Jan 19, 2010
Saturn Minerals & Swift Resources Resume Drill Program in Saskatchewan
Vancouver, January 19, 2010 -- Saturn Minerals Inc. -- SMI: TSX.V ("Saturn") & Swift Resources Inc. -- SWR: TSX.V ("Swift") (the "Companies"), have resumed drilling on the Armit block of the Saskatoba project located near Hudson Bay, Saskatchewan. The 15 hole diamond drill program is designed to test geophysical anomalies similar in nature to 'Goldsource style' coal deposits as identified in the recently completed NI 43-101 report (see news release, dated Nov 23). Drilling of 4 holes in December 2009 by the Companies resulted in the Leif coal discovery (see news release, dated Dec 21).
The first of the high priority geophysical anomalies drilled in December 2009 (hereafter referred to as the Leif sub-basin) resulted in the successful intersection of a 10.35m coal seam at a depth of approximately 112 meters on the Companies' Armit property. The discovery hole did not reach the Devonian basement rocks before the holiday break due to technical difficulties. The Leif sub-basin is approximately 1,700 x 900 m in area, and open for exploration drilling in all directions from the discovery hole. The Company plans to drill several step-out holes from the discovery hole to identify the extent of coal within the Leif sub-basin.
The Companies will drill test the remaining geophysical anomalies located on the Armit property which the Companies have been permitted for which are similar in nature to the Leif sub-basin to determine both the presence of significant coal and the possible relationship between individual sub-basins. Selected geophysical anomalies located on the Armit property which display significantly wider lateral extents than the Leif sub-basin will also be drill tested.
The drill program is being conducted in conjunction with North Rim Exploration Ltd. of Saskatoon, Saskatchewan, and the Companies' field geologist Alex Walus, P.Geo, and Dr. Krzysztof Mastalerz, P.Geo, the Companies' qualified person under 43-101 standards who has reviewed and approved the technical content of this release.
The Companies also announce that pursuant to the Stock Option Plans of Saturn and Swift, Saturn has granted 2,200,000 stock options at the price of $0.17 per common share and Swift has granted 400,000 stock options at the price of $0.28 per common share to employees, directors, advisors and consultants. Under the Saturn Stock Option Plan and the Swift Stock Option Plan, the options granted are exercisable until January 19, 2015.
Grant of the option is subject to the approval of the TSX Venture Exchange.
For more information, please contact:
Saturn Minerals Inc./Swift Resources Inc.
Stan Szary, Director
SATURN MINERALS INC.
SWIFT RESOURCES INC.
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 NEWS RELEASE.
You can view the Next News Releases item: Wed Feb 24, 2010, Saturn And Swift Complete Phase 1 Drilling Of Saskatoba Project
You can view the Previous News Releases item: Mon Dec 21, 2009, Saturn Minerals & Swift Resources Announce Coal Discovery at Saskatoba Project
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