Sarama a step closer to receiving title to key Burkina Faso-based Bondi project

VANCOUVER (miningweekly.com) – TSX-V-listed Sarama Resources on Thursday announced that the Burkina Faso Ministry of Mines and Quarries has issued an invoice, and Sarama has paid, for the transfer of the Djarkadougou exploration permit, which is host to the Bondi deposit.

It is a critical part of Sarama’s growth strategy in the prospective Houndé gold belt, billed as the “most prospective gold belt” in the West African country, and has a historical resource estimate of some 300 000 oz of gold in the measured and indicated categories, and 100 000 oz of gold in the inferred.

“Sarama is pleased to have received this government approval and we look forward to progressing and extracting further value from the Bondi project. We view this acquisition as an important step in the consolidation of the highly prospective southern Houndé belt which is an area where Sarama has had significant exploration success and controls a large land position with significant interests in three advanced gold exploration projects,” commented Sarama president and CEO Andrew Dinning.

Sarama says this is the final step of the approval process before the official transfer becomes effective upon the Ministry of Mines delivering the new Djarkadougou decree (the arrêté) in Sarama’s name, at which point common shares and warrants issued by Sarama to vendor Orezone Gold as part of the sales agreement will be released from escrow.

The company believes the issuance of the arrêté is a matter of process and it is expected before end-September.

Sarama has, with Orezone’s consent, started an exploration campaign on the property in the second quarter and has made progress in identifying and drill testing new exploration targets, the results of which are yet to be published.

The Djarkadougou property forms part of Sarama’s 100%-owned ThreeBee (Bondi/Botoro/Bamako) project and will play an important role in any future development plans.

Meanwhile, Sarama also announced on Thursday a private placement to raise gross proceeds of up to C$2.5-million, to fund exploration activity in Burkina Faso and for general working capital purposes.

Sarama will issue up to 13.89-million shares at C$0.18 each.