Business
Sarama Resources Announces Increase in Ownership in its Liberian Interests to 80%
TSX-V Ticker: SWA SWA.WT VANCOUVER , June 11, 2013 /CNW/ - Sarama Resources Lim...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"\n\n\nTSX-V Ticker: SWA SWA.WT\n\n\nVANCOUVER, June 11, 2013 /CNW/ - Sarama Resources Limited (\"Sarama\" or the \"Company\") is pleased to announce it has increased its interest by a further\n 15%, for an aggregate 80% interest, in Pedsam Mining Ltd (\"PedSam\") in accordance with an earn‐in agreement (the \"Agreement\") between\n Sarama and Pedra Mining AS (Norway) (\"Pedra\").\n\n\nPedSam is a Liberian entity that is managed by Sarama which has title to\n the three exploration properties that are subject to the Agreement. The\n properties are located in Grand Cape Mount, Gbarpolu and Grand Bassa\n Counties (Refer Figure 1) with a total area of 698km², following the\n recent relinquishment of ground as part of the extension process.\n\n\nThe 80% earn‐in milestone was achieved by Sarama having incurred an\n aggregate of US$3,000,000 in eligible expenditures across the three\n properties. Pedra currently holds the remaining 20% interest in PedSam,\n and under the Agreement, Sarama has the right to earn a 90% interest in\n PedSam, with the ability to acquire 100% of PedSam subject to certain\n conditions being met.\n\n\nSarama expects to increase its interest in PedSam to 90% over the course of the next twelve months, subject to achieving\n prescribed earn‐in milestones.\n\n\nSarama's President and CEO, Andrew Dinning commented:\n\n\n\"We are pleased to have increased our interest in the properties held by\n PedSam.  Our exploration activities have delineated coherent,\n kilometre-scale gold-in-soil anomalies at all three properties which\n demonstrate the prospectivity of unexplored western and central\n Liberia.\n\n\nSarama is well funded with a cash balance of approximately US$11M at the\n end of March 2013 and is currently undertaking further sampling and\n trenching in Liberia with a view to identifying drill targets for\n follow up in early 2014.\"\n\n\nFor further information on the Company's activities, please contact:\n\n\nAndrew Dinning or Paul Schmiede\nemail:  [email protected]\ntelephone: +61 8 9363 7600\n\n\nAbout Sarama Resources Ltd \nSarama Resources Ltd is a Canadian company with a focus on the\n exploration and development of gold deposits in West Africa.  The board\n of directors and management team, a majority of whom are founders of\n the Company, are...