Montreal, Quebec, June 2, 2020 – Sama Resources Inc. (“Sama” or the “Company”) (TSX-V: SME OTC PINK SHEETS: SAMMF) today announced that the Company has filed on SEDAR an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101) supporting the results of a Preliminary Economic Assessment (“PEA”) for the development of its Samapleu Nickel-Copper project located in Ivory Coast, West Africa previously reported in the Company’s news release dated May 27, 2020. There are no material differences in the Report from those results in the Company’s press release dated May 27, 2020. The effective date of the technical report is May 22, 2019. The effective date of the Mineral Resources is October 26, 2018.
- Average annual production of 3,900 tonnes(“t”) of carbonyl nickel powder, 8,400 t of carbonyl iron powder and 14,100 t of copper concentrate over a 20-year mine life
- Capital costs of $282 million (“M’) including contingency of $37 M
- Operational costs of $23.96/t milled
- Pre-tax Net Present Value (“NPV”) at 8% discount rate of $615M and internal rate of return (“IRR”) of 32.5%
- After-tax NPV at 8% discount rate of $391M and after-tax IRR of 27.2%
The full technical report dated June 1, 2020 and entitled “NI 43-101 – Preliminary Economic Assessment – Samapleu Project” can be found on the Company’s website at
and on SEDAR under the Company’s issuer profile at www.sedar.com. The PEA was prepared by DRA Global’s office, in Montreal, Canada through DRA Met-Chem (“DRA”).
QUALITY CONTROL AND ASSURANCE
Qualified Persons (“QP”) have reviewed and verified that the technical information with respect to the Report is accurate and have approved the written disclosure of such information. For readers to fully understand the information they should read the Technical Report in its entirety including all qualifications, assumptions, and exclusions that relate to the information set out in the Report. The Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
The QPs who will prepare the Technical Report are:
- DRA: Daniel M. Gagnon, P.Eng. (Project Sponsor, Mining and Economic Analysis), Schadrac Ibrango, P. Geo, Ph.D, MBA (Geology and Mineral Resources), Nalini Singh, P.Eng. (Mineral Processing Test work), Ryan Cunningham, P.Eng. (Mineral Processing Plant), Volodymyr Liskovych, Ph.D, P.Eng. (Carbonyl Refining).
- GCM: Marie-Claude Dion St-Pierre, P.Eng. (Environmental Studies, Permitting and Social or Community Impact)
By virtue of education and relevant experience, the aforementioned are independent QPs for the purpose of NI 43 – 101. Other than as set forth above, all scientific and technical information contained in this press release has been reviewed, verified, and approved by Dr. Marc-Antoine Audet, P.Geo the President and CEO of Sama, and a QP, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT SAMA RESOURCES INC.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Côte d’Ivoire Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.
HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chief Executive Officer Robert Friedland and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein are “forward-looking statements” or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information such as “will”, could”, “expect”, “estimate”, “evidence”, “potential”, “appears”, “seems”, “suggest”, 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 ability of the company to convert resources in reserves, its ability to see through the next phase of development on the project, its ability to produce a pre-feasibility study or a feasibility study regarding the project, its ability to execute on its development plans in terms of metallurgy or exploration, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’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.
In addition, forward-looking statements and forward-looking information are 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, the Company 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.