Savant Explorations Ltd.

Savant Explorations Ltd.

September 11, 2009 13:13 ET

Savant Explorations Ltd. Announces $1,000,000 Unit Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2009) -


Savant Explorations Ltd. ("Savant" or the "Company") (TSX VENTURE:SVT) announces a non-brokered private placement offering of Units (the "Offering").

The Offering consists of $1,000,000 in Units priced at $0.08 per Unit. Each Unit consists of one Savant common share and one half of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one common share of Savant up to 24 months from closing, at a price of $0.11 per share.

The Offering is scheduled to close before September 30, 2009. The securities will be sold pursuant to applicable securities law exemptions. The transaction is subject to receipt of required regulatory and Board approvals. The net proceeds will be used for further exploration and property acquisitions in Mexico's silver belt, advancing Savant's mineral properties, working capital and general corporate purposes.

Savant has a portfolio of exploration properties in Mexico, Canada, the USA and Chile. The Company focus is currently on its Vinata silver-zinc property in North Central Mexico. Vinata is located in the prolific Central Mineral Belt that hosts numerous large silver-zinc-lead deposits at Santa Eulalia and Naica. Collectively these mines are estimated to have produced over 750 million ounces of silver plus significant zinc and lead. The Vinata Project has excellent potential for the discovery of a new major silver-zinc-lead deposit within this mining district.

Vinata was recently optioned to Selwyn Resources Ltd. a 32.9% shareholder in the Company. The option agreement grants Selwyn the right to acquire an initial 50% interest in the Vinata Property and upon exercising that option, the right for Selwyn to increase its interest to 55% by making additional expenditures. Selwyn is committed to a minimum US$500,000 exploration expenditure by January 15, 2010. The planned work program includes 1800 metres of drilling to commence in late September to test several prime targets for high grade silver-zinc-lead mineralization.

This news release contains forward-looking statements concerning the proposed financing of Savant and the Vinata 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 complete the proposed financing due to, amongst other things, the failure to obtain necessary regulatory approvals or the failure to meet the other conditions precedent in the documentation for the financing, exploration results on the Vinata Property and other risk factors 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.

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