TSX-V Ticker: SWA
SWA.WT
VANCOUVER, April 11, 2013 /PRNewswire/ - Sarama Resources
Ltd. ("Sarama" or the "Company") is pleased to
announce that it has acquired a 100% interest in the Tankoro
exploration property ("Tankoro" or the "Property") at
its South Houndé Project in Burkina
Faso (refer Figure 1).
The Company entered into an agreement in respect
of the exploration rights to the Property in January 2011, giving it the right to acquire a
100% interest after making instalment payments to the vendor over a
period of three years.
Sarama has achieved considerable exploration
success on the Property, with drilling returning significant
intersections at several prospects over an 11.5km-long strike
length, including the discovery of the high-grade MM Prospect which
has been delineated over a 1.9km strike length. On this
basis, the Company elected to make the final instalment payment
early and initiated the transfer process on November 2, 2012.
Pursuant to the agreement with the vendor, the
vendor retains the right to a 1.5% net smelter return royalty
("NSR") for any future mineral production from the Property.
The Company retains the right to acquire the NSR for US$1,000,000 at any time.
Sarama's 100% interest in exploration rights has
been acknowledged by Burkina
Faso's Ministry of Mines and Energy which duly issued a
transferred exploration permit in the name of the Company on
March 23, 2013. The exploration
permit contained no additional conditions upon the Company and is
valid until December 17, 2014.
Pursuant to the Burkina Faso Mining Code, the Company can elect to
renew the permit for a further three years from this expiry
date.
Sarama's President and CEO, Andrew Dinning, commented:
"We are pleased to have obtained 100% ownership
of the Tankoro exploration property. Exploration results to
date and Sarama's substantial investment in the area highlight the
ongoing importance of this permit to the Company. With a cash
balance of around US$11M (unaudited)
as at March 31, 2013, we are
continuing to actively explore the South Houndé Project and look
forward to completing the necessary work to support the release of
a maiden mineral resource in Q3 2013."
For further information on the Company's activities, please
contact:
Andrew Dinning or Paul Schmiede
email: info@saramaresources.com
telephone: +61 8 9363 7600
Figure 1: Location of Tankoro
Exploration Property in South-West Burkina Faso
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 (~3,100 km²), Liberia (~2,400 km²) and Mali (~560 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. 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 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.
SOURCE Sarama Resources Limited