Feb 6 2014
Savant Explorations Ltd. announces that it has received notice from Minera Fuego of its intent not to continue with the option agreement on Savant's wholly-owned Yuby-Gabriela copper porphyry property in Chile.
Since the inception of the option agreement in 2011, Savant has received more than $1 million in cash payments from Minera Fuego. Upon termination of the option in early March, Savant will retain a 100% ownership in the property and receive the extensive technical data and geoscience knowledge acquired through Minera Fuego's funding of the project over the past three years. Savant will undertake a detailed review and interpretation of this extensive database in order to determine the best way to advance the project and achieve maximum benefit for Savant's shareholders.
Savant's focus for the current year continues to be the advancement of the recently acquired copper porphyry properties in the Southwest U.S., one of the world's premier porphyry copper regions, as summarized in the Company's news release dated October 30, 2013. The first year work commitments and cash payments required for all three properties is less than $250,000 and will be easily funded from Savant's current working capital. Contemporaneously with the preliminary exploration of the acquired projects and as markets recover, Savant will aggressively pursue additional opportunities in the Southwest U.S. with the objective of acquiring high value properties either through direct staking or low cost option agreements.
Source: http://www.savantexplorations.com/