MONTREAL, July 10, 2018 (GLOBE NEWSWIRE) -- Sama Resources Inc. (TSX-V: SME ) (“ SME ” or the “ Company ”) today reports that SRG Graphite Inc. (“ SRG ”) has announced results of a Preliminary Economic Assessment study ("PEA”) for the development of SRG’s Lola graphite project in the Republic of Guinea, West Africa.
The PEA was prepared by Montréal-based Met-Chem, a division of DRA Americas Inc. (“Met-Chem/DRA”). All dollar figures are in United States dollars.
Highlights of the Lola graphite PEA:
- Production of 50,200 tons of graphite concentrate per year over a 16-year mine life
- Capital costs of $105 million (“M’) including contingency of $15M
- Operational costs of $372/tonne (“t”) of concentrate and $130/t of transport
- Pre-tax NPV (8%) of $204M (post-tax NPV (8%) of $121M) at an average sales price of $1,328/t
- Finished grade of over 94% and up to 98% over all size fractions
- Strip ratio of 0.39
The PEA follows the Mineral Resource Estimate published on June 18, 2018. A technical report detailing the PEA, and completed in accordance with National Instrument (NI) 43–101 guidelines, will be filed and available on SEDAR within 45 days from June 18, 2018, the release date of the mineral resource update published by SRG. The full version of SRG’s news release can be found at: SRG News Release dated July 10, 2018
About Sama Resources Inc.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. Sama holds a control position in SRG of 24,658,267 shares representing 35.54% of the issued and outstanding shares of SRG and is considered an insider for reporting purposes.
For more information about Sama, please visit Sama’s website at http://www.samaresources.com .
FOR FURTHER INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC. Dr. Marc-Antoine Audet, President and CEO Tel: (514) 726-4158 OR Mr. Matt Johnston, Corporate Development Advisor Tel: (604) 443-3835 Toll Free: 1 (877) 792-6688, Ext. 5
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FORWARD LOOKING STATEMENTS
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 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 availability of financing for activities, risks and uncertainties relating to the interpretation of electrochemical characterization, 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.
