Sarama Resources Announces Extension of Warrant Incentive Program
NEWS RELEASE
MARCH 9, 2017
Not for Distribution to a United States Newswire or for Dissemination in the United States
SARAMA RESOURCES ANNOUNCES
EXTENSION OF WARRANT INCENTIVE PROGRAM
VANCOUVER, CANADA. Sarama Resources Limited (“Sarama” or the “ Company”) announce s that it will extend the
deadline for participating in the Company’s previously announced warrant exercise incentive program (the “Incentive
Program”) from March 10, 2017 until March 17, 2017. The Incentive Program is intended to encourage the early
exercise of up to 1 0,361,183 warrants originally issued between May 30 and July 4, 2014 (collectively, the “ Original
Warrants”).
As of March 8 , the Compa ny has received exercise documents or indications of an intention to exercise Original
Warrants which are expected to result in the Company receiving gross proceeds of approximately C$1.5 million. The
deadline for the Incentive Program is being extended to allow holders of these Original Warrants to complete the
required paperwork and for other holders of Original Warrants to participate in the Incentive Program.
Holders of Original Warrants are encouraged to review the February 16, 2017 news release of the Company for
additional information on the Incentive Program.
Material Change Report
A material change report will not be filed 21 days or more prior to closing of the Incentive Program as a result of the
timing of the Incentive Program and uncertainty with regards to the quantity of Incentive Warrants issuable to related
parties.
For further information on the Company’s activities, please contact:
Andrew Dinning or Lui Evangelista
t: +61 (0) 8 9363 7600
ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd (TSX -V: SWA) is a West African focused gold explorer with substantial landholdings in Burkina
Faso. Sarama is focused on consolidating under -explored landholdings in Burkina Faso and other established mining
jurisdictions.
Sarama’s flagship properties are situated within the Company’s South Houndé Project area in south- west Burkina
Faso. Located within the prolific Houndé greenstone belt, Sarama’s exploration programs have built on significant
early success to deliver an inferred mineral resource estimate of 2.1 Moz gold 1,2 Acacia Mining plc is earning up to a
70% interest in the South Houndé Project by satisfying certain conditions, including funding earn- in expenditures of up
to US$14 million, over a 4- year earn -in perio d and may acquire an additional 5% interest, for an aggregate 75%
interest in the Project, upon declaration of a minimum mineral reserve of 1.6 million ounces of gold.
Sarama holds a 31% participating interest in the Karankasso Project Joint Venture (“ JV”)3 which is situated adjacent to
the Company’s South Houndé Project in Burkina Faso and is a JV between Sarama and Savary Gold Corp. (“ Savary”).
Savary is the operator of the JV and in October 2015, declared a maiden inferred mineral resource estimate of
671,000 ounces of contained gold4,5at the Karankasso Project JV.
Sarama has also agreed to acquire a 100% interest in the Bondi gold deposit from Orezone Gold Corporation (refer
news release May 24, 2016). Bondi has a historical estimate of mineral resources of 0.3Moz Au (measured and
indicated) and 0.1Moz Au (inferred) 6,7.
Together, the South Houndé Project, Bondi deposit and the Karankasso Project form a cluster of advanced gold
deposits, within trucking distance of one another, which potentially o ffers a development option for a multi -source
fed central processing facility in the southern Houndé Belt region of Burkina Faso.
Incorporated in 2010, the Company’s Board and management team have a proven track record in Africa and a strong
history in the discovery and development of large -scale gold deposits. Sarama is well positioned to build on its
current success with a sound exploration strategy across its property portfolio.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information
includes statements regarding the gross proceeds expected to be received by the Company, the Company’s intentions for the use of proce eds from
the exercise of the Original Warrants, plans for drilling and geochemical and geophysical surveys at the South Houndé Project, the Earn- In
Agreement with Acacia, including the amounts that may be spent on exploration and interests in the South Houndé Project that may be earned by
Acacia upon making certain expenditures and estimating a minimum reserve, the potential to expand the present oxide component of the
Company’s existing estimated mineral resources, and future exploration plans. Actual results, performance or achievements of the Company may
vary from the results suggested by such forward- looking statements due to known and unknown risks, uncertainties and other factors. Such factors
include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in
nature; Mineral Resources are not Mineral Reserves, they do not have demonstrated economic viability, and there is no certainty that they can be
upgraded to Miner al Reserves through continued exploration; few properties that are explored are ultimately developed into producing mines;
geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company’s publicly filed documents. There can be no assurance that any mineralisation that is discovered will be
proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the
assumptions and expectations reflected in the forward- looking information are reasonable . Assumptions have been made regarding, among other
things, Acacia’s continued funding of exploration activities, the Company’s ability to carry on its exploration activities, the sufficiency of funding, the
timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political events,
the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and
when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exc hange) accepts
responsibility for the adequacy or accuracy of this release.
