Savary Gold & Sarama Resources to Create A Premier Exploration 'Blue Sky' Project in the Prolific Hounde Gold Belt in Burkina...
2014年3月11日 - 8:00PM
Marketwired
Savary Gold and Sarama Resources to Create A Premier Exploration
'Blue Sky' Project in the Prolific Hounde Gold Belt in Burkina Faso
750 km2 Property Combines Numerous High Grade Gold Drill
Intercepts, Good Quality Drill Targets and 74 km of Well Defined,
Regional Scale, Gold-In-Soil Anomalies
TORONTO, ONTARIO--(Marketwired - Mar 11, 2014) - Savary Gold
Corp. (TSX-VENTURE:SCA) ("Savary") and Sarama Resources Ltd.
(TSX-VENTURE:SWA) ("Sarama") are pleased to announce that they have
signed a Heads of Agreement (HoA) in respect of a proposed joint
venture arrangement between Sarama and Savary which will unify the
operatorship of Savary's 500 square kilometre Houndé South property
and Sarama's 250 square kilometre Serakoro 1 property. The proposed
JV company will be 65% owned by Savary and 35% owned by Sarama. The
combined properties host a 50 kilometre and a 24 kilometre long,
mining camp scale, gold-in-soil anomalies, which when tested, have
returned numerous gold-bearing intercepts that will require
follow-up (see figure). Drilling has commenced at the Karangosso
zone where previous intercepts, hosted by a fractured felsic
intrusion, returned 10.18 g/t Au over 10.0 metres, 5.77 g/t Au over
8.0 metres and 1.82 g/t Au over 7.0 metres, in two holes (see
January 20, 2014 Savary news release).
Don Dudek, President and CEO of Savary commented; "This is a
fantastic deal for Savary shareholders. In addition to teaming up
with a well respected mine finding team and having access to their
in-country operational team, Savary shareholders will now have a
majority interest in a property package which essentially doubles
the blue sky potential of the Houndé South property in one of the
most prospective gold belts in Burkina Faso. Both parties will also
gain from cross-marketing opportunities and the reduction of
funding risk as the project is moved forward. I am looking forward
to working with the Sarama team and receiving the first drill
results from the current program in the coming weeks."
The HoA includes the following indicative terms:
- Sarama will contribute its right and interest in its option to
acquire the Serakoro 1 permit to the Joint Venture Company, once
Savary has earned a 100% interest in its South Houndé permits;
- Savary will contribute its Houndé South permits to the Joint
Venture Company once Savary has earned a 100% interest in the
property from Endeavour Mining Corporation ("EDV").
- Upon Savary earning its interest in the Houndé South permits
and the parties executing final binding documentation, Sarama shall
pay its pro-rata share, 35%, of the current, maximum US$1,000,000
exploration program, which will result in Savary completing its
remaining earn-in commitments to Endeavour.
- Savary will receive 65% of the shares in the Joint Venture
Company and Sarama will receive 35% of the shares in the Joint
Venture Company.
The proposed joint venture arrangement remains subject to
various conditions, including without limitation, satisfactory due
diligence, formal binding documentation and regulatory
approval.
About Savary Gold
Savary Gold is a Canadian exploration company focused on
exploring the Houndé South Gold Property in Burkina Faso. The
property is in the Birimian age Houndé Greenstone Belt, which hosts
Semafo's Mana mine and additional gold deposits that are presently
subject to extensive exploration efforts (including Endeavour
Mining's Houndé Project, Roxgold's Yaramoko Project and Sarama's
South Houndé Project, which is adjacent to Savary Gold's property).
For additional information please visit our website at
www.savarygold.com and follow us on Facebook, Linked-In and
Twitter: @SavaryGold.
Don Dudek, P.Geo., President and CEO of the Company and a
qualified person under National Instrument 43-101, has reviewed and
approved the scientific and technical information in this press
release.
SAVARY GOLD CORP.
On behalf of the Board
Don Dudek, President & Chief Executive Officer
Cautionary Notes
Neither 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.
This news release may contain forward-looking statements.
These statements include statements regarding the proposed terms
for the joint venture, the likelihood of executing formal
documentation and forming joint venture as scheduled or at all and
the receipt of all necessary approvals. These statements are based
on current expectations and assumptions that are subject to risks
and uncertainties. Actual results could differ materially because
of factors discussed in the management discussion and analysis
section of our interim and most recent annual financial statements
or other reports and filings with the TSX Venture Exchange and
applicable Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements, except as
required by applicable laws.
To view the figure associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/932437i.pdf
Savary Gold Corp.Michael McAllisterManager, Investor
Relations416-309-2134info@savarygold.comwww.savarygold.com
Savary Gold Corp. (TSXV:SCA)
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