Saturn Minerals Completes 4,540 line-km Airborne Gravity Survey, Receives Permits for 2011 Summer Drill Program |
| Marketwire.com - Aug 18, 2011 |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - Saturn Minerals Inc. – (TSX VENTURE:SMI) ("Saturn" or the "Company") announces that it has completed approximately 4,540 line-kms of airborne gravity survey over the Company's coal and oil properties in eastern Saskatchewan & western Manitoba. The helicopter-based survey (the "Sander Survey") (see Saturn News Release, June 14th, 2011) was conducted by Sander Geophysics Ltd. of Ottawa, Ontario, over the Armit, Muskeg, Overflowing, Rat Creek, Turnberry, Mistatim and Red Earth coal properties, and over the Little Swan and Bannock Creek oil properties (see attached map). The Sander survey was flown with narrowly-spaced lines (120-150 metres) and was designed to add a significant amount of geophysical gravity and magnetic data, and interpretation to the Saturn Exploration Model for eastern Saskatchewan & western Manitoba concerning potential accumulations of coal, hydrocarbons and other minerals. The final results of the survey are expected to be delivered by the end of August.
The Company also announces that it has received all requisite permits and has retained Bodnar Drilling Ltd. of Ste-Rose du Lac, Manitoba for a summer exploratory drill program on the Company's properties. Drill targets of the summer program were selected based on the Saturn Exploration Model with the objective of verifying & testing a spectrum of certain geophysical signatures to establish stratigraphic correlation between coal-bearing drill holes over a wide area and the potential presence of a large-scale structural control favorable to coal accumulation. The summer program will be the third exploratory drill campaign for coal conducted on the Saskatoba Project and is expected to provide the requisite data for a more encompassing drill campaign which will be designed to establish coal reserves from Saturn's known coal discoveries and larger-scale coal targets.
"This will be the third highly-focused drill campaign on the Saskatoba Project" stated Stan Szary, President & CEO of Saturn. "Like the previous two campaigns before it which were successful in discovering the Leif and Karolina Coal Basins, this program will help us assess the potential of various geophysical targets and provide the basis for a larger-scale area-wide effort to ascertain ultimate resource potential on Saturn's lands."
The drill program will be conducted under the supervision of Dr. Krzysztof Mastalerz, P,Geo, the Company's qualified person under 43-101 standards who has reviewed and approved the technical content of this release.
The Company also wishes to announce that pursuant to the agreement with MI3 as disclosed in the news release issued June 23rd, 2011, Saturn will grant MI3 stock options to acquire 200,000 shares in the capital stock of the Company at an exercise price of $0.48. The Agreement and grant of stock options has received the approval of the TSX Venture Exchange.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI) 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 88 metres thickness. 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.
Stan Szary, President
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/smi_fg1_818.pdf
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
Contact Information
Saturn Minerals Inc.
Stan Szary
President
(604) 685-6989
www.saturnminerals.com
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- Posted: 2011-08-18 13:23:12
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