Sanatana Resources Granted Prospecting Licence for the Tirua Project
TSX VENTURE: STA
VANCOUVER, British Columbia, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”) is pleased to announce that, further to the Company's news releases of October 24, 2018 and January 11, 2019, on January 31, 2019, the Minister of Mines, Energy and Rural Electrification granted Exsol (SI) Limited, Sanatana's wholly owned subsidiary, a Prospecting Licence ("PL") for the Company's 282 square kilometre Tirua project in the Solomon Islands.
Peter Miles, President and CEO, states "In the three months since receiving the initial letter of intent, Sanatana has conducted a due diligence site visit, engaged an independent QP to prepare a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, negotiated a surface access agreement with land owners and has now been granted the PL that gives us the ability to conduct exploration. I would like to thank the landowners, the Ministry of Mines, Energy and Rural Electrification and our team in the Solomon Islands for their hard work and commitment to moving this project forward."
The PL grants the Company the right to prospect for minerals until January 30, 2022 at which time it may be renewed for two more two-year periods, for a total seven-year term. Each two-year extension after the first three years requires the total PL area to be reduced by 50%. The 50% reductions can be waived by applying to the Minister with a reasonable case. After making a commercial discovery, the Company may apply to convert any portion of the PL to a mining lease. Mining leases are granted for 21-year periods. The terms of the Tirua transaction are set out in the Company’s October 24, 2018 news release.
The PL is subject to certain minimum exploration requirements and other customary conditions governing the Company’s rights and obligations under the PL. The transaction is subject to TSX Venture Exchange review and approval. Further details about the PL will be posted on SEDAR once TSX Venture Exchange approval has been received.
The information in this news release was prepared under the supervisions of Buddy Doyle, VP Exploration for Sanatana. Mr. Doyle is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Technical Projects and has reviewed and approved the technical information disclosed in this news release.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company with an experienced management team and board of directors. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX-V: STA). Sanatana’s present focus is the 282km2 Tirua project in the Solomon Islands, South West Pacific.
SANATANA RESOURCES INC.
(signed) “Peter Miles”______________
President and Chief Executive Officer
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Sanatana’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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