Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

Tanzania Gold - Douglas Lake Minerals - Harp Sangha

February 21, 2008

Gold in Tanzania

Interview with Harp Sangha
Douglas Lake Minerals

Price: $0.20

52-week price range: $0.37 - 0.08Debt: 0

The company is one of the larger gold exploration companies in Tanzania,
which is the third largest gold producer in Africa.

Gold in Tanzania

Tanzania has become one of the fastest-emerging gold producers in Africa, and is now the continent's third largest gold-producing country after South Africa and Ghana. Annual production of gold has increased from around 43.2 t in 2002 to about 48.0 t in 2003. Based on ongoing projects and developing mines, Tanzania's estimated gold reserves have been calculated at a conservative total of Tanzania now has proven gold reserves in excess of 36 Moz. (1000 t). In 2003 Tanzania reported a 20% increase in gold exports from US$414 million to US$504 million and accounted for more than 62% of total export revenues, compared with 49% in 2002. There was a tremendous increase in gold exports which resulted in the signing of another gold-mining contract, this time between the Government of Tanzania and Pangea Minerals Ltd. The contract will pave the way for mining at Tulawaka in the Biharamulo District, Kagera Region, in the Lake Victoria goldfields. The Tulawaka mine is expected to come on stream in early 2005. it will be the sixth large-scale gold mine to come into production in Tanzania within six years.

Each year since 1998, a new gold mine has been opened in Tanzania. The mines are owned by Resolute Ltd; Ashanti Goldfields in joint venture with AngloGold; Barrick Gold Corp; PlacerDome Inc; Meremeta Ltd; and Pangea Goldfields Inc. in joint venture with Miniern du Nord.

AngloGold Ashanti owns 50% of the Geita mine in Tanzania. The mine which started production in August 2000 produced a record 661,045 oz. at a cash operating cost of US$170/oz. in 2003, compared with 579,043 oz. at US$163/oz. in 2002. The upgrade of the crushing and leach tank sections of the processing plant was successfully commissioned in the first quarter of 2003 and the capacity of the plant was increased from 4 Mt/y to 5.6 Mt/y.

RACZ:   Now, the interview with Mr. Harp Sangha, President and CEO of Douglas Lake Minerals, Inc. Harp, your company is bringing home to the United States an issue which frankly we should have heard much earlier, and that is called Gold in Tanzania.

When did you first enter Tanzania and why?

SANGHA:   The first time I was in Tanzania, it was in the fall of 2004. The country was introduced to me by a contact of mine, in the United States ironically, who suggested that I go over to Tanzania and look at some of the prospects of some of the properties there. Tanzania has a great geological setting.

RACZ:   Now, Tanzania is actually one of the fastest growing gold-producing countries in Africa. And in fact, according to some statistics behind South Africa and Ghana.

SANGHA:   Your numbers are correct. However, there has been a slight change that it was number three. Keep in mind that in the ‘90s there was not one single commercial mine. There were small artisanal mining operations, but nothing significant that was operated by one of the majors, for example, one of these types of companies. But since then it became number three and in 2007 overtook energy, shortages of energy.

RACZ:   The figures are extremely impressive. The production has increased 43.2 tons in 2002, and it has almost tripled now.

SANGHA:   That's correct. I think the projections for 2008 are probably in the 60-ton range.

RACZ:   The numbers are staggering. Sixty-ton production is meaningful in the whole world because, first of all, 61 tons is 32,500 ounces. An ounce is about $1,000. So if you multiply this up, we are coming out with a very big number for Tanzania, but even meaningful as far as the international gold market is concerned. The United States has gold production of around 400 tons a year, and gold reserves of 8,000 tons altogether. The monetary reserves of the major nations is about 32,500 tons, so we are talking about a little country that is delivering almost 6% to 7% of the production of the United States or South Africa.

SANGHA:   Absolutely. I would also add, you know, that in the mid ‘90s, there were zero proven reserves in the ground. And I'm not talking about inferred or indicated. I'm talking proven. From zero to 53 million ounces today. And all these discoveries were surface discoveries, local prospectors making discoveries on the ground, what I would call outcrops.

RACZ:   May I ask you, in your view, how much does it cost to get one ounce of gold out of the ground in Tanzania?

SANGHA:   The costs are significantly cheap, cheaper than say North America. Number one, there is a labor issue. Labor isn't—I wouldn't—I'd hesitate to call it cheap, but it is less expensive and just as qualified as North America. I think it's probably about 25% to 30% less in operations. And one of the problems…

RACZ:   Surface gold?

SANGHA:   Surface gold as well as hard-rock mining. I mean what really impresses me is obviously the surface discovery, but surrounding and in those areas of the surface discovery is the potential for big commercial operations, big commercial hard-rock operations.

RACZ:   Now, according, to public records, some of the major gold companies are there. Ashanti Gold, AngloGold, Barrick, and Resolute Limited. These are all in Tanzania looking for or mining gold.

SANGHA:   That's correct. PlacerDome, I'm not sure whether you're aware or not, was taken over by Barrick.

RACZ:   By Barrick.

SANGHA:   So Barrick is there, they're very active. Anglo took over Ashanti. It's AngloGold Ashanti now. They're there as is Resolute. Iamgold is there, and I suspect Umont used to have a presence there, but when gold prices were quite depressed, they closed their operation there and I suspect they'll be trying to make some sort of presence felt there as well.

RACZ:   Now, we are mentioning major companies, but it indicates that they believe that there is something there, something meaningful. Now let's look at some of the exploration companies like you. How do you get in? What do you need? And where are you going?

