Info

SOUTH AMERICAN MINERALS, INC. (SAMM-TRADED OTC PINK SHEETS) (SAMM) is a Nevada corporation whose wholly owned subsidiary North American Resources, Ltd. (NARIL) is engaged in the exploration, development and production of alluvial gold from gravel deposits located in the Republic of Guyana, South America. The company is authorized to issue 25 million shares of common stock par value $.10 per share. As of May 31, 2007 a total of approximately 18 million shares are issued and outstanding. The company's subsidiary operates 3 hydraulic suction dredges in and around the Konawaruk River of which 2 dredges are owned by a joint venture in which the company holds a 65% interest. The 3rd dredge is wholly owned by NARIL. A 4th dredge is wholly owned by NARIL and is currently undergoing repairs prior to being placed in operation. The company controls approximately 25 square miles of concession rights in the area. Production from these dredges for the years 2006 and 2005 were $1,690,000 in 2006 compared with $810,521 for the same period in 2005. See news releases for more detailed information. Gold sales for the 3 months ending March 31, 2007 totaled $797,000 compared with $358,000 for the same period 2006. In addition to the dredging operation the company has recently commenced pilot operation in the St. Magdalene Creek area of a mobile alluvial processing plant in which the company holds a 52% profit interest. For information concerning the land based operation see press release dated May 21, 2007.