Sarama Resources divests itself of Liberian holdings

Aureus Mining Inc. recently became the owners of three mining exploration properties in Liberia, after purchasing them from Canadian entity Sarama Resources Ltd.

As a condition of the sale, Sarama purchased an uncapped 1 percent net smelter return royalty on gold produced from the Cape Mount property in Liberia.

"The divestment of our Liberian assets allows us to focus our resources on Burkina Faso and leverage our well established position there," Sarama President and CEO Andrew Dinning said. "This deal provides potential upside value to the company, and, with properties being adjacent to Aureus' New Liberty mine, has scope to provide a future royalty stream. We look forward to advancing our Burkina Faso interests, where we have several separate project areas, including an inferred mineral resource of 1.5Moz of gold 1,2 on our South Houndé Project, where Acacia Mining Plc is funding ongoing exploration and earning into the Project as part of a $15 million deal."

Sarama's interests are focused in West Africa, mostly in Burkina Faso. Most of its Burkina Faso holdings are under-explored properties.