Savant Terminates McWatters Option
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/12 -- Savant Explorations Ltd. (TSX VENTURE: SVT) ("Savant") has provided a termination notice to the owners of the McWatters Project. Although exploration results from the last round of drilling were considered encouraging, they were not sufficient to justify the costs required to continue with the project given the current financial market conditions for junior resource companies.
Management continues in its search for new exploration projects as well as partners for its advanced stage Blue Moon Project and its Yava polymetallic projects. After receipt of a US$250,000 option payment on its Chilean property (as announced in a news release dated April 23, 2012), the Company has approximately $700,000 for which to carry out its plans. Management is also hopeful that the remaining US$3.5 million due pursuant to the Chilean property option agreement will be paid as scheduled over the next three years. The Company will maintain a 2.5% NSR on the project once all cash payments have been received.
This news release contains forward-looking statements. 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
