Savant Explorations Ltd.

Savant Explorations Ltd.

December 09, 2011 18:34 ET

Savant Explorations Ltd.: Yearend Review and Outlook for 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2011) - Jack McClintock President and CEO of Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant" or the "Company") provides the following review of 2011 and the outlook for 2012.

Quebec Projects

The 2011 drilling program on the McWatters Property discovered the G Zone believed to be the western extension of the McWatters Mine Vein system (6.15gpt gold over 6.5 metres). There is no recorded drilling along the projected western extension and the G Zone vein is open in all directions. Historical resources were confirmed to be open to depth and a new vein was discovered at depth at the 702 Zone now referred to as the JKL Extension. A follow up program of approximately 5,000 metres of drilling is recommended for 2012 to test the extent of the G Zone and to further test at depth the 702, JKL and JKL Extension zones. Management must now decide how to proceed with advancing the McWatters Property while protecting the resources it has available to them. Current capital markets may not permit Savant to raise funds on favorable terms in the short term so management must consider the alternatives, including optioning or forming joint ventures, if it wishes to proceed with exploration at this time.

Drilling in 2011 on Parbec centred on evaluating the near surface, low-grade gold mineralization highlighted by the 2010 drilling program. Although results were modestly encouraging, after assessment of the results and a review of the remaining drill targets, Management has determined that continuing with the option is not warranted and will terminate the option prior to its next anniversary date on January 4, 2012.

Yuby Gabriela Property, Chile

Minera Fuego, a private Chilean company, optioned the Yuby Gabriela Property in May 2011. Under the terms of the option, Minera Fuego can earn a 100% interest in the property by making US$4.03 million in payments over a 48 month period. Savant will retain a 2.5% NSR of which, Minera Fuego can acquire 1.0% for US$5.0 million. To date, Savant has received US$280,000 in option payments. Since optioning the property, Minera Fuego has carried out geophysical and geological surveys and is planning to drill the property in early 2012. The next option payment of US$250,000 is due at the end of April 2012.

Blue Moon Property, California

The Company continues to look for a partner for this advanced staged polymetallic project located in the Mother Load District of California.

Yava Property, Nunavut

Management continues to look for a partner to undertake a full evaluation of the project.


Savant has recently strengthened its Management Team with the addition of Mr. Reginald Advocaat to the Board of Directors and Ms. Katherine Gallagher as Manager of Investor Relations and Administration.

Mr. Advocaat has 29 years of experience in the junior mining sector initially as a broker and then as Head Trader with Pacific International Securities Inc. with a primary role in the underwriting of junior resource companies. Since 1986 and prior to his current role as President of Fortunate Sun Mining Company Ltd., Mr. Advocaat worked as an investor relations and corporate development consultant for several TSX listed companies including Eldorado Gold Corp. and Great Panther Resources Ltd. Mr. Advocaat has played a primary role in raising over $100 million for public companies during his career.

Ms. Gallagher is a Commerce graduate from the University of Victoria who will be assisting senior management in all areas of investor relations and public company administration. As part of her employment agreement, Ms. Gallagher has been granted options to purchase 75,000 shares at a price ofCA$0.10 per share exercisable for a five year term. Approximately $1,000 of her salary each month will be attributed to investor relations activities.

Outlook for 2012

Savant will continue to focus its exploration efforts on the McWatters gold property in Quebec. Work on its non-core assets will be limited to maintaining them in good standing and looking for partners or buyers for these projects. Management is also aggressively looking for new projects which fall within the Company's exploration criteria and financial resources.

John McClintock, P.Eng. President and CEO of Savant is the Qualified Person, as defined by National Instrument 43-101, responsible for the technical data in this news release.

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.

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.

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