SOURCE: Saturn Minerals Inc.

July 11, 2007 16:14 ET

Saturn Closes Financing With MineralFields Group

VANCOUVER, BC--(Marketwire - July 11, 2007) - Saturn Minerals Inc. (TSX-V: SMI) ("Saturn" or the "Company") is pleased to announce that we have closed a non-brokered private placement in respect to which the Company has issued 2,500,000 flow-through shares to several placees, including three placees who are members of the MineralFields Group at a price of $0.20 per share. Also the placees have received 1,250,000 non flow-through share purchase warrants to purchase 1,250,000 shares at an exercise price of $0.25 per share until July 9, 2009. Finder's fees in the amount of $19,200 and 120,000 non flow-through warrants on the same terms as the subscriber's warrants have also been issued. These securities have a hold period which expires on November 9, 2007.

"We are very pleased to be entering into this relationship with MineralFields Group," said Mike Elson, President and CEO. "This is an important milestone in the growth of Saturn Minerals Inc. and we look forward to working with MineralFields Group as we develop our holdings in British Columbia."

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

SATURN MINERALS INC.

"Mike Elson"
Mike Elson, President
Forward-looking statements -- statements included in this news release that are not historical facts may be considered "forward-looking statements". All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Saturn Minerals Inc.
    900, 555 - Burrard Street
    Vancouver, B.C.
    V7X 1M8
    Telephone: (604) 699-8604
    Fax: (604) 699-8605
    Website: www.saturnminerals.com