Savant Explorations Ltd.

Savant Explorations Ltd.

May 02, 2011 09:21 ET

Savant Options Yuby-Gabriela Property to Minera Fuego

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2011) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") is pleased to announce the signing of an option agreement with Minera Fuego, a private Chilean Company on Savant's Yuby-Gabriela Property, Chile. Under the terms of the agreement, Minera Fuego can earn a 100% interest in the property by making US$4.03 million in payments over 48 months to Savant. Savant will retain a 2.5% NSR in the project; Minera Fuego will have the right to reduce the NSR to 1.5% by paying Savant US$5 million. The terms of the agreement during the initial 12 months of the agreement are US$50,000 on signing and subsequent option payments to keep the agreement in good standing of US$50,000, US$180,000 and US$250,000 at 3 months, 6 months and 12 months from signing the agreement, respectively.

Savant views the Yuby Gabriela Property as a non core asset and any funds received from the option payments will be used for exploration of Savant's McWatters and Parbec Projects in Quebec and general corporate purposes.

This news release contains forward-looking statements concerning the Yuby Gabriela Property. In particular, statements regarding the receipt of future option payments are forward looking because these payments are in the future and there is no assurance that all these payments will be received by Savant.. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to obtain necessary regulatory approvals, the failure to reach agreement on final documentation, exploration results and other risk factors that are beyond Savant's control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Neither 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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