Business
Sarama Announces Heads of Agreement to Create a Joint Venture with Savary Gold Corp.
VANCOUVER , March 11, 2014 /CNW/ - Sarama Resources Ltd. (" Sarama " or the " Company ")...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"\n\n\nVANCOUVER, March 11, 2014 /CNW/ - Sarama Resources Ltd. (\"Sarama\" or the \"Company\") is pleased to announce that it has signed a heads of agreement with\n Savary Gold Corp. (\"Savary\") to enter into a joint venture to develop Sarama's Sérakoro 1 and\n Savary's Houndé South properties in Burkina Faso. The joint venture\n will be held 35% by Sarama and 65% by Savary and Savary will be the\n operator.\n\n\nThe joint venture agreement will be subject to Sarama and Savary\n completing customary due diligence to their satisfaction and obtaining\n all relevant consents and authorizations.\n\n\nSarama's Sérakoro 1 property is comprised of one exploration permit\n covering a total of 250 km2 and is held under option with an unaffiliated third party.\n\n\nSavary's Houndé South property is comprised of two exploration permits,\n Diosso and Mandiasso, covering a total of 375 km2 and two exploration permit applications, Kelesso and Fakoro, covering\n 125 km2, for a total area under license of 500 km2. Savary is earning a 100% interest in its Houndé South property and\n will earn its interest upon incurring a further approximately\n US$950,000 of exploration expenditures by May 17, 2014. The joint\n venture will take effect upon Savary having earned its 100% interest in\n the Houndé South property.\n\n\nSarama's President and CEO, Andrew Dinning, commented:\n\n\n\"We are very pleased to have entered into this heads of agreement and\n view this as a great deal for both Sarama and Savary shareholders. The\n proposed deal allows Sarama to leverage its Sérakoro 1 permit in to\n Savary's highly prospective Hounde' South property and combine the\n extensive geological knowledge and proven mine finding capabilities of\n both exploration teams. The combined permit package creates one of the\n most prospective land positions in the Houndé belt and is highly\n complementary to Sarama's South Hounde' Project which is situated less\n than 20 kilometres away. We will be moving ahead quickly to finalize\n our joint venture agreement and look forward to the success of this\n venture.\"\n\n\nFor further information on the Company's activities, please contact:\nAndrew Dinning or Paul Schmiede\ne: [email protected]\nt: +61 (0) 8 9363 7600\n\n\nNeither TSX Venture Exchange nor its Regulation Services...