Savant Explorations Ltd.

Savant Explorations Ltd.

August 12, 2009 23:11 ET

Savant Receives Regulatory Approval of Grant of Option to Selwyn on Vinata Property in Mexico and Begins Exploration of Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") is pleased to announce that it has received final regulatory approval of the previously announced (July 22nd) option grant to Selwyn Resources Ltd on the Vinata Property in Mexico. The acquisition agreement grants Selwyn an option to acquire an initial 50% interest in the Vinata Property and upon exercising that option, an option for Selwyn to increase its interest to 55% by making additional expenditures. Selwyn is committed to minimum US$500,000 exploration expenditure by January 15, 2010. Preparatory fieldwork is now underway for the planned 1800 metres of drilling in late September to test several prime targets for high grade silver-zinc-lead mineralization. This work includes line cutting for an induced polarization survey to start in the third week of August and trenching, which will better define locations for drilling.

The option agreement with Selwyn provides Savant shareholders with the opportunity to test an exciting silver-lead-zinc target without the excessive shareholder dilution of a financing under current market conditions while maintaining a significant ownership of the project. Savant is the operator during the initial program.

The Vinata Property is located in North Central Mexico in the prolific Central Mineral Belt that hosts numerous large silver-zinc-lead deposits at Bismark, Santa Eulalia and Naica. The Vinata Project has excellent potential for the discovery of a new major silver-zinc-lead deposit within the mining districts of Santa Eualia and Naica in the State of Chihuahua Collectively; these mines have produced more than 750 million ounces of silver and significant zinc and lead.

Vinata is a large property covering approximately 89 square kilometres and represents a rare opportunity of a large property position associated with the surface expression of a potential new district scale discovery. The local geology and alteration show many similarities to the Santa Eulalia District, 55 kilometres to the north, which hosts numerous silver-zinc-lead deposits within Upper Cretaceous limestones. Mapping on Vinata by Savant identified well defined vein-breccia structures flanked by extensive clay altered volcanic rocks hosting anomalous silver, zinc and lead in micro veinlets of carbonate and manganese. This alteration and mineralization is interpreted to be the uppermost part of carbonate replacement silver - lead - zinc mineralizing system and occurs intermittently over a north westerly trend of approximately 3000 metres.

The Vinata Property is subject to a purchase agreement between Savant and Minera Gama S.A. de C.V. (see Savant news release of June 11, 2009) which includes aggregate cash purchase payments of US$2,635,000 and granting of a royalty of 2% of Net Smelter Returns which can be reduced to 1% NSR upon making payments of US$1,000,000. Minera Gama, S.A. de C.V. subsequently transferred its interest to Minera Cima S.A. de C.V. in the first quarter of 2009.

John McClintock, P. Eng, President Savant Explorations Ltd. is the Qualified Persons, as defined by National Instrument 43-101, responsible for the technical data in this news release.

This news release contains forward-looking statements concerning the Vinata Property. 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 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