Business
Sarama Resources Announces Completion of Earn-In Arrangement with Acacia Mining (Formerly African Barrick Gold)
VANCOUVER , Dec. 5, 2014 /CNW/ - Sarama Resources Ltd. (the " Company " or " Sarama ") is...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"\n\nVANCOUVER, Dec. 5, 2014 /CNW/ - Sarama Resources Ltd. (the \"Company\" or \"Sarama\") is pleased to announce that the conditions have been satisfied for completion of the earn-in agreement with Acacia Mining plc (\"Acacia\", formerly known as African Barrick Gold plc) that was announced on November 27, 2014.  \n\nThe earn-in agreement relates to Sarama's South Houndé Project (the \"Project\") in Burkina Faso whereby Acacia will have the option to earn up to a 70% interest in the Project by satisfying certain conditions, including funding earn-in expenditures of up to US$14 million, over a 4-year earn-in period and then the right to acquire an additional 5% interest, for an aggregate 75% interest in the Project, upon declaration of a minimum mineral reserve of 1.6 million ounces of gold.\n\nSarama has received the completion payment of US$1 million from Acacia and the TSXV has approved the completion of the transaction.\n\nFor further information on the Company's activities, please contact:\n\nAndrew Dinning or Paul Schmiede e: [email protected] t: +61 (0) 8 9363 7600\n\nNeither 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.\n\nABOUT SARAMA RESOURCES LTD \n\nSarama Resources Ltd (TSX-V: SWA) is a West African focused gold explorer with substantial landholdings in Burkina Faso, Liberia and Mali.\n\nSarama'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 gold1,2.  Sarama is focused on consolidating under-explored landholdings in Burkina Faso and other established mining jurisdictions.\n\nIncorporated 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.\n\n\n29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off) \nThe effective date of the Comp...