QUALIFIED PERSONS’ STATEMENT
Scientific or technical information in this news release that relates to the preparation of the Company’s mineral resource es timate for the South
Houndé Project is based on information compiled or approved by Adrian Shepherd. Adrian Shepherd is an employee of Cube Consulting Pty Ltd and
is considered to be independent of Sarama Resources Ltd. Adrian Shepherd is a Chartered Professional Member in good standing of the Australasian
Institute of Mining and Metallurgy and has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and
activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101. Adrian Shepherd consents to the inclusion in this
news release of the information, in the form and context in which it appears.
Scientific or technical information in this news release that relates to the preparation of the Karankasso Project’s mineral resource estimate is bas ed
on information compiled or approved by Eugene Puritch and Antoine Yassa. Eugene Puritch and Antoine Yassa are employees of P& E Mining
Consultants Inc. and are considered to be independent of Savary Gold Corp. and Sarama Resources Ltd. Antoine Yassa is a member in good standing
of the Ordre des Géologues du Québec and Eugene Puritch is a member in good standing of Professional Engineers Ontario. Eugene Puritch and
Antoine Yassa have sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which they are
undertaking to qualify as a Qualified Person under National Instrument 43 -101. Eugene Puritch and Antoine Yassa consent to the inclusion in this
news release of the information, in the form and context in which it appears.
Scientific or technical information in this news release, in re spect of the Bondi gold deposit relating to mineral resource and exploration information
drawn from the Technical Report prepared for Orezone on that deposit has been approved by Guy Scherrer. Guy Scherrer is an employee of Sarama
Resources Ltd and is a member in good standing of the Ordre des Géologues du Québec and has sufficient experience which is re levant to the
commodity, style of mineralisation under consideratio n and activity which he is undertaking to qualify as a Qualified Person under National
Instrument 43-101. Guy Scherrer consents to the inclusion in this report of the information, in the form and context in which it appears.
1 43.0 Mt @ 1.5 g/t Au (reported above cut- off grades ranging 0.3-2.2 g/t Au, reflecting the mining methods and processing flowsheets assumed to
assess the likelihood of the inferred mineral resources having reasonable prospects for eventual economic extraction)
2 The effective date of the Company’s inferred mineral resource estimate is February 4, 2016. For further information regardin g the mineral
resource estimate please refer to the technical report titled “NI 43-101 Independent Technical Report South Houndé Project Update, Bougouriba and
Ioba Provinces, Burkina Faso”, dated March 31, 2016. The technical report is available under Sarama Resources Ltd.’s profile on SEDAR at
www.sedar.com.
3 Sarama has 31% and Savary has 69% ownership interests.
4 9.2 Mt @ 2.3 g/t Au (at a 0.5 g/t Au cut-off)
5 The effective date of the Karankasso Project JV mineral resource estimate is October 7, 2015. For further information regardi ng the mineral
resource estimate please refer to the technical report titled “Technical Report and Resource Estimate on the Karankasso Project, Burkina Faso”,
dated October 7, 2015. The technical report is available under Savary Gold Corp’s profile on SEDAR at www.sedar.com.
6 4.1Mt @ 2.1g/t Au for 282,000 oz Au (measured and indicated) and 2.5Mt @ 1.8g/t Au for 149,700 oz Au (inferred), reported at a 0.5 g/t Au cut-
off
7 The effective date of the historical estimate of the Bondi deposit mineral resource estimate is February 20, 2009. For further information regarding
the mineral resource estimate please refer to the technical report titled “Technical Report on the Mineral Resource of the Bo ndigui Gold Project”,
dated February 20, 2009. The technical report is available under Orezone Gold Corporation’s profile on SEDAR at www.sedar.com.