Sarama Defines 11km-Long Gold-in-Soil Anomaly At Its Gbarpolu Property In Liberia & Increases Its Interest In Pedsam Properties To 65%
The anomalous zones are broadly defined by the 95 th percentile of returned assays (Au>20ppb). Within the main zone, several areas up to approximately 1.5km in length are defined by gold-in-soil values of Au>37ppb. A peak value of 1,100ppb Au (1.10 g/t Au) was recorded by the survey.
Sarama has commenced trenching over selected areas within the identified trends with a view to defining drill targets.
Acquisition of 65% Interest in PedSam Mining Limited ( Liberia)
Pursuant to an earn-in agreement (the " Agreement") between Sarama and Pedra Mining AS ( Norway) (" Pedra"), Sarama is pleased to report that it has increased its interest by a further 15%, for an aggregate 65% interest, in PedSam.PedSam is a Liberian entity that is managed by Sarama which has title to the three exploration licences that are subject to the Agreement. The licences are located in Grand Cape Mount, Gbarpolu and Grand Bassa Counties and total approximately 1,200km² in area (refer Figure 2). The 65% earn-in milestone was achieved by Sarama having incurred an aggregate of US$2,000,000 in eligible expenditures across the three exploration licences. Pedra currently holds the remaining 35% interest in PedSam, and under the Agreement, Sarama has the right to earn a 90% interest in PedSam, with the ability to acquire 100% of PedSam subject to certain conditions being met. Sarama expects to increase its interest in PedSam to 80% during 2013, subject to achieving prescribed earn-in milestones. Sarama's President and CEO, Andrew Dinning, commented: "We are encouraged by the results of the geochemical survey at Gbarpolu, particularly when viewed in combination with the trends identified by the airborne geophysical surveys conducted. The 11km-long anomalous zone presents a significant target for exploration work and further illustrates the prospectivity of our Liberian property portfolio." For further information on the Company's activities, please contact:
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