Savant Explorations Ltd.
TSX VENTURE : SVT

Savant Explorations Ltd.

June 13, 2007 15:47 ET

Savant Announces Share Distribution, Call to Trade and Shareholder Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") is pleased to announce the completion of the previously announced Plan of Arrangement (the "Arrangement") with Pacifica Resources Ltd. ("Pacifica"), now called Selwyn Resources Ltd. ("Selwyn").

The Arrangement was overwhelmingly approved by Pacifica shareholders at the special meeting held on May 31, 2007 (see Pacifica May 31, 2007 news release) and Savant was called to trade on TSX Venture Exchange on June 7th under the ticker symbol SVT.

Pursuant to the Arrangement, Savant, which was a wholly-owned subsidiary of Pacifica acquired, for aggregate consideration of 12,857,143 common shares of Savant ("Savant Shares"), Pacifica's interest in the Yava polymetalic sulphide property in Nunavut, the Blue Moon base-precious metal property in California, the Tillex copper prospect in Ontario, various copper projects in Chile and 4,000,000 share purchase warrants of StrataGold Corporation exercisable at $0.60 until November 7, 2008. In addition, Pacifica transferred $2,590,000 in cash to Savant in exchange for 7,400,000 Savant Shares and 3,700,000 Savant Series A Warrants, exercisable to acquire an additional Savant Share for $0.55 for a period of two years from June 5, 2007.

Selwyn will initially control approximately 36.5% of the outstanding Savant Shares. Shareholders of Pacifica as of the close of business on June 6, 2007 will receive 0.1083829 of a Savant Share for each common share of Pacifica held at that time. Savant Shares were mailed to registered shareholders on June12th.

Savant will focus on earlier stage exploration of under-explored belts with potential for large, high-margin deposits of gold and base metals. Its strategy will be to carry out the early stage exploration to the point of discovery then capture the discovery value by joint venture or sale to major mining companies. Savant's initial exploration program will be the completion of the ground geophysical program on its 100% owned Yava polymetalic massive sulphide project in Nunavut, located immediately south of Sabina Silver Corporation's Hackett River Project. The work program is designed to search for extensions to the known historical resource as well as to identify additional drill targets elsewhere on the 5753 hectare property. Details on the planned program are available in a NI 43-101 report by R. Hodder dated April 2007. A copy of the report can be viewed at www.sedar.com under the company profile for Selwyn Resources Ltd. Concurrently with the planning of the Yava program, an aggressive search is underway for acquisition of prospective properties and land packages in Africa and South America.

Management of Savant is reviewing its options for the exploration and development of the Blue Moon and Tillex properties including finding a strategic partner for these projects. Both properties have historical resources that are likely to be attractive to companies wishing to confirm the resource and develop the projects. The properties in Chile are large land packages in the prospective Palaeocene and Atacama Fault Districts of Northern Chile. Management will conduct a full review of this ground prior to deciding the way forward on the ground. Further information on the properties is available in the Management Information Circular at www.sedar.com under the company profile for Savant.

All of Savant's Board members and senior management have extensive and successful careers in the mineral exploration industry with a proven track record of discovery, financing and management of exploration programs and organizations. The Directors include C. Kelly O'Connor, Chairman, John McClintock, President and Director, Robert McKnight, CFO and Director, Ron Simpson, Director, Harlan Meade, Director and Eric Tweedie, Director. John McClintock, Savant's President has a long history of association with significant grassroots discoveries including the Spence deposit in Chile for which he received the "Prospector of the Year" award from the Prospectors and Developers Association in 1998

This press release contains forward-looking statements. These forward-looking statements are based upon the reasonable beliefs of Savant and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Savant. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Savant may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Savant does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.

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

Contact Information

  • Savant Explorations Ltd.
    John McClintock, President and CEO
    (604) 682-5474 ext 237 or Toll Free: 1-877-682-5474
    International Toll Free: 1-800-8682-5474
    or
    Savant Explorations Ltd.
    Arif Roya, Manager of Investor Communications
    (604) 682-5474 ext 237 or Toll Free: 1-877-682-5474
    International Toll Free: 1-800-8682-5474
    (604) 682-5404 (FAX)
    Email: info@savantexplorations.com
    Website: www.savantexplorations.com