By Market Wire, October 24, 2013, 08:30:00 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/24/13 --
Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") is pleased to announce the receipt of $304,000 from the Province of Quebec for refundable mining tax credits generated from exploration funded by Savant in 2011.
The $304,000 refund further increases Savant's treasury and follows the receipt of a US$500,000 option payment, announced by the company on April 18 of this year, for the Yuby-Gabriela Property in Chile. Pursuant to the Yuby-Gabriela Property option agreement, the next option payment of US$1,000,000 is due at the end of April 2014 with a subsequent option payment of US$2,000,000 due in April 2015.
Savant is an exploration and development stage company focused on generating and exploring high quality precious and base metal properties in stable jurisdictions. Savant's current properties and assets are 100% owned with combined annual holding costs of approximately $30,000. Savant has a partner funding one of these properties, the wholly owned Yuby-Gabriela copper property in Chile. In addition to the Yuby-Gabriela property, the Company owns two other high-quality properties, Blue Moon and Yava that Savant's management is seeking to monetize for maximum value to Savant and its shareholders.
Savant's management is currently undertaking a focused, but low cost effort, to identify, review and assess high quality exploration and resource assets in favourable jurisdictions that have the ability to add value to the company and provide a springboard for future growth. The main objective is to diligently work through the review process and identify a new flagship project that can be acquired and financed as markets recover.
More information on the Company's activities is available at the Company's web site 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 concerning the Yuby-Gabriela 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.
John McClintock, President and CEO
Telephone: (604) 568-5817
Source: Savant Explorations Ltd.