Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

April 06, 2011 07:00 ET

Exploration Activities Underway at Sama's Lola Project in Guinea, West Africa, and Warrants Exercised for Proceeds of Approximately $840,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 6, 2011) - (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 Côte d'Ivoire. Dr. Marc-Antoine Audet, Sama's President and Chief Executive Officer, first identified the potential while working on adjacent permits in Côte 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, Côte 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 Côte 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 Côte d'Ivoire. Exploration is continuing as planned at Sama's Samapleu project in Côte 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 Côte 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.

Contact Information

  • Sama Resources Inc.
    Dr. Marc-Antoine Audet
    President and CEO
    (514) 726-4158
    www.samaresources.com
    or
    Hamza Thindal Capital Corporation Inc.
    Kam Thindal
    Investor Relations
    (604) 566-9236 or Cell: (604) 488-9875