Business
Sarama Resources Announces Finalisation of Joint Venture Arrangements with Savary Gold Corp.
VANCOUVER , Sept. 11, 2014 /CNW/ - Sarama Resources Ltd. (" Sarama " or the " Company ") ...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"\n\nVANCOUVER, Sept. 11, 2014 /CNW/ - Sarama Resources Ltd. (\"Sarama\" or the \"Company\") is pleased to announce that it is has completed joint venture negotiations and executed a binding agreement with Savary Gold Corp. (\"Savary\").  This follows a Heads of Agreement signed between the parties on March 10, 2014 (see Sarama news release dated March 11, 2014). The joint venture will unify the operatorship of Sarama's 250 square kilometre Sérakoro 1 property (held under option) and Savary's 500 square kilometre Houndé South property  (\"Houndé South\") in Burkina Faso. The resultant joint venture company will be 65% owned by Savary and 35% owned by Sarama with Savary the operator as long as it controls a majority interest in the joint venture project. Savary has previously reported that the combined properties host 50 kilometre and 24 kilometre, mining camp scale, gold-in-soil anomalies, which when tested, have returned numerous gold-bearing intercepts that will require follow-up. \n\nBoth companies will now commence the process of transferring their permits into the joint venture structure in accordance with the agreement.  Work is anticipated to commence on the joint venture properties in November 2014.\n\nSavary'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 has now earned its 100% interest in its Houndé South property.  Sarama holds its 250 km2 Sérakoro 1 property under option and will be transferring the option agreement to the joint venture.\n\nSarama's President and CEO, Andrew Dinning, commented:\n\n\"We are pleased to have concluded all negotiations 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 Houndé 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 Houndé Project which is situated less than 20 kilometres away.\"\n\nF...