Sanatana Enters Into An Option Agreement To Acquire Interest In Diamond Exploration Properties In Alberta
Marmac is the registered and beneficial owner of the Property, is a privately held company incorporated pursuant to the laws of Alberta and is arm's length to the Company.
Pursuant to the Agreement, Marmac has granted the Company the exclusive right and option to acquire up to a 50% undivided interest in the Property. The Company will earn a 10% undivided interest (the "10% Interest") in the Property by (i) paying to Marmac the sum of $52,500 upon receipt of TSX Venture Exchange ("TSX-V") approval of the Agreement, (ii) drilling a minimum of two test holes on the Property and retrieving samples necessary to determine the presence of a kimberlite pipe, if any, on or before April 10, 2010 and (iii) incurring a minimum of $100,000 of exploration expenditures on the Property on or before June 30, 2010.
Upon the Company having earned the 10% Interest, Sanatana will have the right to earn a further 40% undivided interest (the "50% Interest") in the Property (for a total undivided interest of 50%) by incurring an additional $1,000,000 in exploration expenditures on the Property on or before April 1, 2012.
Upon Sanatana earning its final interest in the Property, Sanatana and Marmac will enter into a joint venture agreement for the continued development of the Property. Each party's interest in the joint venture will be pro-rata to their respective interest in the Property.
The Agreement and completion of the transactions contemplated therein are subject to the approval of the TSX-V.
About the Company
Sanatana Diamonds Inc. is focused on the exploration of its Mackenzie Diamond Project, comprised of approximately 1.8 million acres of ground under claims and permits, located north of Great Bear Lake and approximately 700 kilometres northwest of Yellowknife in the Northwest Territories of Canada. The Sanatana Mackenzie project is a joint venture between Kennecott Canada Exploration Inc. and Sanatana Diamonds Inc., which Sanatana operates and in which Kennecott has a contributing 15% interest. As part of the joint venture arrangement, Kennecott has made available one of their project geologists and a geophysicist from their pool of experienced staff. Sanatana Diamonds, headquartered in Vancouver, is listed on the TSX Venture Exchange (TSX-V: STA).
SANATANA DIAMONDS INC.
Peter Miles
President and Chief Executive Officer
For additional information on the Company, please contact:
Sanatana:
Mr. Peter Miles, President and Chief Executive Officer
at 604-408-6680 or email
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 "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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Result Of Annual General And Special Meeting
Shareholders have appointed the following people to the Company's board of directors:
Peter Miles
Edward Marlow
Harley Hotchkiss
Buddy Doyle
Dr. Nicholas Archibald
For additional information on the Company, please contact:
Mr. Peter Miles, President and Chief Executive Officer,
at 604-408-6680 or email .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About the Company
Sanatana Diamonds Inc. is focused on the exploration of its Mackenzie Diamond Project, comprised of approximately 1.8 million acres of ground under claims and permits, located north of Great Bear Lake and approximately 700 kilometres northwest of Yellowknife in the Northwest Territories of Canada. The Sanatana Mackenzie project is a joint venture between Kennecott Canada Exploration Inc. and Sanatana Diamonds Inc., which Sanatana operates and Kennecott has a contributing 15% interest. As part of the joint venture arrangement, Kennecott has made available one of their project geologists and a geophysicist from their pool of experienced staff. Sanatana Diamonds, headquartered in Vancouver, is listed on the TSX Venture Exchange (TSX-V: STA).
Notice of Annual General and Special Meeting of Shareholders
- to receive and consider the audited financial statements of the Corporation for the fiscal year ended March 31, 2009, together with the report of the auditors thereon;
- to determine the number of directors at five for the ensuing year;
- to elect the directors for the ensuing year;
- to appoint auditors and to authorize the directors to fix their remuneration;
- to re-approve the Corporation's existing Stock Option Plan;
- to transact such further or other business as may properly come before the meeting or any adjournment or adjournments thereof.
DATED at Vancouver, British Columbia this 11th day of August, 2009.
