right next to CAN and abandoned it because Sangha didn't have a clue as to what he was doing.

    There are dozens of pissed off land owners in Tanzania who gave their ground in Tanzania to DLKM in exchange for worthless share certificates that Sangha now illegally refuses to remove the legend from. At least 5 different directors have resigned in the last two years because of what he was doing. Ross McMasters who did the technical report on DLKM's ground got fired because DLKM never paid his company. DLKM has been a total disaster for its shareholders and Tanzania and it keeps getting worse.

    Think Bernie Madoff. But Mini-Madoff.
    Douglas Lake Minerals

    DLKM-OTCBB $.13 (September 3, 2010)
    62 million shares
    Douglas Lake website

    Ruby Creek Resources

    RBYC-OTCBB $.51 (September 3, 2010)
    21 million shares
    Ruby Creek website

    Artepharm Global Corp. SEC
    Sangha purchase of 31 million shares SEC

    Bob Moriarty
    President: 321gold
  8. M

    MtuKwao Senior Member

    Sep 28, 2010
    Joined: Oct 7, 2006
    Messages: 180
    Likes Received: 5
    Trophy Points: 35
    Kama ni kweli, wote twahitaji kufanya hivyo, tutumia hata ardhi yetu kuingia ubia na wawekezaji wa nje. Siyo kuwauzia.
  9. jmushi1

    jmushi1 JF-Expert Member

    Oct 21, 2013
    Joined: Nov 2, 2007
    Messages: 16,047
    Likes Received: 38
    Trophy Points: 145
    Huwa napata shida sana sometimes kwenye kufind correlation kati ya usomi na common sense.

    Muongo aliongopa na kusema biashara wanazoziweza watanzania eti ni juisi za matunda?
  10. Mtanganyika

    Mtanganyika JF-Expert Member

    Oct 21, 2013
    Joined: Jul 18, 2007
    Messages: 1,576
    Likes Received: 99
    Trophy Points: 145
    Jamani mzee Mengi developed this areas, hakushika permit tuu akitafuta wawekezaji, bali alifanya partnership with Canadian Mineral company na pamoja wamefanya early stage analysis, hawajakurupuka. Sasa sisi tunataka kukaa na vitalu kisha kesho tutafute mseti.
  11. M

    Mpanzi JF-Expert Member

    Jan 24, 2014
    Joined: Jan 11, 2011
    Messages: 751
    Likes Received: 9
    Trophy Points: 35
    Tunatetea Wazawa, Wazigua wamefaidikaje na hii deal?