Sanatana Gives Notice to Form Joint Venture
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 30, 2015) - Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) announces it has given Trelawney Augen Acquisition Corp. ("TAAC"), a wholly owned subsidiary of IAMGold Corp., notice to form a 50/50 joint venture (the "JV") to manage the Watershed Property. The JV was formed pursuant to the terms of the option and joint venture agreement between the Company and TAAC, dated February 14, 2011 (the "Agreement"). Sanatana will be the initial manager of the JV pursuant to the terms of the Agreement. A redacted copy of the Agreement was filed under Sanatana's SEDAR profile (available at www.sedar.com) on May 8, 2012.
Peter Miles, President and CEO of Sanatana stated, "Despite the difficult market conditions that continue to prevail, we are pleased to form the JV and look forward to working with TAAC in order to further the exploration of the Watershed property. Sanatana expects to meet with representatives of TAAC shortly to discuss specific details of the first work program of the newly formed JV."
About the Company
Sanatana Resources Inc. is a Canadian mineral exploration and development company focused on its Watershed Property in Ontario. Sanatana is the legal and beneficial owner of 50% of the Watershed Property further to an option and joint venture agreement with Trelawney Augen Acquisition Corp. (formerly Augen Gold Corp.) ("TAAC"). The Watershed Property consists of 46 mining claims totalling approximately 19,006 acres and located within the townships of Yeo, Chester, Neveille and Benneweis.
In June 2012, IAMGold Corp. completed its acquisition of Trelawney Mining and Exploration Inc. and became the sole indirect shareholders of TAAC. In 2013, Sanatana expanded the Watershed Property by acquiring, for the sole benefit of Sanatana and TAAC, a 20% interest in three additional mining claims, now referred to as the Clam Lake Property, located in Yeo and Chester Townships, Ontario.
In addition to the Watershed Property, Sanatana also has exploration property in Saskatchewan. 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.
Contact
Sanatana Resources Inc.
Mr. Peter Miles
President and Chief Executive Officer
604-408-6680
investor@sanatanaresources.com
www.sanatanaresources.com