VANCOUVER, March 11, 2014 /PRNewswire/ - Sarama Resources
Ltd. ("Sarama" or the "Company") is pleased to
announce that it has signed a heads of agreement with Savary Gold
Corp. ("Savary") to enter into a joint venture to develop
Sarama's Sérakoro 1 and Savary's Houndé South properties in
Burkina Faso. The joint venture
will be held 35% by Sarama and 65% by Savary and Savary will be the
operator.
The joint venture agreement will be subject to
Sarama and Savary completing customary due diligence to their
satisfaction and obtaining all relevant consents and
authorizations.
Sarama's Sérakoro 1 property is comprised of one
exploration permit covering a total of 250 km2 and is
held under option with an unaffiliated third party.
Savary's Houndé South property is comprised of
two exploration permits, Diosso and Mandiasso, covering a total of
375 km2 and two exploration permit applications, Kelesso
and Fakoro, covering 125 km2, for a total area under
license of 500 km2. Savary is earning a 100% interest in
its Houndé South property and will earn its interest upon incurring
a further approximately US$950,000 of
exploration expenditures by May 17,
2014. The joint venture will take effect upon Savary having
earned its 100% interest in the Houndé South property.
Sarama's President and CEO, Andrew Dinning, commented:
"We are very pleased to have entered into
this heads of agreement and view this as a great deal for both
Sarama and Savary shareholders. The proposed deal allows Sarama to
leverage its Sérakoro 1 permit in to Savary's highly prospective
Hounde' South property and combine the extensive geological
knowledge and proven mine finding capabilities of both exploration
teams. The combined permit package creates one of the most
prospective land positions in the Houndé belt and is highly
complementary to Sarama's South Hounde' Project which is situated
less than 20 kilometres away. We will be moving ahead quickly to
finalize our joint venture agreement and look forward to the
success of this venture."
For further information on the Company's
activities, please contact:
Andrew Dinning or Paul Schmiede
e: info@saramaresources.com
t: +61 (0) 8 9363 7600
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.
ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd (TSX-V: SWA) is a West
African focused gold explorer with substantial landholdings in
Burkina Faso, Liberia and Mali.
Sarama's flagship properties are situated within
the Company's South Houndé Project area in south-west Burkina Faso. Located within the prolific
Houndé greenstone belt, Sarama's exploration programs have built on
significant early success to deliver a maiden Inferred Mineral
Resource estimate of 1.5 Moz gold1. Outside of
Burkina Faso, Sarama is focused on
consolidating a number of under-explored landholdings in other
emerging and established mining jurisdictions.
Incorporated in 2010, the Company's Board and
management team have a proven track record in Africa and a strong history in the discovery
and development of large-scale gold deposits. Sarama is well
positioned to build on its current success with a strong financial
position and a sound exploration strategy across its property
portfolio.
1. 29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au
cut-off). Effective date September 16,
2013. For more information about Sarama's maiden Inferred
Mineral Resource Estimate, see the technical report titled "NI
43-101 Independent Technical Report, South Houndé Project,
Bougouriba and Ioba Provinces, Burkina
Faso" dated October 28, 2013
prepared for Sarama by Cube Consulting Pty Ltd and Orway Mineral
Consultants Pty Ltd, which is available under the Company's profile
on SEDAR at www.sedar.com.
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 joint venture proposed to be entered into between the
Company and Savary, Sarama's strategy of consolidating landholdings
in emerging and established mining jurisdictions, expectations of
growth and its Mineral Resource estimate. 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; Mineral Resources are not Mineral
Reserves, they do not have demonstrated economic viability, and
there is no certainty that they can be upgraded to Mineral Reserves
through continued exploration; 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. 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, with respect to the
proposed joint venture, that the Company and Savary will be able to
successfully conclude a joint venture agreement, that their due
diligence will be satisfactorily completed, that all necessary
approvals, including of the TSX Venture Exchange, will be obtained,
that Savary will successfully earn its 100% interest in its Houndé
South property and that any other conditions to entering into the
joint venture agreement will be satisfied or waived, and with
respect to its strategy of consolidating landholdings expectations,
expectations of growth and its Mineral Resource estimate, that it
will be successful in identifying and obtaining further prospective
properties, about the Company's ability to carry on its exploration
activities, the sufficiency of funding, the timely receipt of
required approvals and the price of gold and other precious metals,
that the Company will not be affected by adverse political events,
and the ability of the Company to operate in a safe, efficient and
effective manner and 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.
SOURCE Sarama Resources Limited