Savant Explorations Ltd.
TSX VENTURE : SVT

Savant Explorations Ltd.

April 12, 2017 08:30 ET

Savant Explorations Ltd. Announces the Appointment of Lutz Klingmann and Patrick Mcgrath to the Board

Focus on Blue Moon Zinc Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 12, 2017) - Savant Explorations Ltd. (TSX VENTURE:SVT) (the "Company") announces the appointment of Lutz Klingmann and Patrick McGrath to the board effective immediately. With the appointment of Mr. Klingmann and his mine-building experience, the Company is committed to focusing on advancing the wholly-owned Blue Moon zinc project. A NI 43-101 report detailing the Blue Moon resources is available on SEDAR (February 21, 2008). The Blue Moon zinc project is at the development stage with advanced work already performed by the previous owners, including Westmin Mines Limited (now Boliden). The Company will release its detailed plans for the Blue Moon zinc project in due course.

Board Appointees

Mr. Klingmann is a Professional Engineer and was a Director and/or President of Golden Queen Mining Co. Ltd. ("Golden Queen") (TSX:GQM) from 2001 to 2015. During Mr. Klingmann's tenure at Golden Queen, he developed the gold and silver heap leach project known as the Soledad Mountain Project in southern California. Mr. Klingmann secured all major approvals and permits for the Soledad Mountain Project and construction of the mine started in January 2013. In 2014, Mr. Klingmann was involved in securing project financing of US$100 million for the project and Golden Queen declared commercial production on the property in December 2016.

Mr. Klingmann also founded Minto Explorations Ltd. ("Minto") in April 1993 specifically for the acquisition of the Minto property interests held by ASARCO Inc., Teck Resources Limited and Falconbridge Ltd. Minto concluded a US$25million financing agreement with ASARCO Inc. to bring the Minto project to production. Minto was acquired by Sherwood Copper Corporation in 2005. Construction was completed and the mine started production in September 2007 and continues in production today under Capstone Mining Corp. (Sherwood Copper Corporation and Capstone Mining Corp. combined in 2008).

Mr. McGrath is a CPA, CGA and has been the Chief Financial Officer of Cub Energy Inc. since 2013. Cub Energy is an international oil and gas producer with last reported production of approximately 1,150 barrels of oil equivalence a day. Mr. McGrath previously acted as the Chief Financial Officer of Anatolia Energy Corp. from 2011 to 2013. Anatolia Energy was focused on shale oil development in Turkey and was acquired by Cub Energy in 2013. Mr. McGrath is also a founder and was previously Vice President of Finance of Adriana Resources Inc. (now Sprott Resource Holdings Inc.), a development company focused on iron ore.

In conjunction with the appointments of Mr. Klingmann and Mr. McGrath, Reginald Advocaat and Rob Geisthardt resigned from the board to pursue other opportunities. The board wishes to thank Mr. Advocaat and Mr. Geisthardt for their past services.

Neither the 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.

Contact Information

  • Savant Explorations Ltd.
    Patrick McGrath
    Director
    1-832-499-6009