All data posted was accurate at the time of the posting, but may be superseded by subsequent disclosure.
Date Updated: August 13, 2010
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On May 2, 2011 Savant signed an option agreement with Minera Fuego, a private Chilean Company on Savant's Yuby-Gabriela Property, Chile. Under the terms of the agreement, Minera Fuego can earn a 100% interest in the property by making US$ 4.03 million in payments over 48 months to Savant. Savant will retain a 2.5% NSR in the project; Minera Fuego will have the right to reduce the NSR to 1.5% by paying Savant US$ 5 million. The terms of the agreement are US$50,000 on signing and subsequent option payments to keep the agreement in good standing of US$50,000, US$180,000, US$250,000, $500,000, $1,000,000 and $2,000,000 at 3 months, 6 months, 12 months, 24 months, 36 months, and 48 months from signing the agreement, respectively.
Title to two properties in Chile is held through Compañia Minera Latina Limitada ("Minera Latina"), which is a wholly owned subsidiary of Latina Resources Ltd. ("Latina"), a British Columbia corporation. Latina is a wholly-owned subsidiary of the Company. Minera Latina owns two properties in northern Chile: Gabriela and Yuby. The most recent work on these properties was drilling carried out in 2008 on the Yuby property.
Northern Chile hosts several of the world's major porphyry copper deposits and important copper-gold deposits. Recent exploration of the Coastal Belt and pediment covered areas within the main Porphyry Belts have resulted in new discoveries. Savant's Yuby and Gabriela properties are located west of Chuquicamata in the Central Porphyry Belt. Preliminary exploration has defined porphyry style mineralization and alteration systems. Additional drilling is warranted.
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