Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

November 17, 2010 07:00 ET

Sama Resources Intersects Additional Massive Mineralization and Discovers a New Mineralized Sector at Its Samapleu Project in Cote d'Ivoire, Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2010) - Sama Resources Inc. (TSX VENTURE:SME) -

Highlights

  • Intersection of a near-surface mineralized zone of 23.75 metres of highly disseminated sulphides including 3.0 metres of massive sulphide at the Samapleu Main deposit.
  • Discovery of a new mineralized sector: Kourouba.
  • Discovery of a potential new host sector 3.5 kilometres south of the Samapleu Main deposit: Gangbapleu.
  • 43-101 compliant mineral resource to be completed by mid-2011.

Sama Resources Inc. ("Sama" or the "Company") is pleased to announce preliminary results of its second phase definition and exploration drilling program at its "Samapleu Project". The Company has intersected a near-surface mineralized zone of 23.75 metres ("m") of highly disseminated sulphide including 3.0 m of massive sulphide in Hole SM44-492354. In addition, a newly discovered mineralized sector, called "Kourouba" (meaning 'high hill') has been discovered, with Hole SM13-509544 returning 23.75 m of pyroxenite with disseminated sulphide ranging from 10 to 30%, including stringers of massive sulphide.

True widths are not known at this time. However, according to Sama's geological model, these holes were planned to intersect mineralization as perpendicular as possible to the general strike and dip.

At the "Samapleu Main" deposit, the intersected massive material is characterized by mostly pyrrhotite with up to 10% chalcopyrite. Fine pentlandite appears associated with pyrrhotite. Other holes drilled 25 m apart from Hole SM-492354 confirmed the presence of the mineralization and suggests that the mineralized corridor is open near surface toward the southeast and the northwest. Downhole geophysics and surface induced polarization ("IP") will be performed to test extensions at both the Samapleu Main deposit and the Kourouba sector. Readers are invited to visit Sama's website for a complete update on Sama's current drilling campaign.

"It is Sama's objective to proceed with a scoping study on the viability of an open-pit mining operation at the Samapleu Main deposit and the newly discovered zones, known as Extension 1 and Kourouba, before the end of 2011. By becoming the first poly-metallic producer in West Africa, Sama and its partner La Société pour le Développement Minier de Côte d'Ivoire ("SODEMI"), have the opportunity to generate income to support Sama's continuing effort to explore the vast potential of the Samapleu Project," stated Dr. Marc-Antoine Audet, President and CEO of the Company.

The Samapleu Main deposit appears to be composed of two distinct and more or less parallel tubular shape lenses of massive sulphide plunging towards the south at approximately 35°. These two massive lenses are located within a 10% to 40% halo of disseminated sulphide within pyroxenite units, forming a 400 m long mass open at surface toward the southeast and the northwest and at depth. A detailed IP survey is due to start shortly to test potential at both ends.

The current drilling program is aimed at defining a National Instrument 43-101 ("NI43-101") compliant mineral resource by mid-2011 at the Samapleu Main deposit and at further delineating the mineral potential at the newly discovered zones.

Furthermore, Sama's surface exploration has identified a new mafic to ultramafic complex (potential host for mineralization) located 3.5 kilometres ("km") south of the Samapleu Main deposit. This new "Gangbapleu" sector extends for several km to the southwest. A mineralized pyroxenite rock sample collected at surface by Dr. Audet in July has returned 0.15% copper and 0.07% nickel. Although low, these unexpected values at surface are indicative of the potential for a whole new complex. Grid layout is ongoing and geological mapping, together with IP geophysical surveys, will be performed as soon as possible. The Gangbapleu mafic-ultramafic complex further extends erratically southward for an additional 10 km. Sama's regional exploration will also cover the southern part of the Samapleu Project.

Drilling was performed by Global Exploration Services SARL of Abidjan, Côte d'Ivoire. Core logging and sampling were performed at Sama's facility in Yorodougou village. Sample preparations were performed at Société de Développement de Gouessesso (SODEGO)'s sample preparation facility in Gouessesso village under Sama's supervision. Sample pulps were delivered to Bureau Veritas Mineral Laboratory's facility in Abidjan ("BVML") and then dispatched by BVML directly to their assay laboratory, Ultra Trace Pty, in Perth, Australia. All samples will be assayed for nickel (Ni), copper (Cu), cobalt (Co), fer (Fe), sulphur (S), platinum (Pt), palladium (Pd), rhodium (Rh) and gold (Au). Results should be available in approximately 4 weeks.

The Samapleu Project is a joint venture among the Company's 100% owned subsidiary SAMA Nickel Corporation (66 â…”%) and SODEMI (33 â…“%).

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.

For more information please visit Sama's website at www.samaresources.com.

Forward-Looking Statements

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 the Company'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 the Company, 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, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company'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.

In addition, forward-looking statements and forward-looking information are 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, the Company 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.

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