SAX Icon Exploration, Inc.

Samaranta Mining Corporation (TSX VENTURE:SAX) ("Samaranta" or "the Company")
wishes to provide an update to its press release of August 9, 2012 wherein the
Company announced it had entered into an agreement (the "JVA") to evaluate, and
if deemed economic, re-process certain mine tailings located in Segovia,
Antioquia, Colombia ("the Tailings"). As noted in the August 9, 2012 press
release, Segovia is the location of Frontino Gold Mines ("FGM"), a high-grade
underground mine that has been in production for over 150 years and is currently
operated by Gran Colombia Gold Corp. The Tailings are primarily situated in two
tailings piles within the municipality of Segovia, and were derived from mines
owned by Frontino Gold Mines as well as numerous smaller mining operations.
Samaranta has undertaken a preliminary review of published production and
geological records primarily related to FGM and the Company is strongly
encouraged by its initial findings.


The first recorded production from the Frontino Gold Mines' deposits was in
1869. Available production records indicate that between 1869 and 2010
approximately 11.5 million tonnes of ore were mined and processed yielding about
4.6 million ounces of gold. The 43-101 from which this information is obtained
(Wilson, 2010) suggests the actual total production figure from the deposit may
be higher due to a number of unknown factors. These factors include: the absence
of data prior to 1869; incomplete data from 1869 to 1898; missing data from a
few subsequent years; and no data from third party, artisanal or illegal miners.
It is estimated that the total gold mined is in the order of 6 or 7 million
ounces. Recoveries of gold in this period were estimated at about 85%(1).


"Recognizing that much of the data provided is historical in nature, and needs
to be confirmed as part of our due diligence, it nonetheless provides an
excellent starting point for Samaranta," stated Gunther Roehlig, President and
CEO of Samaranta. "Should our subsequent sampling results support the published
estimates the Tailings could represent a potential gold - silver resource that
may be recovered using metallurgical processes and equipment that were not
available 100 or more years ago."


Samaranta intends to initiate in September a first pass sampling and
metallurgical program as part of its due diligence to assess the quantity and
mineral content of the Tailings, and the feasibility of economically
re-processing the Tailings. To this end, and for general working capital, the
Company has agreed to terms on a non-brokered private placement comprised of 12
million units at a price of $0.05 per unit for gross proceeds of $600,000. Each
unit is comprised of one share and one half a share purchase warrant, each share
purchase warrant entitling the holder thereof to purchase an additional common
share at a price of $0.10 for a period of 18 months. Where applicable, the
Company has agreed to pay finder's fees in accordance with the policies of the
TSX Venture Exchange. 


The terms of the private placement are subject to the approval of the TSX
Venture Exchange. Technical information in this news release has been reviewed
by Dr Sandy M. Archibald, PGeo, a qualified person as defined in NI 43-101. 


(1) NI 43-101 Technical Report Frontino Gold Mines Ltd. Antioquia Colombia, June
9, 2010, Scott E. Wilson C.P.G. 


SAMARANTA MINING CORPORATION

Gunther Roehlig, President

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