VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 18, 2013) - Savant Explorations Ltd. (News - Market indicators) ("Savant") is pleased to announce it has received the US$500,000 option payment from Minera Fuego, a private Chilean Company for Savant's Yuby-Gabriela Property, Chile. Under the terms of the agreement, Minera Fuego can earn a 100% interest in the property by making US$ 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$1,030,000 in option payments. The next option payment of $1,000,000 is due in 12 months time with a subsequent option payment of US$2,000,000 due in 24 months.
Jack McClintock, President & CEO, commented: "We are very pleased that Minera Fuego has elected to continue with the option on our Yuby-Gabriela Property. The significant cash payment comes during a challenging market environment for junior explorers and demonstrates the value of asset leverage as an alternative to dilutive equity financings."
About Savant
Savant is an exploration and development stage company focused on generating and exploring high quality precious and base metal properties in stable jurisdictions. Savant's current properties and assets are 100% owned with combined annual holding costs of approximately $30,000. Savant has a partner funding one of these properties, the wholly owned Yuby Gabriela copper property in Chile - the next option payment of US$1,000,000 is due to Savant at the end of April 2014. In addition to the Yuby Gabriela property, the Company owns two other high-quality properties, Blue Moon and Yava that Savant's management is seeking to monetize for maximum value to Savant and its shareholders.
Savant's management is currently undertaking a focused, but low cost effort, to identify, review and assess high quality exploration and resource assets in favourable jurisdictions that have the ability to add value to the company and provide a springboard for future growth. The main objective is to diligently work through the review process and identify a new flagship project that can be acquired and financed as markets recover. An updated presentation on the company is available on Savant's website.
More information on the Company's activities is available at the Company's web site at www.savantexplorations.com.
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.