Saturn Minerals Inc.

Saturn Minerals Inc.
Swift Resources Inc.

Swift Resources Inc.

December 22, 2008 10:47 ET

Saturn Minerals and Swift Resources Receive Coal Prospecting Permits, Arrange Financings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2008) - Saturn Minerals Inc. (TSX VENTURE:SMI) ("Saturn") & Swift Resources Inc. (TSX VENTURE:SWR) ("Swift") (and collectively, the "Companies") have received an additional 121 coal prospecting permits from the Saskatchewan Ministry of Energy & Resources. The Companies have now received a total of 254 coal prospecting permits for lands located south, west and northwest of the recent coal discovery made by Goldsource Mines Inc., in the Hudson Bay area.

The 254 coal prospecting permits cover an area of 178,894 hectares (1,788.94 sq. km.) and grant Saturn and Swift the exclusive right to explore for coal within the permitted ground (to view map please click on the following link:

Seventy-four applications submitted over existing Petroleum & Natural Gas (PNG) concessions, for which the Companies were granted priority status, have been discontinued following a decision made by the Saskatchewan Ministry of Energy & Resources that Coal Dispositions and PNG Concessions are to remain exclusive. The Companies have recovered all expenditures for these applications.

A total of 41 all-season drill target locations have been selected by the Companies on the Saskatchewan coal properties. Requisite applications for exploratory drilling and work proposals have been submitted to the Saskatchewan government. The time frame for granting of drill permits is dependent upon regulatory requirements to process the applications. Additionally, the Companies may conduct geophysical surveys prior to diamond drilling.

Barry Ryan, PhD, P.Geo and Krzysztof Mastalerz, PhD, P.Geo (the Companies' Qualified Persons as defined by NI 43-101) will direct and oversee exploration programs for the permitted grounds. Saturn will be the operator of the exploration project and the costs of exploration will be divided on the basis of 60% Saturn and 40% Swift as per the Joint Venture Agreement entered into between the Companies (news release May 28, 2008).

The Companies have also arranged a non-brokered private placement consisting of the issuance of 1,500,000 flow-through shares of Swift at a price of $0.175 per share and the issuance of 2,500,000 flow-through shares of Saturn at a price of $0.10 per share, for total proceeds of $512,000. The proceeds will be used for exploration work on the Companies' Hudson Bay joint venture project.

The flow-through shares will entitle the holder to receive the income tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada).



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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