Samapleu Nickel

completed

Sama Resources’s (“Sama”, or the “Company”) objective is to build a successful exploration and mining company in Côte d’Ivoire with a focus on nickel and copper sulphides, nickel and cobalt laterites, as well as platinum and palladium. Sama’s primary asset is an option to earn a 60% stake in the Samapleu polymetallic project (“Samapleu” or the “Project”) in Côte d’Ivoire. The Project is relatively early on the development curve, but has the potential to host multiple deposits given its location in a new and prospective district in Cote D’Ivoire. Sama’s strategy is to first build a small operation to produce nickel and copper concentrate based on an initial resource of 10 to 15 million tonnes. They would then use the cash flow to scale up their operation based on the discovery of additional resources. Sama also has a grassroots exploration project (“Lola”) in Guinea, but the Company’s focus is on the development of Samapleu in Côte d’Ivoire, where IFC’s proceeds will be spent. Samapleu is located in the Dix Huit Montagnes region approximately 600 km north west of Abidjan, Cote d’Ivoire.The Lola project, which was not visited during appraisal, is located approximately 1,000 km south east of Conakry near the Liberian border. The concession lies in the forest region of Guinea immediately adjacent to (and surrounding) the Mount Nimba UNESCO World Heritage Site. Exploration at Lola in Guinea is at an early stage of identifying targets (of which the closest is 10 km outside the Mount Nimba Biosphere Reserve buffer zone – see below) and involve site reconnaissance and trenching. Sama plan to undertake diamond core exploration drilling in its Lola concession before the end of this year. The company has established a camp in each country to support the exploration activities. An initial IFC equity investment of up to 1.3 Canadian dollars million is proposed to contribute to the financing of continued exploration and a scoping study of the project. Sama is interested to have IFC on board as a shareholder before the full Bankable Feasibility Study (“BFS”) for Samapleu. The BFS is a fundamental and key part of the process of development of the mining project which would follow project resource definition and scoping studies, and prefeasibility studies. One of its main purposes is to define the project, its scope, quality, cost and schedule. Should the Samapleu project get to this stage an ESIA meeting IFC Performance Standards will be commissioned and will run parallel to the BFS.In line with similar previous investments, this Environmental and Social Review Summary (“ESRS”) covers Sama’s activities at the early exploration pre-feasibility stage. Sama has engaged an environmental consultant to conduct environmental baseline studies. A meteorological station and five surface water data acquisition stations have already been procured and installed on site.