NARILNorth American Resources Inc Ltd (subsidiary of South American Minerals, Inc)
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Gold production for NARIL exceeded 1,600 ounces in 2014.
In March of this year, the company announced that it had entered into an definitive agreement to acquire NARIL.
Inc owns two of the dredges and two are owned by a Joint Venture in which NARIL holds a 65 percent interest.
It should be noted that only one dredge operated during the period from December 15th through January 15th due to Christmas holiday time taken by field employees of NARIL in Guyana.
Under the terms of the Joint Venture, NARIL contributed $105,000 and the Partner contributed $475,000 for a 75% and 25% interest, respectively in the hydraulic suction dredging project for gold in gold bearing gravel deposits controlled by NARIL on the Cuyuni and Konawaruk Rivers in Guyana, S.
SAMM-NASDAQ Bulletin Board) announced today that its wholly owned Guyana subsidiary NARIL has entered into an exclusive mining agreement covering approximately 2,500 acres of terraces and former river beds located along the Tiger-Konawaruk Rivers in the Republic of Guyana, South America.
Eliminations Consolidated ASSETS Current Assets: Cash $ 127 $ 4,630 $ -- $ 4,757 Miscellaneous -- 15,061 -- 15,061 Receivable Loan Receivable - -- 9,750 -- 9,750 Related Parties Loan Receivable - 2,371,590 -- (2,371,590) -- NARIL Total Current Assets 2,371,717 29,441 (2,371,590) 29,568 Property and Equipment (Net of Accumulated Depreciation $740,870) -- 1,132,396 -- 1,132,396 Other Assets: Patented Mining Claims 5,800 -- -- 5,800 Total Assets $ 2,377,517 $ 1,161,837 $(2,371,590)$ 1,167,764 SOUTH AMERICAN MINERALS, INC.