TSX-V Ticker: SWA
SWA.WT
PERTH, Western Australia, July
4, 2012 /PRNewswire/ - Sarama Resources Limited
("Sarama" or the "Company") is pleased to report that
it has concluded its planned, and significantly expanded, drill
programs in Burkina Faso,
West Africa.
The bulk of the drilling was undertaken in the
first half of 2012 and was focussed on the Company's South Houndé
Project in the south-west of Burkina
Faso where it holds exploration rights to approximately
1,600km² of prospective ground on the Houndé and Boromo greenstone
belts.
Sarama commenced an 11,000m reverse-circulation
("RC") drill program on the Tankoro permit in January 2012, which was expanded to 24,000m
following excellent results returned early in the program.
The additional drilling focused on infill and extensional targets
at the MM Prospect, as well as scout drilling in other areas within
the Tankoro Structural Corridor. A further 11,000m of RC
scout drilling was undertaken on other permits within the South
Houndé Project that contain kilometre-scale gold-in-soil
anomalies.
Following the success of the RC drill program, a
diamond drill rig was mobilised in February
2012 for an initial 2,800m program at the MM Prospect.
The scope of this program was increased to 11,000m following the
return of excellent initial results.
In addition, a 14,000m rotary-air-blast
("RAB") drill program was completed across numerous
gold-in-soil anomalies within a 5km radius of the MM Prospect.
Sarama's President and CEO, Andrew Dinning commented:
"We are very pleased to have accomplished
such a large volume of work this season with our Burkina Faso team. In addition to the
drilling activity, we have completed extensive soil geochemistry
surveys across our portfolio of exploration properties in
Burkina Faso and have numerous
anomalies that require further investigation as a result. We
look forward to receiving the remaining drill assays in the coming
months in order to plan our next round of exploration activities at
the South Houndé Project."
Although the Company is using four independently
operated assay laboratories in West
Africa to process the samples, there is a backlog of
approximately 3,000 diamond drill core samples, 6,000 RC samples
and 5,000 RAB samples are yet to be assayed, which is an
industry-wide issue.
Sarama has been able to manage its operations
around this persistent backlog, and will continue to carefully
monitor the throughput of these laboratories. The backlog is
expected to reduce steadily over the coming months and the Company
will provide updates as and when results come to hand.
For further information on the Company's
activities, please contact:
Andrew Dinning or Paul Schmiede
email: info@saramaresources.com
telephone: +61 8 9363 7600
web: www.saramaresources.com
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 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 a drilling program
to further test gold-in-soil anomalies located in a 20km structural
corridor. The Company has built substantial early stage
exploration landholdings in prospective and underexplored areas of
Burkina Faso (>2,700 km²),
Liberia (>2,400 km²) and
Mali (>1,200 km²) and is
aggressively 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, including when results may
be available. 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. 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's operations will not be affected by any 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.
SOURCE Sarama Resources Limited