Savant Receives US$180,000 Option Payment for Yuby-Gabriela Property
09 Novembre 2011 - 3:15PM
Marketwired
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)
568-5817info@SavantExplorations.comwww.SavantExplorations.com
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