Generative Exploration Efforts
In addition to the ongoing efforts in Bolivia, SAMEX is currently evaluating a prioritized list of gold-silver-copper prospects within the recognized major mineral belts of Chile and Argentina. This effort will continue to emphasize the Company's criteria of identifying and acquiring world class exploration targets, where a dominant to 100% interest can be prudently secured and evaluated. SAMEX management perceives that a bull market is developing within the precious metal sector and an aggressive approach to its exploration activities is again warranted and supported. To maximize shareholder value SAMEX maintains a disciplined approach to mineral exploration, demanding that specific targets (mineralized plumbing systems) demonstrate strong potential for the discovery of "significant economic mineralization". Other factors that are also considered in each case include; title security, environmental issues, access to water, power, transportation and markets etc..
ARGENTINA GOLD-SILVER PROSPECT TO BE EVALUATED
SAMEX has signed a letter agreement concerning a 1,500 hectare gold-silver prospect located in the Santa Cruz province of southern Argentina. The property is situated 40 kilometers northwest of the Cerro Vanguardia mine, one of Argentina's largest epithermal gold-silver mines. Previous exploration activity on the property, including geologic mapping, sampling, trenching and shallow diamond drilling, has outlined a gold-silver-bearing epithermal vein system exposed at surface over a strike length of 3,350 meters with a width of up to 18 meters.
The Company has made an initial payment of US $3,000 which gives it the right to conduct a due diligence property visit and related investigations. If quality exploration targets can be outlined that demonstrate strong potential for high-grade large tonnage precious metal orebodies, the Company will enter into a formal option-to-purchase agreement by July 15th, 2002.
Under the terms of the option, SAMEX would have the right to purchase 100% interest in the property (subject to a 2% Net Smelter Royalty, which can be purchased for US $2,000,000) in consideration for payments totaling US $203,000 by October 15, 2006 and the issuance of 200,000 shares of SAMEX. TOLL FREE: 800-828-1488
Jeffrey Dahl, President Email: samex@telus.net |
