VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 5, 2014) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") announces that it has received notice from Minera Fuego of its intent not to continue with the option agreement on Savant's wholly-owned Yuby-Gabriela copper porphyry property in Chile. Since the inception of the option agreement in 2011, Savant has received more than $1 million in cash payments from Minera Fuego. Upon termination of the option in early March, Savant will retain a 100% ownership in the property and receive the extensive technical data and geoscience knowledge acquired through Minera Fuego's funding of the project over the past three years. Savant will undertake a detailed review and interpretation of this extensive database in order to determine the best way to advance the project and achieve maximum benefit for Savant's shareholders.
Savant's focus for the current year continues to be the advancement of the recently acquired copper porphyry properties in the Southwest U.S., one of the world's premier porphyry copper regions, as summarized in the Company's news release dated October 30, 2013. The first year work commitments and cash payments required for all three properties is less than $250,000 and will be easily funded from Savant's current working capital. Contemporaneously with the preliminary exploration of the acquired projects and as markets recover, Savant will aggressively pursue additional opportunities in the Southwest U.S. with the objective of acquiring high value properties either through direct staking or low cost option agreements.
Savant is an exploration and development stage company focused on generating and exploring high quality precious and base metal properties in stable jurisdictions. Savant has recently initiated a new exploration and discovery strategy in Southwest United States with the acquisition of the Buckhorn, Jasper Canyon, and Frazier Creek properties. Savant's other properties and assets are 100% owned with combined annual holding costs of approximately $40,000. Savant also owns three other high-quality properties, the Yuby Gabriela copper property in Chile, the Blue Moon Zinc-lead deposit in California and the Yava Zn-Ag property in Nunavut, Canada that Savant's management is seeking to monetize for maximum value to Savant and its shareholders.
More information on the Company's activities is available at the Company's website at www.savantexplorations.com.
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.
This news release contains forward-looking statements. 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.