Savant Receives US$180,000 Option Payment for Yuby-Gabriela Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/11 -- Savant Explorations Ltd. (TSX VENTURE: SVT) ('Savant') is pleased to announce it has received the US$180,000 option payment from Minera Fuego, a private Chilean Company for Savant's Yuby-Gabriela Property, Chile. Under the terms of the agreement, Minera Fuego can earn a 100% interest in the property by making US$ 4.03 million in payments over 48 months to Savant. Savant will retain a 2.5% NSR in the project. Minera Fuego will have the right to reduce the NSR to 1.5% by paying Savant US$ 5 million. To date, Savant has received US$280,000 in option payments. The next option payment of $250,000 is due in 6 months time. Subsequent option payments of US$500,000, US$1,000,000 and US$2,000,000 are due in 18 months, 30 months and 42 months respectively.
Savant is also please to announce the appointment of Ms Katherine Gallagher as Manager of Investor Relations and Administration. Ms Gallagher is a recent Commerce graduate from the University of Victoria who will be assisting senior management in all areas of investor relations and public company administration. As part of her employment agreement, Ms Gallagher has been granted options to purchase 75,000 shares at an price of CA$0.10 per share exercisable for a five year term.
This news release contains forward-looking statements concerning the Yuby Gabriela Property. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to obtain necessary regulatory approvals, the failure to reach agreement on final documentation, exploration results and other risk factors that are beyond Savant's control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Savant Explorations Ltd.
John McClintock
President and CEO
(604) 568-5817
info@SavantExplorations.com
www.SavantExplorations.com
