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Bullboard - Stock Discussion Forum Douglas Lake Minerals Inc DLKM

GREY:DLKM - Post Discussion

Douglas Lake Minerals Inc > Moving Toward On-Hands Management
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Post by AU_NB on Jul 06, 2009 11:03pm

Moving Toward On-Hands Management

Well, now we know why the smash down today.  Wall Street has an old saw, "when management starts to resign, watch out."  But, if one  looks what actually occurred, it may be a real step forward.

1.  Ms.  Tang, as Chief Financial Officer, was intending to step down, but  had remained in her post, as was previously indicated as I  recall.   Unfortunately, the website remains "down for maintenance," and a verification citation cannot be provided.  This may have been indicated in the December 2008 conference call.  She was replaced by Mr. Herminder Rai,  who has experience, perhaps less than seasoned,  in the investment community and finance industry.  But, that, nevertheless,  should be a positive going forward.

2.  Dr. Medard M.C. Kalemani, LLB, LLM, PhD, Mining Management - Director, who resigned, was an attorney  to the Millennium Challenge Account Tanzania, Ministry of Finance, which is an autonomous government entity responsible for managing energy, transportation and water projects in Tanzania.  (August 4, 2008 Press Release)  In all due respect, his expertise would not appear to be that of managing a developing mining project.  Hands-on experience as to this particular project would seem remote at best.

3.  Abdulkarim Hamisi Mruma is a Professor.  "Prof. Mruma is the Chief Executive Officer of the Geological Survey of Tanzania, Ministry of Energy and Minerals and since 2004, he is the Vice Chairman of the Association of Geological Survey of Africa."  ( August 4, 2008 Press release).  His experience would appear to be academic and not that of hands- project development.

4.  Appointed as President and a Director was Mr. Charles Xaviar Mnguto.  This appointment would appear to provide on-site qualified, professional, indigenous management to free-up Harp for over-all management activities as Chief Executive Officer:

'Mr. Charles Xaviar Mnguto, B.Sc. in Geology (Hon), from the University of Dar es Salaam, Tanzania (1995), has been a consulting geologist to and the Company's Exploration Manager in Tanzania since January of 2007. Mr. Mnguto is a multi-terrain geologist with 13 years experience in both local and international exploration fields. During his career Mr. Mnguto has worked on various base and precious metals projects located in Tanzania, Zimbabwe and the Democratic Republic of Congo. Prior to working with the Company, and during the previous five years, Mr. Mnguto has worked: as a Senior Project Geologist (Expatriate) on the Lugushwa Project for Banro Congo Mining SARL (January to October of 2006); as a Senior Project Geologist (Expatriate) on the Namoya Project; as a Project Geologist on each of the Golden Pride West Project (January to September of 2005) and Nyanzaga Project (March to December of 2004) for Barrick Exploration Africa Ltd.; and as a Senior Project Geologist (Exploration Dept.) on the Ashanti Goldfields/Anglogold Joint Venture for Geita Gold Mining Limited (August of 1999 to February of 2004). "

So, contrary to what some would like to make  out such management change as a negative, I see it as a step forward.

But,

jmho
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Comment by Yukon_Cornelius on Jul 07, 2009 12:15pm
It doesn't appear to me that Wall Street even noticed. Grant you that these moves are usually viewed with suspicion, I can't draw any valid conclusions other than this is a change. It remains to be seen whether it's positive or negative.On it's face however, the new President- a Tanzanian 'insider' may bode well for moving things along in getting a mining license. Harp ...more  
Comment by AU_NB on Jul 07, 2009 1:06pm
Yukon:  Sylvia Tang was Chief Financial Officer.  Just another poor job by whoever writes the company's press releases.  I can't but help think that a part of the company's problem has emanated from the lack of accuracy and the ambiguity of it PRs.  Check out the last SEC 10-Q filing.  Sub-Doc 4, Certification, signed by Sylvia Tang as "Chief ...more  
Comment by Yukon_Cornelius on Jul 07, 2009 2:05pm
Yep- we knew that Ms Tang was CFO. yet this is the shoddy and confusing announcement:"....together with the resignations as officers of the Company from each of Sylvia Tang, as the Company's previous Chief Executive Officer, and Harpreet Singh Sangha, as the Company's previous President, Secretary and Treasurer. Mr. Sangha will continue as the Company's Chief Executive Officer...  ...more  
Comment by sumeroil on Jul 07, 2009 2:31pm
Nothing in this NR could be trusted.Everything could be in error.This company needs brand new management overhaul.
Comment by AU_NB on Jul 07, 2009 4:04pm
The latest 8-K shown today does report the personnel changes. So the fact of the changes appears to be verified, but, the 8-K, too, has the same error: "...together with the resignations as officers of the Company from each of Sylvia Tang, as the Company's previous Chief Executive Officer..." https://www.tradingmarkets.com/.site/quotescharts/showFilingResults/?qm_symbol=dlkm I'm ...more  
Comment by Yukon_Cornelius on Jul 07, 2009 4:27pm
The 10k Annual report issued Jan 09, is signed by Sangha as CEO, Sec, and Treasurer. and Tang as CFO. No other 8k filings since showing any change. That is a material issue AU. and it needs to be corrected. I neither condemn operational management by association, but they should be taking extra care to put the best foot forward. That's twice in a row now and they're not ...more  
Comment by handbell on Jul 07, 2009 5:58pm
I suspect that the person writing these news releases has English for a 2nd or 3rd language.  They really do need to address this weakness if the company's ever going to appear creditable.