Saturn Minerals Inc. Partners with Jameson Resources Ltd. for Exploration of the Red Earth Coal Property in Saskatchewan
10 Novembre 2011 - 3:15PM
Marketwired
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) ("Saturn" or
the "Company") announces that Jameson Resources Ltd. ("Jameson")
(ASX:JAL) via its wholly owned Canadian subsidiary NWP Coal Canada
Ltd. has acquired a 10% interest in the Company's Red Earth coal
property for a cash payment of $46,080.
Jameson has also entered into an option agreement (the
"Agreement") with Saturn whereby Jameson can earn up to a 60%
interest in the property by expending $870,000 in exploration
expenses over three years following which the Red Earth project
will become a 60/40 joint-venture between Jameson and Saturn.
During the term of the option, Jameson will make cash payments to
Saturn equivalent to $5 and $10 per hectare in years two and three,
respectively (the Red Earth property is 4,608 hectares in size).
Saturn will also retain a 7% FOB royalty interest in all future
mineral production from the Red Earth property.
Jameson Resources Ltd. is a coal exploration company based in
Perth, Australia, focused on the identification and acquisition of
strategic coal projects in Western Canada via its wholly owned
Canadian subsidiary, NWP Coal Canada Ltd. Jameson's coal experience
and participation in the area is a welcome development for eastern
Saskatchewan as it continues to emerge as a new Canadian coal
region, and Saturn welcomes the coal expertise of its new
Australian partners.
The Red Earth property is 4,608 hectares in size and comprised
predominantly of farmland. It is located approximately 30 km from
the town of Carrot River, Saskatchewan, approximately 25 km from
rail and immediately adjacent to paved provincial Highway 55. The
Red Earth property was acquired by Saturn in 2008 based on the
underlying trend of Mannville Group sediments which, since 2009,
have been proven by Saturn and other area operators to host
previously unknown coal seams of unusual thickness. Since 2010
Saturn has completed over 241 line-km of airborne GEOTEM® and 744
line-km of airborne gravity survey over the Red Earth property to
assess coal exploration potential with respect to through-faulting
and karstification-related geological settings favourable for
development of long-lasting coal-forming paleoenvironments. These
airborne surveys have identified several geophysical signatures on
the Red Earth property that display characteristics similar to the
latest Mannville Group coal discoveries that advanced exploration
is merited, including diamond drilling (see attached map). Jameson
will be preparing a first phase exploratory program for the Red
Earth property to test a selection of these anomalies during the
coming exploration season. In connection with the Agreement, Saturn
has agreed to issue an initial 75,000 shares and an additional
175,000 shares or $37,500 over a two year period as a finder's fee.
The Agreement and all related finder's fees are subject to the
approval of the TSX Venture Exchange.
To view the Map associated with this release, visit:
http://media3.marketwire.com/docs/smi10_F1.pdf.
Dr. Krzysztof Mastalerz, P.Geo., the Company's Qualified Person
under NI 43-101 standards has reviewed and approved the technical
content of this release.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a
junior Canadian energy & resources company advancing a
portfolio of energy and resource assets in Saskatchewan, Manitoba
and British Columbia. The Company has made two bituminous coal
discoveries at its Saskatoba Project since 2009, including one of
the thickest coal seams encountered in Canada at 89 metres
thickness. The Company continues to build strategic relationships
throughout Saskatchewan & Manitoba to pursue new opportunities
and advance current projects in the Western Canadian Sedimentary
Basin.
SATURN MINERALS INC.
On Behalf of the Board of Directors
Stan Szary, Chief Executive Officer
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.
Contacts: Saturn Minerals Inc. Stefan Szary (604) 685-6989 or
Cell: (778) 229-3545www.saturnminerals.com
Saturn Minerals Inc. (TSXV:SMI)
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