2012-12-19 19:32:02 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/19/12 -- Samaranta Mining Corporation (TSX VENTURE:SAX) ("Samaranta" or the "Company") is pleased to provide an exploration update on the latest work completed at the flagship Guadalupe project in Colombia, as well as highlight the upcoming plans for 2013, including a drill program focused at Target Area 2.
Guadalupe Project, Colombia
Guadalupe is a drill-ready gold prospect strategically located contiguous with the largest gold producer in the Segovia-Remedios Mining district - Frontino Gold Mines ("Frontino") currently owned by Gran Colombia Gold. Over the past year and a half, the Company has worked on the completion of a soil sampling program, airborne geophysics and 3D ground Induced Polarization ("IP") and has identified four targets for further exploration. Based on exploration work completed to date, geochemical and geophysical observations at Guadalupe are generally consistent with the signature from a shallow southeasterly dipping vein. Evidence suggests that gold mineralization will likely be in mesothermal veins confined to the underlying granodiorite, similar to the veins being mined at Frontino; also, disseminated gold has been discovered in the overlying intrusive rock thus suggesting a porphyry gold host rock with larger tonnage potential. Therefore, drilling will be designed to test both target types, high-grade vein-hosted gold and lower-grade disseminated gold hosted in a porphyry. The 786 hectare Guadalupe property is located approximately 140 km northeast of Medellin and 280 km north-northwest of Bogota within the Segovia-Remedios Mining district.
Drill Program 2013
The 2013 program will begin with follow-up work and drilling focused on Target Area 2 (click here to view map: www.samaranta.ca/s/guadalupe_project.asp
) in the middle portion of the property which is deemed first priority. Target Area 2 demonstrates both a strong IP survey correlation and gold outcropping, both great indicators for gold occurrence below surface. The program will aim to drill 5,000-10,000 metres, evaluating the drill core to determine the depth and direction needed. There are three additional target areas, named Target Areas 1, 3 and 4, which also show correlations with the IP survey. By starting in the centre of the property on a strong target area, the geologic team can begin to get a clearer picture of the gold-rich structures and the direction they trend under cover.
Segovia Gold Mine Tailings
An application has been submitted to CORANTIOQUIA to have all necessary permitting in place to begin exploration work. Exploration work is needed to evaluate the mine tailings, which includes sampling the historic tailings as to grade, size, and metallurgy. Once exploration work is completed and deemed economic, these piles of gold tailings could serve as a production scenario whereby the Company turns to a revenue model, limiting the need for future financing. The Segovia Mine tailings are primarily situated in two tailings piles within the municipality of Segovia, Colombia and were derived from historic mining activities by Frontino Gold Mines as well as numerous small-scale operations.
Appointment of CFO and Chairman
The Board of Directors of Samaranta has appointed William Jung as the Chief Financial Officer of the Company. Mr. Jung has over 30 years of experience in the areas of finance and business, and has worked with a major international chartered accounting firm and TSX Venture Exchange companies. He also serves as the Chief Financial Officer of Colombia Crest Gold Corp. and has been in this role since October 2003.
Additionally, the Board of Directors has appointed Hans Rasmussen, currently a Director, as Chairman of the Board of the Company. Mr. Rasmussen brings to the Company over 29 years of professional experience in the mining industry as a geophysicist, geologist, exploration manager and junior company executive. Mr. Rasmussen has held senior positions with junior and major mining exploration companies in North and South America, including Newmont and Kennecott/Rio Tinto. His experience includes conducting and managing all geological and geophysical aspects of exploration, project identification and acquisition, commercial transactions and investor relations. He is currently the President and Chief Executive Officer of Colombia Crest Gold Corp.
About Samaranta Mining Corporation
Samaranta is a mineral exploration and development company actively exploring for gold and precious metals in Colombia. The Company's primary focus is the Guadalupe gold property that is contiguous with the Frontino Gold Mine ("Frontino"). Frontino is currently the largest gold mine in Colombia and has been in operation for over 150 years with historic production estimated at 7 million ounces. Samaranta is the first company to explore the Guadalupe property using modern exploration techniques.
This press release contains or refers to forward-looking information, including statements regarding exploration results, potential mineralization, exploration plans and timing of the commencement of drilling, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
SAMARANTA MINING CORPORATION
Dan Fish, Interim CEO & Director
Neither the 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.
Samaranta Mining Corporation
Interim CEO & Director
604-558-1081 (FAX) email@example.com