Samba Gold acquires Huber Hills Uranium Property, Elko County, Nevada


    Symbol: SAO  TSX-V

    VANCOUVER, March 2 /CNW/ - Samba Gold Inc., (the "Company") is pleased to
report it has entered into an Acquisition Agreement to acquire a 100-per-cent
interest of a uranium-molybdenum property located in Elko County, Nevada which
is known as the Huber Hills Uranium Project. The property comprises 59
unpatented lode mineral claims comprising approximately 1180 acres, in the
Mountain City mining district, located approximately 85 miles north of the
city of Elko, Nevada.
    The Huber Hills Uranium Project is located north of California Creek in
an area of numerous well- known uranium mineralized occurrences discovered and
worked in the uranium boom of the 1950's. The property covers the "Race Track"
and "Autunite" uranium showings.
    The Race Track uranium mineralization is related to a shear zone defining
the unconformity separating Tertiary volcanic rocks from Cretaceous quartz
monzonite. Larry Garside with the Bureau of Mines and Geology in Nevada in
Bulletin 81, titled "Radioactive Minerals Occurrences in Nevada 1973" , and in
a later property site visit by Garside in 1979, reported that anomalous
radioactivity was discernable for more than 200 feet along a 15-foot-wide
zone, and that the property produced 9,900 lbs of uranium at a grade of 0.24 %
U3O8 (4.8 lbs/ ton U3O8). The Company is treating this as historical data, and
not National Policy Instrument 43-101 compliant. The Company did not perform
the work and cannot verify the adequacy or accuracy of the past exploration
work. This will be the objective of the future exploration of the Huber Hills
Uranium Project by the Company.
    Uranium minerals observed by Garside include abundant autunite, and
torbernite and meta-torbernite. The basal Tertiary volcanic tuff has been
altered to clay, and the shear zone contains alteration of iron-bearing
minerals to limonite and hematite. Numerous trenches and two small pits are
evident on the property.
    The Company is acquiring the Huber Hills property, through an initial
cash payment of US$25,000 and a share issuance of 1,000,000 shares, and a US
$1,000,000 exploration expenditures work commitment based on the following

    -   300,000 shares upon TSX and regulatory approvals;
    -   additional 150,000 shares (450,000 shares total) at the 12 month
        anniversary and US$100,000 work commitment .
    -   additional 150,000 shares (600,000 shares total) at the 24 month
        anniversary and additional US$150,000 work commitment (US$250,000
    -   additional 400,000 shares (1,000,000 shares total) at the 48 month
        anniversary and additional US$750,000 work commitment (US$1,000,000

    The project is subject to a 2-per-cent net smelter royalty, with
1-per-cent which may be purchased for $1.0-million (U.S.). A finder's fee of
100,000 shares is payable in connection with the transaction, both of which
are subject to the approval of the TSX Venture Exchange.
    The Company plans to conduct a preliminary exploration program of
geological mapping, sampling, geochemistry, and geophysics leading to a Phase
1 drill program. The Huber Hills property is in an area of moderate, rolling
relief, with minor sagebrush cover. Access is via a gravel county road
parallel to California Creek with several 4x4 roads and trails. The
information contained within this press release was reviewed by Paul Pelke,
Consulting Geologist and a "qualified person" as defined by NP 43-101.
    In connection with this transaction, the Company is pleased to announce a
private placement funding of 5,000,000 units at a price of $ 0.125 per unit.
Each unit is comprised of one common share and one non-transferable common
share purchase warrant. Each non-transferable share purchase warrant allows
the holder to acquire an additional common share at a price of $ 0.15 per
share for a period of two years from the date of closing. A finders fee of 10%
cash and 10% warrants is payable in connection with this transaction. Proceeds
will be used to fund a first phase exploration program at the Huber Hills
Uranium Project, and if warranted, complete a Phase One Drill Program.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this press

    This press release is not for dissemination in the United States. This
press release contains forward-looking statements as defined in the United
States Securities and Exchange Act of 1933 and as revised in 1934. The reader
is cautioned not to place undue reliance upon forward-looking statements.

    On behalf of the Board of Directors of Samba Gold Inc.

    Adrian F. C. Hobkirk
    President & CEO

              Not for dissemination in the United States or for
           distribution or release through U.S. newswire services

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents of this news

For further information:

For further information: Ken A. Sadowski, Business Development, Gold
Port Resources Ltd., Samba Gold Inc., 800 West Pender Street, Suite 1500,
Vancouver BC Canada V6C 2V6, Ph: (604) 684-1782, Fx: (604) 408-9473, 800:

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