Exploration Activities Underway at Sama's Lola Project in Guinea, West Africa, and Warrants Exercised for Proceeds of Approximat
April 06 2011 - 7:00AM
Marketwired
(TSX VENTURE: SME) Sama Resources Inc. ("Sama" or the "Company") is
pleased to announce that exploration activities for nickel-copper
sulphide and for nickel-cobalt-scandium laterite mineralization are
currently underway at the "Lola Project". The Lola Project
encompasses 1,212 square kilometres of highly prospective property
in the Republic of Guinea, West Africa. The Guinean permits were
acquired to cover extensions which are proving to be world class
laterite nickel-cobalt deposits in addition to the massive sulphide
potential discovered in adjacent Cote d'Ivoire. Dr. Marc-Antoine
Audet, Sama's President and Chief Executive Officer, first
identified the potential while working on adjacent permits in Cote
d'Ivoire in the 1990s.
The exploration program includes digging man-made pits, down to
a maximum depth of 12 metres on several large laterite plateaus
that have already been identified through Sama's field
reconnaissance. To date, 12 pits have been dug on a 400 metre by
400 metre pattern at one of the plateaus (known as the 'Gogota
laterite plateau') and have returned red limonite, followed
downward by asbolane-rich yellow limonite. A limitation on the
pit's maximum depth prevented going through the entire laterite
profile. Consequently, no saprolite facies are currently
accessible. Saprolite facies will be characterized at a later stage
by drilling. All of the collected samples will be delivered to
Bureau Veritas Mineral Laboratory's facility in Abidjan, Cote
d'Ivoire ("BVML") and then dispatched by BVML directly to their
assay laboratory, Ultra Trace Pty, in Perth, Australia. All samples
will be assayed for nickel, cobalt, scandium and all major oxides.
The exploration program also includes an extensive stream sediment
sampling program covering areas with similar rock types that host
the Company's Samapleu nickel-copper deposit in Cote d'Ivoire.
The Lola Project is 100% owned by the Company and is located in
eastern Guinea, adjacent to Sama's Samapleu project, which is just
across the border to the west in Cote d'Ivoire. Exploration is
continuing as planned at Sama's Samapleu project in Cote
d'Ivoire.
The Company is also pleased to announce that it received
proceeds of $839,890.50 from the exercise of non-transferable share
purchase warrants issued in connection with the March 26, 2010
non-brokered private placement. A total of 2,799,635 warrants at an
exercise price of $0.30 each were exercised, representing 85% of
the total warrants issued. The Company has issued 2,799,635 common
shares for these warrants.
"We are very excited about the high percentage of warrants
exercised. The proceeds will be utilized for the Company's
exploration efforts and working capital requirements," stated Dr.
Audet.
Readers are invited to visit Sama's website at
www.samaresources.com for a complete update on Sama's current
exploration activities in Guinea and Cote d'Ivoire.
This News Release was prepared by Dr. Marc-Antoine Audet, P.Geo,
President and CEO of Sama Resources Inc. and a Qualified Person
under NI 43-101.
Forward-Looking Statements
This news release contains forward-looking statements. Although
Sama believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should
not be placed on them because Sama can give no assurance that they
will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Additional information on these
and other factors that could affect Sama's operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com).
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Sama Resources Inc. Dr. Marc-Antoine Audet President
and CEO (514) 726-4158 www.samaresources.com Hamza Thindal Capital
Corporation Inc. Kam Thindal Investor Relations (604) 566-9236 or
Cell: (604) 488-9875
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