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Sama teaming up with CVMR to produce nickel, iron powders at Samapleu

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Sama teaming up with CVMR to produce nickel, iron powders at Samapleu

Sama Resources Inc. said June 8 that it secured the right to apply Canada-based CVMR Corp.'s technology to refine mineralized material from the Samapleu property in Ivory Coast for the production of nickel and iron powders.

The technology license agreement enables Sama to use CVMR's patents and technology to operate nickel and iron powder manufacturing plants to be built, commissioned and delivered on a turnkey basis following a positive feasibility study, which is expected to be completed by year end.

In exchange, Sama agreed to pay CVMR C$5 million either in cash or shares. CVMR will also gain a royalty equal to 15% of the sale price of metal powders produced from the facilities in excess of the London Metal Exchange price of the elements hosted in the powders.

The companies will now negotiate a project construction agreement for the plants.

Sama retained CVMR to conduct a detailed technical study to confirm the commercial viability of producing nickel and iron powders from nickel-iron concentrate obtained from the flotation of the mineralized material of Samapleu. The company will seek to convert the current exploration permit to a mining license.