Gold and other precious metals are heading higher again and cementing their status as an ongoing safe haven in time of volatility. Samaranta Mining Corporation (SAX.TSXV) is doing its best to capitalize on their strength, most recently signing a letter of intent with the Colombian Board of the High Community Council of Novita – Cocoman, which grants the company a 90-day period of exclusivity to finalize terms and execute an agreement on its most recent interest in Colombia.
Colombia is rich in natural resources with gold and platinum among them. Unlike the U.S. and other areas that have exhausted the extent of many of their natural resources, Colombia remains vastly unexplored, creating financial opportunities for miners that exceed those available in more picked over nations.
Samaranta, observing this advantage, has begun actively pursuing opportunities in the region and they have high hopes for their latest interest, a 117,647 hectare area in the Colombian department of Choco, located on the border between Colombia and Panama. Gold mining has been traced as far back as the 1600’s in Choco and is the area’s primary source of income. Alongside rising gold production in Colombia, up 39 percent year-over-year from 2008 to 2009, Samaranta has high hopes for the Novita Application.
Should the most recent letter of intent materialize as Samaranta hopes, the company has the potential to gain from both the natural and current economic factors acting in their favor. The Novita property would only add to the company’s growing list of interests. Beyond Nobita, Samaranta recently announced its acquisition of an 80 percent interest in the 14,300 hectare Siguire property in the historically prolific Birimian Greenstone Belt in Guinea, West Africa. Samaranta also continues to engage in a more in depth investigation of the gold resources on its Guadalupe property. The most recent and comprehensive analysis of the new Gamma Spectrometer and Magnetometer survey of the site, located beside the north edge of the Frontino Gold Mines in Colomobia reveals eight areas the company has deemed worthy of further investigation.
The aggressive approach the company has taken in its pursuit areas of has the potential to benefit it enormously at this juncture. Prime properties located in regions with a history of strong resources and the current economic factors, from European debt contagion to the slowing economy, bode well for the future of Samaranta.