Saturn Minerals Inc.

Saturn Minerals Inc.

July 03, 2008 15:35 ET

Saturn Minerals Closes Financing With Loeb Aron & Company Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2008) - Saturn Minerals Inc. (TSX VENTURE:SMI) ("Saturn" or the "Company") is pleased to announce that further to the Company's news release dated May 12, 2008, Saturn has closed the non-brokered private placement (the "Financing") with Loeb Aron & Company ("Loeb Aron"). The private placement consists of the issuance of 562,500 units at $0.32 per unit. Each unit consists of one common share and one-half of a non-transferable share purchase warrant ("warrant"). Each whole warrant will entitle the holder to purchase one additional common share of Saturn at a price of $0.35 per share until June 30, 2010.

Loeb Aron is a London based firm specializing in mining finance authorized and regulated by the FSA and a Member of the London Stock Exchange and of Plus Markets.

All securities issued pursuant to the Financing have a hold period expiring October 31, 2008.

The Company also wishes to announce that all resolutions put forward at Saturn's Annual General Meeting ("the Meeting") held on June 27, 2008, were passed. Subsequent to the Meeting, and pursuant to the Company's Stock Option Plan, Saturn has granted to employees, consultants and directors options to purchase a total of 2,000,000 shares of the Company at $0.50 per share, exercisable until July 3, 2013.

Grant of the options is subject to the approval of the TSX Venture Exchange.


Mike Elson, President & Chief Executive Officer

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

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