Feb 07, 2011
Saturn Minerals Signs Letter of Intent With Coalition of Saskatchewan First Nations
Vancouver, February 7, 2011 -- Saturn Minerals Inc. -- SMI: TSX.V ("Saturn" or the "Company")is pleased to announce the signing of a non-binding Letter of Intent (the "Letter of Intent") with Yellowquill First Nation, Kinistin Saulteaux First Nation, Fishing Lake First Nations and The Key First Nation (the "First Nations"), that will provide an opportunity for the First Nations to participate in the evaluation and formation of a commercial framework and partnership in the development of mineral resources in the Traditional Territories of the First Nations.
The Letter of Intent illustrates the First Nations and Saturn's mutual desire to cooperate in pursuing projects that display commercial promise and economic viability within Traditional Territories. The proposed framework for such undertakings will be the formation of a New Business Entity (the "New Entity") which will be jointly controlled by the First Nations and Saturn. Once established, the New Entity will complete assessments of, negotiation for, and acquisitions of, specific assets that demonstrate commercial promise. As part of the mandate of the New Entity, when conducting such assessments, the environmental and traditional ecological knowledge and concerns held by First Nations communities will be a governing factor in the selection of assets.
In addition, as part of the New Entity the First Nations and Saturn intend to establish a trust fund (the "Fund") for any commercial success of the New Entity. The Fund will provide resources for the First Nations' communities such as education and training to better enable First Nation citizens of such communities to participate in projects acquired and administered by the New Entity, or in complimentary fields.
Saturn will make certain initial contributions to the Fund upon execution of the Letter of Intent in shares and/or cash. In addition, the Company will make further contributions upon the achievement of certain milestones and fund the initial operating costs of the New Entity, upon its formation, for a period of two years, up to an amount which will be agreed upon by the First Nations and Saturn
Chief Larry Cachene states "Our people have a long history of governance and use of the resources from our lands in a way that respects Mother Earth yet provides benefits to our people. We respect the land and we respect people and industry that understand our needs, interests, traditional ways and our need to obtain our fair share of the benefits from our homelands. Companies like Saturn and their willingness to work with us and understand our interests and more importantly their work with us to ensure our interests are not left out is good. This is the way it should be and we are happy that Saturn understands and wants to work with us in our traditional homelands."
"We all fully understand that the structure of the New Entity & Fund will require extensive and meaningful dialogue to ensure that all interests pertaining to Traditional Territories of the First Nations are considered and reflected in the New Entity and Fund. This Letter of Intent has come as a direct result of open and honest communication and respectful dialogue between Saturn, Yellowquill, Kinistin Saulteaux, Fishing Lake, and Key First Nations," stated Mr. Stan Szary, President of Saturn Minerals. "We have a common interest in the future of resource development in Saskatchewan. The partnership as envisioned in this Letter of Intent will allow the First Nations and Saturn a platform through which to participate in that development in a real and meaningful way."
All terms of the Letter of Intent are subject to final ratification of the First Nations' respective Chiefs and Councils, approval by Saturn's Board of Directors and any necessary approvals of the TSX Venture Exchange.
About Saturn Minerals Inc.
Saturn Minerals Inc. (SMI: TSX.V) is a junior Canadian energy & resources company advancing a portfolio of energy and resource assets in Saskatchewan, Manitoba and British Columbia. The Company's first coal discovery was made in 2009 with bituminous coal encountered in 8 of 12 drill holes on its Saskatoba Project. The Company continues to build strategic relationships throughout eastern Saskatchewan to pursue new opportunities and advance current projects in the Saskatchewan share of the Western Canadian Sedimentary Basin.
To learn more, please visit the Company's website at: www.saturnminerals.com
SATURN MINERALS INC.
s/ "Stan Szary"
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