NEWS RELEASE
OPTION TO PURCHASE ADDITIONAL CONCESSIONS IN LOS ZORROS DISTRICT -
CHILE
SAMEX has signed a letter of intent which will be the basis of a formal
Option Agreement for SAMEX to purchase approximately 100 hectares of mineral
concessions situated within the Los Zorros district, Chile. Under the formal
Option Agreement (to be executed by June 24, 2005), SAMEX can acquire the
concessions by making option payments totaling US$200,000 over 18 months as
follows:
i) US$75,000 upon signing of the formal Option Agreement;
ii) US$25,000 within six (6) months of the date of signing the Option Agreement;
iii) US$50,000 within nine (9) months of the date of signing the Option Agreement; and
iv) US$50,000 within eighteen (18) months of the date of signing the Option Agreement.
The concessions are subject to a Net Smelter Return Royalty of 1.5% on copper, gold, silver, other payable minerals. SAMEX has an option to buyout the Royalty at any time for US$1,000,000.
The Los
Zorros property covers more than 78 square kilometers of a district with
highly prospective geology and a long history of near surface
gold/silver/copper mining activity. The property has strong potential for
the discovery of large base and precious metal deposits. Drilling and
trenching during 2004 was focused in Exploration Areas I, II and III, which
are only a portion of the seven Exploration Areas that have been identified
to-date on the Los Zorros property. The remaining Exploration Areas IV, V,
VI and VII have yet to be explored by drilling and trenching. In
preparation for the next phase of exploration, SAMEX is currently compiling,
evaluating and interpreting the vast amount of data gleaned from trenching
and drilling completed over the past year.
Jeffrey P. Dahl,
President
This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: risks inherent in mineral exploration; risks associated with development, construction and mining operations; the uncertainty of future profitability and uncertainty of access to additional capital.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.