Samaranta Mining Corporation
TSX VENTURE : SAX

Samaranta Mining Corporation

May 20, 2011 14:32 ET

Legion Resources Corp. & Samaranta Mining Corporation Complete Amalgamation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2011) - Samaranta Mining Corporation (TSX VENTURE:SAX) (the "Company") announces the completion of the merger by way of plan of arrangement (the "Arrangement") of Legion Resources Corp. ("Legion") and Samaranta Mining Corporation ("SMC"). Effective May 20, 2011, the "new" Samaranta Mining Corporation will begin trading on the TSX Venture Exchange as a Tier 2 Mining Issuer under the trading symbol "SAX".

Pursuant to the Arrangement, holders of Legion shares received one share of the Company for every four Legion shares held, and holders of SMC shares received one share of the Company for every 6.5 SMC shares held.

Concurrent with the completion of the Arrangement, the Company also completed its brokered financing of 10,000,000 units of the Company at $0.35/unit (the "Concurrent Financing"). Each unit was comprised of one common share of the Company and one-half of a common share purchase warrant. Each whole warrant is exercisable into one common share until May 20, 2013 at a price of $0.50/share, subject to forced acceleration in the event the Company's shares close at a price of $0.70/share for any 10 consecutive trading days between the date that is four (4) months and one day from the date of issuance of the warrants and their expiry date.

Canaccord Genuity Corp. (the "Agent") acted as agent with respect to the Concurrent Financing. In connection with the Concurrent Financing, the Company paid the Agent a cash commission equal to 8% of the proceeds raised and a corporate finance fee and issued to the Agent an aggregate of 800,000 share purchase warrants, each being exercisable into one common share of the Company until May 20, 2013 at a price of $0.50/share.

All securities issued in relation to the Concurrent Financing are subject to a four month hold period expiring September 21, 2011.

The board of directors of the Company is comprised of Messrs. Volkmar Hable, Robert McMorran, Gunther Roehlig and James Walchuk. Dr. Volkmar Hable has been appointed as the President and Chief Executive Officer of the Company; Ms. Sharon Muzzin has been appointed as the Chief Financial Officer of the Company and Mr. James Harris has been appointed as the Corporate Secretary of the Company.

The Company is a resource exploration and development company that currently is actively exploring for gold and other precious metals primarily in Colombia. The Company's principal property is the Guadalupe Property located in Colombia. The Guadalupe property is located contiguous with the Frontino Gold Mine which has been in production for over 150 years. An NI 43-101 Report with respect to the Guadalupe property can be found with the Company's public filings on www.SEDAR.com.

ON BEHALF OF THE BOARD

SAMARANTA MINING CORPORATION

Robert McMorran
Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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