Samex stops exploration and examines strategic alternatives
NEWS RELEASE – No. 7-13 August 21, 2013
SAMEX Pauses El Gringo Exploration And Evaluates Strategic Options
SAMEX Mining Corp. (TSX-V: SXG) (“SAMEX” or the “Company”) provides this updated
news release in respect of its El Gringo copper-gold-silver prospect in Chile (the “El Gringo
Project”) as previously updated in a news release dated May 30, 2013.
Following the resignation of former CEO Jeffrey P. Dahl in January of 2013, the board of
directors of the Company embarked on a new strategic direction in an attempt to optimize
exploration efforts in Chile. In light of the fact that the Company’s cash equivalent balance
had already fallen 83% from its 2011 peak (from approximately $11.9 million down to $2.0
million), the new board emphasized allocating as much of the remaining capital as possible
towards the goal of a resource discovery in Chile. The Company also engaged an entirely
new geological team led by Juan Carlos Toro Taylor – one of Chile’s most renowned
geologists with a track record of leading and participating in ore discoveries. After consulting
with several geological advisors however, the Company determined that the most recently
received drill assays did not improve from the results announced on May 30, 2013.
Irrespective of these efforts, the Company no longer has the capacity to continue independent
exploration at its El Gringo Project and management has made the decision to halt
exploration and explore strategic alternatives.
SAMEX has entered into discussions with multiple parties to identify and evaluate strategic
alternatives. Strategic alternatives may include, but are not limited to: joint venturing or
selling existing land concessions, optioning properties in other jurisdictions, or transitioning
the company to a different segment of the mining industry. The Company cautions that while
it is in the process of evaluating strategic alternatives, there are no assurances or guarantees
that the pursuit of a strategic alternative will be successful.
Contact:
SAMEX Mining Corp.
Sasan Sadeghpour
Director, Chairman & Interim Chief Executive Officer
(713) 956-5200, extension 102
2samex@samex .com
www.samex.com