Samaranta Signs LOI To Secure Exclusive Negotiating Rights To Gold And Platinum Targets In Choco Department, Colombia
2011年10月5日 - 10:00PM
PR Newswire (Canada)
VANCOUVER, Oct. 5, 2011 /CNW/ - Samaranta Mining Corporation (or
"Samaranta ") has signed a letter of intent with the Colombian
Board of the High Community Council of Novita - Cocoman (the
"Council") granting it a 90 day period of exclusivity to
finalize terms and execute an agreement such that Samaranta and the
Council will collectively make application to INGEOMINAS
(Geo-Scientific, Mining, Environmental and Nuclear Research and
Information Institute of Colombia) for the 117,647 hectare
concession referred to as the Novita Application. As the
Council represents the indigenous people of the Choco area it holds
certain preferential rights in the assignment of any future mining
concession. Terms incorporated in the initial LOI include the
Council retaining up to a 20% carried interest in the Novita
Application, Samaranta will participate in the concession
application process by offering the necessary legal and financial
support. Negotiations of the terms of the final agreement with the
Council are progressing well. Colombia is recognized as one of the
most prospective, yet under-explored countries in the world in
regards to gold, platinum, copper, manganese and coal, oil and gas,
and provides an attractive mix of different types of geological
deposits with an extremely high exploration and discovery potential
within a highly pro-mining business atmosphere. The Novita
application is intended to cover a 117,647 hectare area in the
Colombian department of Choco, which is located on the border
between Colombia and Panama. Mining of gold in Choco has been
traced back to the 1600s. The Novita application is located
approximately 130 km south east of the city of Qubido, the capital
of Choco. Choco 's main source of income comes from the gold
mining industry. UGSG reported in 2009, Colombia's gold
production increased to 47,800 kilograms (kg), or by 39%, compared
with that of 2008. Antioquia Department continued to be the leading
producer followed by Choco Department, which together accounted for
about 80% of the gold production for the year. Novita application
covers a tributary of the San Juan River valley a source of
significant platinum in alluvial deposits. The Novita Application
has limited bedrock exposure, but regional mapping indicates it is
primarily underlain by variably metamorphosed siltstones,
sandstones, cherts, limestones, tuffs and agglomerates with lesser
basalts and volcanic breccias. Portions of the concession are
covered by alluvial deposits and flood plains. Internal
concessions to the Novita property boundary cover portions of this
artisanal alluvial material where place mining of gold has been
ongoing since the 1700s. Choco, Colombia, is a known platinum
district and historically was the world's only source of platinum
until 1820. Prior to WW2 Colombia was a major producer of platinum,
ranked first in the world between 1917 and 1923. According to
the USGS, the current average reported alluvial production is over
1,000kg platinum per year. The source of the gold and platinum in
the alluvial material is the basis for the Novita Application and
the primary exploration target for Samaranta. As contemplated
in the LOI with the Council, if the concession is awarded to
Samaranta and the Council, Samaranta has agreed to pass any
unallocated alluvial mining rights within the proposed concession
to the Samarium Group, a non-arm's length company with an office in
common with Samaranta. The letter of intent has a 90 day period
during which time a more definitive agreement shall be entered
into, however this period may be extended by mutual consent or
events out of control of the parties. The area of the
concession may be reduced should the Council have an interest of
religious, cultural, medical or social importance in any area, said
area will not form part of this agreement. Both parties are working
actively on the final contract and hope to conclude it soon.
Management is encouraged by the progress to date in negotiating the
definitive agreement with the Council, however at this time the
definitive agreement with the Council has not been completed and
the application for the property has not yet been made to the
government authorities and therefore has not been awarded. "We have
built a strong relationship with the Board of the High Community
Council of Novita - Cocoman and are confident we can complete the
agreement and acquire Novita concessions we are seeking," stated
Dr. Volkmar Hable, President of Samaranta. "The opportunities
presented by these vast tracts of unexplored highly prospective
ground are exceptional. Gold and platinum have been recovered
from alluvial deposits for centuries and it stands to be a very
exciting endeavor to try and locate the bedrock source of these
precious metals." Technical information in this news release
has been reviewed by Derrick Strickland, P.Geo., a qualified person
as defined in NI 43-101. SAMARANTA MINING CORPORATION Per: Volkmar
Hable, President Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. Samaranta Mining Corporation
CONTACT: please contact:
_____________________________________________________|Volkmar
Hable, President|Barry Girling
||________________________|____________________________||Tel: 604
641 1210 |604 639 4528
||________________________|____________________________||info@samaranta.ca
|wbg@malaspinaconsultants.com||________________________|____________________________|Or
visit our website at www.samaranta.ca
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