SANGHA:   Well, we got in because we took the initiative back in 2004 when the gold price was in the low four hundreds. I think it was around $410 or $420 when we went there. There wasn't as much enthusiasm at the time for commodities as there is now, you know. We talking four years ago. And we had a significant first mover advantage relative to other exploration companies, and relative to other major companies. We were aggressive and there was a lot of virgin land that was available because nobody had taken the initiative to go to Tanzania and we did, and we were well rewarded for it in that we're one of the largest concession holders in the country.

RACZ:   Now, at the moment the company is simply looking for gold, your exploration activities.

SANGHA:   That's correct. Gold-based metals. We've got a significant diamond property that surrounds the Williamson Mine which has produced over 20 million carats. As a matter of fact, Queen Elizabeth's engagement ring came from that property. And we own a significant chunk of land surrounding that mine. That's in a joint venture agreement with another junior…

RACZ:   Tanzania was a British dominion.

SANGHA:   Yes, it was.

RACZ:  And I think in the early ‘60s they broke from England and then everything has followed. But let me ask you a question. How many shares does your company have?

SANGHA:   The company has 40,365,000 shares outstanding.

RACZ:   Okay. At $0.20, it represents $8 million market cap.

SANGHA:   Yes.

RACZ:   Now, if one ounce of gold is $1,000, then the company is represented by a potential free acquisition of 80 ounces of gold.

SANGHA:   That's correct, yes.

RACZ:   Which is a very small number.

SANGHA:   It's a very…it's an insanely small number because I always try to pitch our company as similar—owning our company shares is similar to buying a call option with an expiration date. The upside post-discovery is so big from the $0.20 mark that it's like buying a lottery.

RACZ:   Okay. Let's say go from 80—let's say you find 320 ounces of gold and the cost is half, so you're talking about 1,600 free ounces of gold which would represent $16 million, so exactly twice the market cap of the company. Now, may I ask you, if you find gold, is 32 ounces a totally ridiculous number? Has anybody ever found a smaller amount of gold than 32 ounces?

SANGHA:   No. I mean, the numbers are interesting with what's being discovered in Tanzania. I could give you a couple of examples.

RACZ:   Yes, please.

SANGHA:   There were local gold rushes on that property. A Western company from Canada came in and started doing explorations similar to what we're doing now, and they were bought out for $350 million. And now that same property has 14 million proven ounces.

RACZ:   We may mention another property, Golden Ridge. What do you know about it?

SANGHA:  Golden Ridge, similar story but I'll tell you a better story than Golden Ridge is the Geita property which is one of the largest gold deposits in the world that's in Tanzania. Geita is spelled G-E-I-T-A. It's owned by Anglo, and that property wanted the production, commercial large-scale production in the ‘90s from zero. It now has 30 million proven ounces.

RACZ:   Now, the whole list, if I may read and then I come back: Bullion, Book Reef, Geita, Golden Ridge, and Katanga. Any of them you recognize?

SANGHA:   Oh, yes. A lot of them are—the geological setting in those properties are similar to our properties. Those were easy discoveries. They were surface discovery, local prospectors, no crop. They started mining it and some of the exploration companies used the local prospectors as guides for them. We've got a little bit more work but at these prices, it certainly makes a lot of sense.

RACZ:   Now, you mean your discovery would be more difficult that let's say Geita, or what is the difference between Geita and you in terms of starting?

SANGHA:   There's a difference except for—you know, the era that we're in is probably going to require—we've had the same sort of surface discoveries and now we need to make a discovery that's of a commercial value that's commercially economic.

RACZ:   What do you call a commercial value?

SANGHA:   Commercial value, we've gotta look for something in excess of half a million ounces.

RACZ:   Okay. Now, half a million ounces at $1,000 is a meaningful number.

SANGHA:   It's a very meaningful number and then that's what we're looking for. We're out there hunting for elephants. We've got to find something big, and this is a bold goal that we set for ourselves, but I think it's certainly attainable.

RACZ:   Now, let's go a bit further. Your business costs money. How are you getting funded?

SANGHA:   Well, we're looking to do a raise right now to continue our exploration and for drilling purposes. We'd like to drill two properties probably around the third quarter of this year, I'm talking more realistically about August. One of the properties is in Mazoka, and the other one is Ashanti Southwest and Ashanti Southwest is like bookend on one of AngloGold Ashanti properties, and Mazoka is a new area that we discovered. So we'll need additional funding to do some detailed mapping as well as drillings.

RACZ:   Now, what would be the first sign that you are in the right territory for gold?

SANGHA:   The first thing that we discovered in both these areas was the artisanal activities, local miners mining gold. The second thing was our own examination of some of these—the soil samples that we took and the rock chip samples that we took. They were quite encouraging.

RACZ:   So in other words what you're saying is that the coal option, as you called your company, has certain signs to be much more than a coal option.

SANGHA:   Absolutely.

RACZ:   And it's much more than the coal option. If you have a gold rush which I see on the stock market, and if we have an African which I think we have, and if there is a Tanzanian rush, then the combination of the three elements may get some stimuli to Douglas Lake, and it becomes the biggest gold option. And if you raise money and you discover something, the valuation gets bigger.

SANGHA:   Valuation absolutely gets bigger and I think one of the things that's really relevant is the political stability of the country. You know there's political risk everywhere in the world but I think Tanzania has proven itself to be very mining-friendly, very business-friendly, as evidenced by President Bush's visit over the weekend and granting Tanzania almost $700 million in U.S. aid for infrastructure. And Tanzania is one of the few countries that the World Bank, the European, and the United States, when they provide aid money to the country, it goes directly to the country, as opposed to being administered by an administrative body.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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