/EINPresswire.com/ NEW YORK, NEW YORK – October 5, 2010 – SOUTH AMERICAN
MINERALS, INC. (SAMM-TRADED OTC PINK SHEETS) The company has
been advised by its wholly owned subsidiary North American Resources Ltd.
(NARIL), that sales for the month of September 2010 were $563,833 received for
the sale of 497 ounces of gold, compared to $255,886 for the sale of 283 ounces
of gold in September 2009. This was an increase in receipts of approximately
120% or $307,947 for the month.
Gold receipts for the three months of July, August and September 2010 were
$1,386,519 for the sale of 1,267 ounces of gold compared to $881,265 received
in the same period of 2009 for the sale of 1,023 ounces of gold. This was an
increase in receipts of approximately 60% or $505,254.
Gold sales for the nine months ending September 30, 2010 were $3,420,938 for
3,218 ounces of gold compared to $2,611,920 in the same period of 2009. This
is an increase in receipts of approximately 33% or $809,000.
The Company’s subsidiary operates four dredges in the Konawaruk River area of
the Republic of Guyana, South America. Two of the dredges are wholly owned
and two of the dredges are owned by a joint venture in which NARIL holds a 65%
The Company believes that future gold production and sales receipts should
continue in an upward trend.
Additional data will be provided as warranted.
Contact: Saul Horing, President 212-668-0842