Stockhouse bullboards were active Sunday as news leaked out that Harp Sangha has resigned as chief executive officer and President of Tanzania, East Africa gold explorer
Douglas Lake Minerals Inc. (
OTC:BB: DLKM,
Stock Forum)
Effective immediately, Sangha has also stepped down from the Surrey, British Columbia junior’s board of directors, according to a June 22, 2011 press release that was posted on the company’s website, but does not appear to have been widely disseminated.
He is being replaced on an interim basis by director Douglas Boateng, according to the company statement, which gave no explanation for Sangha’s resignation.
“I'm hoping this is the beginning of a new era for DLKM,’’ said one Stockhouse
Bullboard poster. “Amen!!!!!!!!!,” said another.
The announcement follows
reports in Stockhouse about large financial losses at Douglas Lake that raised questions about its ability to fund precious metals exploration in Tanzania.
OTC Markets Group Inc., which operates the OTC Pink Sheets quotation system, recently placed a “limited information’’ warning at the top of the junior’s trading summary place, reflecting concerns about lack of clarity in its public statements.
When reached by Stockhouse
columnist Thom Calandra, Sangha said: “the board had decided it was time for a change.” He also said Reginald Mengi, the junior’s largest shareholder, wanted his own advisors in an executive role.
“I will help the new CEO, he is a very capable person, I expect he will be very well received,’’ Sangha said.
Dr. Boateng holds a doctorate in Engineering Business Management and has over 18 years of extensive multi-sectorial international experience, the company said. His career includes positions as CEO, director and senior level consulting in everything from chemicals, to mining and exploration.
As reported by
Stockhouse, Sangha is a 46-year-old former investment advisor, who previously worked for Global Securities Corp. in Vancouver, and is described in company filings as having 18 years of experience in business financing.
Douglas Lake shares closed at 45 cents on Friday, and trade in a 52-week range of 80 cents and 9 cents.