Samco Gold Limited
TSX VENTURE : SGA

Samco Gold Limited

March 25, 2013 15:17 ET

Samco Gold Releases Its Financial Statements and Management's Discussion & Analysis for the Year Ended December 31, 2012 and Provides an Update on Operations

TORONTO, ONTARIO--(Marketwire - March 25, 2013) - Samco Gold Limited (TSX VENTURE:SGA) ("Samco Gold" or the "Company") last week released its Financial Statements and Management's Discussion & Analysis ("MD&A") for the year ended December 31, 2012. These Financial Statements and MD&A are available at the Company's website and at its profile on the SEDAR website at www.sedar.com.

Commenting on the Financial Statements and MD&A, Charles Koppel, Chairman of Samco Gold said:

"We ended 2012 with a healthy cash balance of over US$10.7 million and began 2013 with the commitment to drill a preliminary program at our Corina project, which is now complete. The initial results were encouraging and an update will be provided in due course following completion of the geological interpretation.

Given recent progress at core properties, the Company has decided to focus its strategic efforts on further developing its portfolio as well as evaluating the expansion of its Argentine asset base. During the course of this year the Company expects to:

  • continue with the evaluation of a mineable resource on the Main Veins target in the Monserrat Zone of its core El Dorado Monserrat project;
  • further identify potential mineral resources on its Corina project;

  • continue with the on-going reconnaissance and initial geological evaluation of the balance of the exploration portfolio held by the Company in the Santa Cruz Province of Argentina; and

  • evaluate the potential to supplement its existing portfolio through the strategic acquisition of new mineral properties in Argentina.

The exploration program across the portfolio in 2013 may include further specific target and/or infill drilling at either of the El Dorado Monserrat or Corina projects. It is anticipated that geophysical and geochemical surveys, mechanical trenching and detailed geological mapping will continue on certain properties within the Company's portfolio, with El Dorado Monserrat, Corina, Ginette, Giancarla, Maribel I, Maribel III and Maribel IV being the main targets."

The Company continues to monitor its activities and associated expenditure on a regular basis and has the ability to substantially reduce its cost base should it be necessary to do so."

About Samco Gold Limited

Samco Gold's principal business is the acquisition, exploration and development of precious metals resource properties in Argentina. The Company's principal mineral property is the El Dorado Monserrat epithermal gold project, located in the Deseado Massif region of Santa Cruz Province, Argentina. Samco Gold's goal is to become a producer of gold through the exploration and development of the Company's portfolio of mineral exploration properties in the Deseado Massif.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements which can be identified by the use of words "anticipated", "goal", and phrases or statements that certain actions, events or results "may", "would", or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the results of due diligence activities, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold and other metals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in Samco Gold's Annual Information Form dated November 1, 2012 filed and publicly available under the Company's profile on the SEDAR website at www.sedar.com. Although Samco Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend, and does not assume any obligations, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws.

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

Contact Information

  • Samco Gold Limited
    Paul Richardson
    Chief Executive Officer
    +44 20 7440 5791
    pr@samcogold.com

    Samco Gold Limited
    Charles Koppel
    Executive Chairman
    +44 20 7440 5791
    ck@samcogold.com