Savant Explorations Ltd.
TSX VENTURE : SVT

Savant Explorations Ltd.

April 20, 2010 10:04 ET

Savant to Start Drilling on the Parbec Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2010) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") is pleased to announce it will commence diamond drilling on the Parbec Gold Property on April 22, 2010. With environmental permitting secured, Savant will mobilize the contractor's drill rig onto the first drill site on April 21, to initiate its planned eight-hole program totalling 3,500 metres on the Parbec Gold Property optioned from Globex Mining Enterprises Inc., a TSX and Frankfurt listed public trading company. Through an option agreement with Globex, Savant can acquire a 100% interest in the 220 ha Parbec Gold Property which is located along the prolific Cadillac Break, 20km east of the Cadillac Gold Camp (historic production of >8.7M ozs), Quebec's largest gold producing district, and 5km west and along strike from the historic Malartic Gold Camp where Osisko Mining is currently developing its large open pittable Canadian Malartic Gold Project estimated to contain a total in-pit measured and indicated reserve of 8.97 Million ounces (Osisko February 10, 2010 press release).

Savant's initial 2010 drill program will focus primarily on identifying significant gold intercepts at vertical depths generally between 150m and 550m below known shallower mineralized zones to systematically test the potential for the presence of a gold deposit similar to the Lapa Mine setting within and peripheral to the Cadillac Deformation Zone on the Parbec Property.

Parbec Property

The Parbec Property covers a 1.3km strike length of vertically dipping units within the Cadillac Deformation Zone (CDZ), a 150 to 250m wide zone comprised of locally intensely deformed mafic and komatiitic flows (talc-chlorite-biotite schists) of the Piche Group intruded by mafic and felsic feldspar porphyry sills and dikes hosting sulphide bearing auriferous quartz-carbonate vein systems.

Historic exploration drilling within the CDZ at Parbec with few exceptions has been confined to a vertical depth of 200m or less. To this depth and across nearly the full width of the Property, previous drilling has encountered various, generally narrow, multiple sub parallel gold bearing vein systems. At one locality referred to as the Camp Zone, a historical mineral resource estimate of 400,000 t grading 4.6 gpt gold is reported. Sufficient work has not; however, been done by a Qualified Person to classify the historical estimate as current mineral resources and the issuer is not treating this historical estimate as current mineral resources and the historical estimate should not be relied upon.

The lithologic, structural and alteration features associated with the gold mineralization described at Parbec are notably similar to those described at Agnico-Eagle's newly producing, deep seated (below 400m depth), high-grade underground Lapa Mine (3.8Mt @ 8.8 gpt Au: 1.1 million ounces: Agnico-Eagle web page under "Operating Mines:Lapa", January 4, 2010), located 10km NW of Parbec along the CDZ. Osisko Mining's potentially open-pittable East Amphi deposit (43-101 compliant in-pit inferred resource of 1.4Mt @ 1.47 gpt Au: Osisko's Canadian Malartic Project of the "Geology & Location of main Mineralized Zones with Priority Drill Targets" Map, November 23, 2009), located 2.5km SE and along strike from Parbec, is hosted by the same lithologies and deformation zone as the Parbec Camp Zone.

Acquisition Terms

Savant can acquire a 100% interest in the Parbec Property through cash option payments totalling $525,000 payable over 4 years, work commitments totalling $3,850,000 over 4 years and the issuance of 750,000 Savant common shares to the vendor over a period of 3 years (Savant January 11, 2010 press release). A gross metal royalty (GMR) on gold production will be payable to the vendor as follows: 1.0% GMR when gold is US$1,000 per ounce or less; 1.5% GMR when gold is greater than US$1,000 per ounce but less than US$1,200 per ounce and 2.0% GMR when gold is greater than US$1,200 per ounce. The initial option payment is $25,000 and issuance of 100,000 common shares.

Richard Cote, Ing., Vice President, Exploration of Savant is the Qualified Person, as defined by National Instrument 43-101, responsible for the technical data in this news release.

This news release contains forward-looking statements concerning the Parbec 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.

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