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SME Sama Resources Inc

0.12
0.00 (0.00%)
26 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Sama Resources Inc TSXV:SME TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.12 0.115 0.12 0 14:25:14

Sama Resources Initiates Preliminary Economic Assessment at its Samapleu Project in Cote d'Ivoire, West Africa

04/12/2012 11:00am

Marketwired Canada


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 Cote
d'Ivoire, West Africa. The PEA has been awarded to the engineering group GENIVAR
Inc. of Montreal, 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, Cote
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 Pedro.
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 Minerale 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 Cote 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 Societe pour le Developpement Minier de la Cote 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.


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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Sama Resources Inc.
Dr. Marc-Antoine Audet
President and CEO
(514) 726-4158


Sama Resources Inc.
Mr. Matt Johnston
(604) 443-3835 or Toll Free: 1 (877) 792-6688, Ext. 4
(604) 682-3860 (FAX)
www.samaresources.com

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