VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2012) - Sama Resources Inc. (TSX VENTURE:SME) ("Sama" or the "Company") is pleased to announce that the Company has initiated a Preliminary Economic Assessment study ("PEA") on a possible mining operation at its "Samapleu Project" in Côte d'Ivoire, West Africa. The PEA has been awarded to the engineering group GENIVAR Inc. of Montréal, Quebec, Canada.
The PEA will be based on a revised resource database that has been updated since the NI 43-101 Technical Report on the Samapleu Nickel Copper Deposits, Côte d'Ivoire, West Africa, dated July 20, 2012 (the "Technical Report"). The Technical Report was the Company's maiden mineral resource estimate on the "Samapleu Main Deposit" and the "Samapleu Extension 1 Deposit", which comprise the Samapleu Project. Since the date of the Technical Report, a total of 2,069 samples have been added to the database, which includes 110 boreholes totalling 17,143 metres for a total of 7,835 assay samples. These additional samples represent a 26% increase to the overall database and have the potential to substantially increase the available tonnage at the Samapleu Project.
The PEA will investigate the economic viability of an opencast mining operation for the production of a nickel-copper concentrate at the Company's Samapleu Project. It is anticipated that the concentrate be trucked 550 kilometres south using existing road infrastructure from the mine site to the port of San Pédro. The PEA will maximize the available mineralized material for an anticipated yearly production of 7,000 to 10,000 tonnes of nickel-copper concentrate over a period exceeding 10 years.
Metallurgical test work to be utilized in the PEA was completed using material from a 100-kilogram bulk sample nominally grading 0.24% nickel and 0.22% copper. The test work was performed at the Centre de Technologie Minérale et de Plasturgie Inc. in Thetford Mines, Quebec. The metallurgical test work concluded that a simple flow sheet involving crushing, grinding and flotation processes may be utilized to produce an 11.2% nickel-copper concentrate, with nickel and copper recoveries of 61% and 74%, respectively.
The reader is invited to view the Technical Report at http://www.samaresources.com/i/pdf/43_101_Technical_Report.pdf.
The Samapleu Project in Côte d'Ivoire is currently in its exploration phase. Any future production will be managed by a joint venture controlled 66 2/3% by Sama Nickel Corporation, a wholly-owned subsidiary of the Company, and 33 1/3% by the state owned Société pour le Développement Minier de la Côte d'Ivoire.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama, and by Dr. Phillip Mackey, P.Eng., a metallurgical consultant, both acting as qualified persons as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Certain of the statements made and information contained herein are "forward-looking statements" within the meaning of Canadian securities legislation or "forward-looking information" within the meaning of the Ontario Securities Act and the Securities Act (British Columbia). This includes statements concerning Sama's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Sama, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Information regarding drilling results may also be deemed to be forward-looking statements or forward-looking information in that they reflect a prediction of what may be found to be present when and if a project is actually developed.
Forward-looking statements and forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves because it has a resource, i.e., 43-101 Technical Report, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with Sama's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties including those described in the annual financial statements and management discussion and analysis.
In addition, forward-looking statements and forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, Sama undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.
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.