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SOUTH AMERICAN MINERALS, INC. Completes Placement of 1,070,000 Shares of
Investment Stock
NEW YORK and GEORGETOWN, Guyana, Nov. 13 /PRNewswire-FirstCall/ -- SOUTH
AMERICAN MINERALS, INC. (OTC Pink Sheets: SAMM) today reported that the Company
has completed a Placement of 1,070,000 shares of restricted stock sold at $.10
per share ($107,000) to a group of investors headed by Summerland Group of
Edmonton Canada. No commissions were paid in connection with this placement.
The Company is seeking additional capital.
A portion of the proceeds of the offering are being used to prepare and file a
Form 10-SB Registration Statement under the Securities and Exchange Act of 1934
with the Securities and Exchange Commission. Legal and accounting services have
already been retained to assist in the filing which is expected to be made in
early 2004. Once the Company's Exchange Act registration is complete, the
Company plans to seek a broker-dealer to act as a market maker and to file an
application for resumption of quotation of the Company's common stock on the OTC
Bulletin Board.
Additional funds are being utilized for general corporate purposes including
completion of repairs of equipment used in the gold dredging operation conducted
by the Company's subsidiary in the Republic of Guyana. Upon completion of such
repairs a total of four dredges will be in operation of which, two are wholly
owned by the subsidiary and 2 are owned by a joint venture in which the Company
owns a 65% interest.
The Company has also announced that Joshua Summerland has been elected to the
Company's Board of Directors. Mr. Summerland, age 47, is currently a member of
the Registered Professional Accountants Association of Alberta, Canada. Mr.
Summerland is expected to be an active participant in the Company's operations
in the future. He has had many years of experience in providing financial and
management expertise to various businesses and the Company looks forward to his
contributions in the future. Mr. Summerland is currently in Guyana reviewing
the Company's operations.
The Company is excited about gold trading at a seven year high and looks forward
to record production levels in 2004.
We will continue to provide you with important information as soon as it becomes
available.
Except for the historical information herein, certain matters discussed in this
release include forward looking statements that may involve a number of risks
and uncertainties, which projections and statements are made pursuant to the
"Safe Harbor" provisions of the Private Securities Litigation Reform Act of
1995. Actual risks may vary significantly based on a number of factors,
including but not limited to: risks in production relating to weather and the
prices of fuel and gold on the world market.
DATASOURCE: SOUTH AMERICAN MINERALS, INC.
CONTACT: SOUTH AMERICAN MINERALS, INC., +1-212-668-0842, or
+1-212-344-2785, fax, +1-212-344-4537
Web site: http://www.southamericanminerals.com/