Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

October 16, 2012 03:00 ET

Sama Resources Appoints Mr. Benoit La Salle as Director and Chairman of the Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) - Sama Resources Inc. (TSX VENTURE:SME) ("Sama" or the "Company") is pleased to announce that, effective immediately, Mr. Benoit La Salle, FCPA, FCA, has been appointed a Director of the Company and Chairman of the Board of Directors of the Company.

Benoit La Salle, FCPA, FCA, has 17 years of experience in the development and operation of mining projects in West Africa. In 1995, he founded Canadian-based SEMAFO Inc., a successful gold producer in West Africa. Mr. La Salle is and has been a Director of SEMAFO since 1995. He served as President and CEO of SEMAFO Inc. from its inception until August 2012. Mr. La Salle is currently Executive Vice-Chairman of the Board of SEMAFO Inc., President and CEO of SEMAFO Energy and Chair of the SEMAFO Foundation. In 1980, Mr. La Salle founded La Salle & Associates Group, Chartered Accountants. He has served on the boards of several public companies and is the former Chairman of the Board of Plan International Canada, one of the world's largest non-governmental organizations.

Mr. La Salle is a Fellow Chartered Accountant, a member of the Quebec Order of Chartered Accountants and the Canadian Institute of Chartered Accountants. Mr. La Salle holds a Bachelor of Commerce degree from McGill University and a Master of Business Administration degree from IMEDE, Switzerland.

"We are extremely pleased to have Mr. La Salle join Sama's Board of Directors and serve as Chairman of the Board. His broad experience within all aspects of the mining industry in West Africa will help guide us in our growth for years to come," commented Dr. Marc-Antoine Audet, President and CEO of Sama.

The Company also announces that, pursuant to its Stock Option Plan and subject to regulatory acceptance, it has today:

  1. granted 1,000,000 incentive stock options to Mr. La Salle, subject to certain vesting provisions. These options will be exercisable at a price of $0.33 per share and will expire on October 14, 2017; and
  2. in order to facilitate the grant of options to Mr. La Salle, Marc-Antoine Géologue Consultant Inc. has surrendered to the Company for cancellation, 1,000,000 incentive stock options granted to it on November 24, 2010 (see Sama's news release dated November 25, 2010). These options were exercisable at a price of $0.50 per share and would have expired on November 23, 2015. Vesting of these options was subject to and conditional upon a change of control of the Company. Dr. Marc-Antoine Audet is the principal of Marc-Antoine Géologue Consultant Inc., which provides the services of Dr. Audet as President and Chief Executive Officer of the Company. Dr. Audet is also a Director of the Company.

The Company also announces the resignation of Ms. Bonnie MacFarlane as a Director of the Company effective immediately. The Board thanks Ms. MacFarlane for her contribution to Sama since its inception in 2006.

Sama is a Canadian-based mineral exploration and development company with projects in West Africa. For more information about Sama, please visit Sama's website at http://www.samaresources.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.

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