TSX-V Ticker: SWA
SWA.WT
VANCOUVER,
June 11, 2013 /PRNewswire/ - Sarama
Resources Limited ("Sarama" or the "Company") is
pleased to announce it has increased its interest by a further 15%,
for an aggregate 80% interest, in Pedsam Mining Ltd
("PedSam") in accordance with an earn‐in agreement (the
"Agreement") between Sarama and Pedra Mining AS (Norway) ("Pedra").
PedSam is a Liberian entity that is managed by
Sarama which has title to the three exploration properties that are
subject to the Agreement. The properties are located in Grand Cape
Mount, Gbarpolu and Grand Bassa Counties (Refer Figure 1) with a
total area of 698km², following the recent relinquishment of ground
as part of the extension process.
The 80% earn‐in milestone was achieved by Sarama
having incurred an aggregate of US$3,000,000 in eligible expenditures across the
three properties. Pedra currently holds the remaining 20% interest
in PedSam, and under the Agreement, Sarama has the right to earn a
90% interest in PedSam, with the ability to acquire 100% of PedSam
subject to certain conditions being met.
Sarama expects to increase its interest in
PedSam to 90% over the course of the next twelve months, subject to
achieving prescribed earn‐in milestones.
Sarama's President and CEO, Andrew Dinning commented:
"We are pleased to have increased our
interest in the properties held by PedSam. Our exploration
activities have delineated coherent, kilometre-scale gold-in-soil
anomalies at all three properties which demonstrate the
prospectivity of unexplored western and central Liberia.
Sarama is well funded with a cash balance of
approximately US$11M at the end of
March 2013 and is currently
undertaking further sampling and trenching in Liberia with a view to identifying drill
targets for follow up in early 2014."
For further information on the Company's activities, please
contact:
Andrew Dinning or Paul Schmiede
email: info@saramaresources.com
telephone: +61 8 9363 7600
About Sarama Resources Ltd
Sarama Resources Ltd is a Canadian company with a focus on the
exploration and development of gold deposits in West Africa. The board of directors and
management team, a majority of whom are founders of the Company,
are seasoned resource industry professionals with extensive
experience in the exploration and development of world-class gold
projects in Africa.
The South Houndé Project in south-west
Burkina Faso is the Company's
flagship property and is currently the focus of an aggressive
exploration program to increase the size of its maiden discovery
and to test gold-in-soil anomalies located in a 30km-long
structural corridor. Recent drilling programs at the South
Houndé Project have intersected significant mineralisation in
several prospect areas which the Company is actively following
up. The Company has built substantial early-stage exploration
landholdings in prospective and underexplored areas of Burkina Faso (>3,300 km²), Liberia (>880 km²) and Mali (>560 km²) and is actively exploring
across the property portfolio.
Caution Regarding Forward Looking
Statements
Information in this news release that is not a statement of
historical fact constitutes forward-looking information. Such
forward-looking information includes statements regarding the
Company's planned exploration programs and anticipated increase in
its interest in Pedsam. Actual results, performance or
achievements of the Company may vary from the results suggested by
such forward-looking statements due to known and unknown risks,
uncertainties and other factors. Such factors include, among
others, that the business of exploration for gold and other
precious minerals involves a high degree of risk and is highly
speculative in nature; few properties that are explored are
ultimately developed into producing mines; geological factors; the
actual results of current and future exploration; changes in
project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed
documents.
There can be no assurance that any
mineralisation that is discovered will be proven to be economic, or
that future required regulatory licensing or approvals will be
obtained, or that the milestones to achieve greater interests in
Pedsam will be achieved. However, the Company believes that the
assumptions and expectations reflected in the forward-looking
information are reasonable. Assumptions have been made regarding,
among other things, the Company's ability to carry on its
exploration activities, the sufficiency of funding, the timely
receipt of required approvals, the price of gold and other precious
metals, that the Company will not be affected by adverse political
events, the ability of the Company to operate in a safe, efficient
and effective manner and the ability of the Company to obtain
further financing as and when required and on reasonable terms.
Readers should not place undue reliance on forward-looking
information.
Sarama does not undertake to update any
forward-looking information, except as required by applicable
laws.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Figure 1: Sarama's Pedsam
Exploration Properties in Liberia
SOURCE Sarama Resources Limited