VANCOUVER, Jan. 5, 2015 /CNW/ - The Board of Directors
of Sarama Resources Ltd. ("Sarama" or the "Company")
has granted 2,330,000 options to directors, officers, employees and
consultants of the Company. The option grant is the result of
the Company's annual compensation review and the issuance is made
in accordance with the stock option plan of the Company. This
plan was approved by shareholders on June
18, 2014 and allows the Company to issue a number of options
up to 10% of its rolling issued and outstanding common
shares. The options will vest over a 6-month period, have an
exercise price of C$0.10 and are
exercisable for a period of 3 years from the date of the grant
thereof. The closing price for the Company shares listed on
the TSX-V as of January 2, 2015 was
$0.07, the 5-day volume weighted
average price ("VWAP") was $0.071 and the 30-day VWAP was $0.059. Following the grant outlined herein, the
Company will have options outstanding equal to 9.5% of its issued
and outstanding common shares.
Neither 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.
About Sarama Resources Ltd
Sarama Resources Ltd (TSX-V: SWA) is a West African focused gold
explorer with substantial landholdings in Burkina Faso, Liberia and Mali.
Sarama's flagship property is the South Houndé Project in
south-west Burkina Faso. Located
within the prolific Houndé greenstone belt, Sarama's exploration
programs have built on significant early success to deliver a
maiden Inferred Mineral Resource estimate of 1.5 Moz
gold1,2. In November
2014, Sarama entered in to an earn-in agreement with Acacia
Mining plc ("Acacia") where Acacia has the right to earn a
70% interest in the Company's South Houndé Project by meeting
certain conditions, including spending US$14m on exploration and can earn a further 5%
interest by generating a mineral reserve of 1.6Moz Au.
The Company's Board and management team have a proven track
record in Africa and a strong
history in the discovery and development of large-scale gold
deposits. Sarama is well positioned to build on its current
success with a strong financial position and a sound exploration
strategy across its property portfolio.
|
1.
|
29.13 Mt @ 1.6 g/t
Au (at a 0.8 g/t Au cut-off)
|
|
2.
|
The effective date
of the Company's Mineral Resource estimate is September 16, 2013.
For further information regarding the Mineral Resource estimate
please refer to the technical report titled "NI 43-101 Independent
Technical Report, South Houndé Project, Bougouriba and Ioba
Provinces, Burkina Faso", dated October 28, 2013. The technical
report is available under the Company's profile on SEDAR at
www.sedar.com.
|
Caution Regarding Forward Looking Statements
Information in this news release that is not a statement of
historical fact constitutes forward-looking information. Such
forward-looking information includes statements regarding the
potential to add inferred mineral resources to the Company's
existing estimated mineral resources, future project development
and future plans for drilling. Actual results, performance or
achievements of the Company may vary from the results suggested by
such forward-looking statements due to known and unknown risks,
uncertainties and other factors. Such factors include, among
others, that the business of exploration for gold and other
precious minerals involves a high degree of risk and is highly
speculative in nature; Mineral Resources are not Mineral Reserves,
they do not have demonstrated economic viability, and there is no
certainty that they can be upgraded to Mineral Reserves through
continued exploration; few properties that are explored are
ultimately developed into producing mines; geological factors; the
actual results of current and future exploration; changes in
project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed documents.
There can be no assurance that any mineralisation that is
discovered will be proven to be economic, or that future required
regulatory licensing or approvals will be obtained. However, the
Company believes that the assumptions and expectations reflected in
the forward-looking information are reasonable. Assumptions have
been made regarding, among other things, the Company's ability to
carry on its exploration activities, the sufficiency of funding,
the timely receipt of required approvals, the price of gold and
other precious metals, that the Company will not be affected by
adverse political events, the ability of the Company to operate in
a safe, efficient and effective manner and the ability of the
Company to obtain further financing as and when required and on
reasonable terms. Readers should not place undue reliance on
forward-looking information.
Sarama does not undertake to update any forward-looking
information, except as required by applicable laws.
Qualified Person's Statement
Scientific or technical information in this news release that
relates to the preparation of the Company's mineral resource
estimate is based on information compiled or approved by
Adrian Shepherd. Adrian Shepherd is an employee of Cube
Consulting Pty Ltd and is considered to be independent of Sarama
Resources Ltd. Adrian Shepherd
is a chartered professional member in good standing of the
Australasian Institute of Mining and Metallurgy and has sufficient
experience which is relevant to the commodity, style of
mineralisation under consideration and activity which he is
undertaking to qualify as a Qualified Person under National
Instrument 43-101. Adrian
Shepherd consents to the inclusion in this news release of
the information, in the form and context in which it
appears.
SOURCE Sarama Resources Limited
