Samaranta option agreement signed with private companies in Ontario in terms of the concession area Siguiri

Samaranta option agreement signed with private companies in Ontario in terms of the concession area Siguiri

23.05.2012 Vancouver (BC) – Samaranta Mining Corporation (TSX.V:SAX) ("Company" or "Samaranta") Following is the press release dated 21. September 2011, in which the company announced, that there is an involvement of 80 % the concession area Siguiri in Guinea (West Africa) (the "Property") has acquired, known, that there is an agreement with Siguiri Guinea Mining Ltd.. („SMG“) has signed, According to SMG which can acquire the 80% stake in the concession area of ​​Samaranta. Samaranta holds its 80% interest in the concession area by virtue of its 100% subsidiary Guinean Global Resources SA („GGR“), a Guinean company, the 80% stake in a Group SA Guinea Investment ("GGI") has. GGI is a second Guinean company, which in turn owned by the concession area is. SMG is a 100% subsidiary of Siguiri Gold Mining Corp.. („SGMC“), a private, registered companies in Ontario.

GGR has 2.000 authorized and issued shares. The only asset of this company is its 80% stake in SCI and thus a 80% interest in the concession area. Therefore, each representing a stake of shares PFR 0,04% GGI and thus to the concession area. As explained below,, SMG is according to the payment of a cash payment of 125.000 US$, the output of 1.500.000 SGmC shares(2) and at the expense of Samaranta 2.500.000 U.S. $ in exploration expenditures to acquire property by GGR. The acquisition of shares by PFR SMG will take place in four tranches. In order to realize the participation of SMG at GGR, Samaranta is transmitted to each of the milestones described below, the necessary number of shares of GGR-SMG. This will act as follows:

Furthermore Samaranta before or simultaneously with the final payment a NSR-funding levy of 2 % be granted on concession. Half of these (1 %) may at any time by SMG for 1.000.000 U.S. $ to be acquired.

In the event of, SMG that is not in a position, within the stipulated periods, the cash necessary to make, To issue shares to SMGC Samaranta, To make expenditures or to satisfy other conditions (the "SMG option terms"), SMG is after receiving a notice for a period of 30 Days have, To eliminate this delay. SMG should this not in turn be able, the option agreement (in the amount of any installments not exercised at this time of the agreement) terminated automatically. SMG may terminate the agreement by submitting a written notice of termination. SMG will be entitled, GGR all shares, which it has acquired up to the date of effective termination, to keep.

"This transaction allows Samaranta, develop its assets, while the company continues to focus on its core franchise areas in Colombia ", Volkmar Hable said, President und CEO von Samaranta.

The concession area Siguiri

The concession area is located immediately south of Block 4 and east of Block 3. Block 3 and 4 are two of the four licenses, the mine from AngloGold Ashanti Siguiri account. This mine is located in the northeast of Guinea about 850 Kilometers from the capital Conakry. The mineralization is in the Palaeoproterozoic rocks of the Birimian Formation, from volcaniclastic turbidite sequences are subordinate and, before and is structurally limited. It occurs as veins or layered within shear zones. To a depth of 100 Meters occurs weathering, wherein there are two kinds of oxide mineralization: eluvial or alluvial and primary quartz vein Lateritmineralisierung- or shear zones in bedded mineralization.

The technical information contained in this press release was prepared by Derrick Strickland (P.Geo.), Qualified Person under NI 43-101, checked.

SAMARANTA Mining Corporation
Volkmar Hable,
President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) take responsibility for the adequacy or accuracy of this release.

For further information please contact:
Volkmar Hable, President Barry Girling
Such: +1 604 641 1210 +1 604 639 4528
info@samaranta.ca wbg@malaspinaconsultants.com

For the correctness of the translation is any liability assumed! Please note original English message!

Which filings can be found at:
http://www.irw-press.at/press_html.aspx?messageID=25173

This entry was posted in News of the corporations, the rare earth metals and and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply