Montreal, Quebec, January 16, 2017 – Sama Graphite Inc. (TSXV: SRG) (“SRG” or the “Company”) is pleased to announce that effective at the open of market today, the Company’s common shares began trading on the TSX Venture Exchange under the ticker symbol “SRG”. The listing, following final approval from the TSXV, marks completion of the previously announced reverse take-over with Sama Resources Inc.
Sama Graphite owns the Lola Graphite deposit, one of the largest surface graphite mineralizations in the world, with an area of 3.22 km2 of continuous graphite rich gneiss. The Lola Graphite deposit is located approximately 1,000 km east of Conakry, the capital of the Republic of Guinea. The Lola deposit graphite mineralization is well exposed at surface along its entire strike length, with samples grading up to 20% Cg (large flakes) and can often be seen in higher concentration agglomerates. Additionally, the first 20 meters or so of the deposit are well weathered (lateralized), freeing graphite flakes from the silicate gangue, thereby allowing for easy grinding with an optimal recovery of large and jumbo flakes.
The Lola Graphite occurrence was originally discovered by BUMIFOM (“Bureau Minier de la France Outremer”) in 1951. BUMIFOM dug 309 pits in the oxide material, performed numerous metallurgical tests and drew up blueprints for a proposed on-site processing facility. Shortly after Guinea’s declaration of independence in 1958, however, the project was abandoned and subsequently forgotten until Sama Resources “re-discovered” the deposit in 2012.
“This is an important milestone for Sama Graphite,” stated Dr. Marc-Antoine Audet, P.Geo, President and Chief Executive Officer. “The Company is fully funded with more than $2 million in cash and we are eager to begin development of the high potential Lola Graphite deposit. Our objective is to complete a preliminary economic assessment by the third quarter of 2017 and a feasibility study by mid 2018.”
Sama Graphite’s management team and Board of Directors consist of many seasoned industry executives with exceptional track records of success including Messrs. Benoit La Salle (Executive Chairman), Marc-Antoine Audet, P.Geo, Marc Filion, Marcel Duchesne, and René Lessard.
About Sama Graphite Inc.
Sama Graphite Inc. is a Canadian-based company focused on developing the Lola Graphite deposit, located in the Republic of Guinea, West Africa. SRG is committed to operate in a socially, environmentally and ethically responsible manner.
For additional information, please visit SRG’s website at www.srggraphite.com
For more information contact:
Sama Graphite Inc.
Dr. Marc-Antoine Audet, President and CEO
Tel.: (514) 726-4158
This press release contains information that may constitute forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Additional Information identifying risks and uncertainties is contained in the Company’s filings with the Canadian Securities regulators, which filings are available at www.sedar.com
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.