VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/13 -- Samaranta Mining Corporation ("Samaranta") has been founded by and personally financed by Dr. Volkmar G. Hable ("Mr. Hable") with very significant personal investment and efforts. In addition, Mr. Hable solely has acquired each Samaranta Project, as well has solely organized the further financing of Samaranta.
The current board of Samaranta consists of the Mr. Hans Rasmussen, Mr. Dan Fish, and Mr. Nav Dhaliwal, all of whom are identical with the directors of another junior mining company, Colombia Crest. Both companies focus on Colombia. It appears that the resulting conflict of interest has not been disclosed to the public as required by law.
Samaranta like most other junior mining companies has severely suffered from the downturn in the venture segment of the financial markets. As to the best of Samarium's knowledge Samaranta's current cash position will continue to last for a very short time while no serious investor appears to be in sight other than Mr. Hable and his partners.
In this situation, Mr. Hable, a geologist and former fund manager of the resource and energy fund Value Swiss SGH Ltd, who has been awarded in 2007 the Lifetime Fund Manager Award for outstanding performance, has consulted with a related investment company, Samarium Group Holding Ltd., in regards to possible solutions for the financing problems of Samaranta. These consultations resulted in the "unsolicited takeover bid" for Samaranta, by offering conditions, which were thought to be more than fair and reasonable considering the dwindling cash reserves of Samaranta and the unfavorable market conditions in general. The loan offered to Samaranta would have avoided further dilution of the current shareholder base and would have enabled Samaranta to complete its reserve report. Samarium offered as well proof of funds to Samaranta.
The resulting trading volume in Samaranta's stock is testimony to Mr. Hable's outstanding reputation, credibility and track record in the investment community.
More importantly, Samarium unfortunately has been made aware that the tailings project of Samaranta has been the subject of a warning and termination letter by their Colombian contract partner, that was not disclosed to the public by Samaranta's directors as required by law. In this letter the Colombian contract partner complains about efforts of Columbia Crest members to move Samaranta's tailings project to Colombia Crest.
As a result of this misleading information Samarium suspends its financing offer until the directors of Samaranta will have resolved these concerning issues and cleaned their house.
About Samarium Group Holding Ltd.
Samarium Group Holding Ltd is a privately held investment company founded in 2001 and based in Singapore with a very significant highly liquid asset base. It does not operate projects but rather provides companies with the necessary capital to develop its projects. It investment focus is on energy and resources. For more information, please direct any inquiries to the Purchaser, attention Dr. Volkmar Hable, at [email protected].
About Dr. Volkmar G. Hable
Mr. Hable is a geologist and physicist by training and holds among other degrees a Master's in geology, a Ph.D. in geology and a B.Sc. in Agriculture and Agronomics. Mr. Hable was the CEO for the European operations of Adecco, a Fortune 500 Company where he managed its offices in parts of Europe and Asia with sole responsibility for more than 6,000 employees. He has 12+ years of experience as geologist/geophysicist in the oil exploration industry with Western Geophysical, and global engineering firm ILF Consulting Engineers. He also held senior executive positions and director positions in the Diplomatic Corps and other companies. Mr. Hable is fluent in English, German, Spanish and French and proficient in Portuguese. In addition Mr. Hable has been appointed Honorary Consul for the Republic of Guinea.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Samarium Group Holding Ltd
c/o Samarium Group Pte Ltd
Dr. Volkmar Hable
+65 6622 5657
+65 6622 5999 (FAX)
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