VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/04/13 -- Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE: STA) announces, further to the Company's news release of April 29, 2013, that it has filed response materials with the Ontario Mining and Lands Commissioner in connection with the easements Trelawney Mining and Exploration Inc. ("Trelawney") is seeking on the Watershed Property.
Sanatana objects to the proposed easements on a number of grounds and looks forward to presenting its position to the Commissioner. Sanatana will keep its shareholders up to date on any new developments related to the easement application. Peter Miles, President and Chief Executive Officer of Sanatana, stated: "Sanatana has a contractual right with Trelawney Augen Acquisition Corp (a subsidiary of Trelawney) to acquire up to a 51% undivided interest in the Watershed Property free and clear of all encumbrances - including, for example, easements. We will defend the rights that we are contractually entitled to."
Trelawney amended its initial easement application by deleting Mining Claims P-3019033, 3010239 and 3017665 and adding Mining Claims P-3011854, 3017674 and 3011820. Trelawney's easement application now involves the following Mining Claims: P-4209355, 3004844, 3014374, 3017666 to 3017668, both inclusive, 3011820, 3011854, 3018411, 3018437, 4203839, 4203852, 4227171, 4240907, 4240908, 3017674 and 4203294.
About the Company
Sanatana Resources Inc. is a Canadian mineral exploration and development company focused on its Watershed property in Ontario. Sanatana entered into an option and joint venture agreement with Trelawney Augen Acquisition Corp. (formerly Augen Gold Corp.) ("TAAC") which grants Sanatana an option to acquire up to 51% of the Watershed Property. As at November 28, 2012, Sanatana exercised its first option and is the legal and beneficial owner of 50% of the Watershed Property. Sanatana has until March 23, 2016, to decide whether to exercise its right to acquire a further 1% in the Watershed Property.
On June 21, 2012 IAMGOLD Corporation completed its acquisition of Trelawney Mining and Exploration Inc. and became the sole indirect shareholders of TAAC. With an experienced management team and board of directors, the Company has the ability required to identify, develop and fund economic mineral properties. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX VENTURE: STA).
SANATANA RESOURCES INC.
Peter Miles, President and Chief Executive Officer
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press 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.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sanatana Resources Inc.
Mr. Peter Miles
President and Chief Executive Officer
604.408.6680 or Toll Free: 1.877.881.6680
Most Popular Stories
- Chinese May Have Spotted Malaysia Airlines Debris
- Why Buffett Bets Big on Green Energy
- 3 Shot Dead in Venezuela Unrest
- Better Pay Means Bigger Profits: Strategist
- Banks Buying Little From Minority Firms: Study
- Several Texas Cities Top Job Search List
- Senate Committee OKs Bill to Sanction Russia
- G7 Presses Russia to Pull Troops Out of Crimea
- Wall Street Rally Heads Off 3rd Day of Decline
- Obama's 'Between Two Ferns' Appearance Has Conservatives Upset