BY ORDER OF THE BOARD
(signed) "Peter Miles"
_______________________________
Peter L. Miles
Chief Executive Officer and Director
View Notice of Meeting in PDF Format:
| File: | http://www.sanatanadiamonds.com/i/pdf/2009-08-11_AGMN.pdf |
| 9 KB, approx. 3 seconds at 56.6Kbps |
Sanatana Reports High Indicator Count With Kimberlite Fragments From Till Sample On The Greenhorn Project Nt.
The anomalous till sample contains 178 grains dominated by 114 pyrope, 55 ilmenite, 6 chromite and 3 eclogitic garnet and is our highest pyrope count from a sample to date.
Only partial results from the summer till sample program have been received and the Company awaits final results and microprobe analysis to further refine and enhance our understanding of this new indicator mineral anomaly.
The Company expects to have approximately $5.5 million on hand at the end of 2008 and is currently planning its 2009 exploration program.
Qualified Person
The Company's exploration programs are carried out under the supervision of Sanatana's Director and VP of Exploration, Mr. Buddy Doyle. Mr. Doyle meets the qualified person requirements (as defined by National Instrument 43-101) with 26 years of exploration experience, 16 years of which are in diamond exploration. Mr. Doyle has compiled, approved and reviewed the scientific and technical information in this press release.
For additional information on the Company, please contact:
Sanatana:
Mr. Peter Miles, President and Chief Executive Officer,
at 604-408-6680 or email investor@sanatanadiamonds.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED, NOR ACCEPTS RESPONSIBILITY FOR, THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements
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 "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, and include statements regarding cash on hand, resource estimates, potential mineralization, exploration results, completion or continuation of work programs and studies, future plans and objectives, and the existence and proximity of kimberlites to the sampled material. These statements are based on a number of assumptions including cash expenditures through the balance of 2008. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources, but from finding mineral deposits that though present, are insufficient in quantity and quality to be economic or to return a profit from production. Such risks are described in more detail in Management's Discussion and Analysis available at www.sedar.com. There can be no assurance that such statements and information will prove to be accurate and actual results could differ materially from those suggested by any forward-looking statements and information. Sanatana disclaims any obligation to update or revise such forward looking statements and information except as required by law.
About the Company
Sanatana Diamonds Inc. is focused on the exploration of its Mackenzie Diamond Project, comprised of approximately 5.9 million acres of ground under claims and permits, located north of Great Bear Lake and approximately 700 kilometres northwest of Yellowknife in the Northwest Territories of Canada. The Sanatana Mackenzie project is a joint venture between Kennecott Canada Exploration Inc. and Sanatana Diamonds Inc., which Sanatana operates and in which Kennecott has a contributing 15% interest. As part of the joint venture arrangement, Kennecott has made available one of their project geologists and a geophysicist from their pool of experienced staff. Sanatana Diamonds, headquartered in Vancouver, is listed on the TSX Venture Exchange (TSX-V: STA).
Cancellation of AIM Listing on October 10, 2008
On September 11, 2008 Sanatana Diamonds Inc. ("Sanatana" or the "Company") (TSX-V:STA and AIM:SAN) announced its intention to cancel its AIM listing, The AIM delisting will become effective October 10, 2008. The Company will maintain its listing on the TSX Venture Exchange (TSX-V) and, after October 10, 2008, shareholders of the Company resident in the United Kingdom ("UK Shareholders") will be able to trade the Company's common shares ("Common Shares") through TSX-V.
UK Shareholders of Sanatana should be aware of the following information:
Key dates:
- 7am on October 10, 2008 -- Effective date of delisting from AIM
- October 31, 2008 -- Effective date of disablement of electronic settlement through CREST.
For additional information on the Company, please contact:
Sanatana:
Mr. Peter Miles, President and Chief Executive Officer, at 604-408-6680 or email investor@sanatanadiamonds.com.
Seymour Pierce Limited (Nominated Adviser):
Nandita Sahgal, at +44 (0) 20 7107 8000 or email nanditasahgal@seymourpierce.com
NEITHER THE AIM MARKET OF THE LONDON STOCK EXCHANGE PLC NOR THE TSX VENTURE EXCHANGE HAS REVIEWED, NOR ACCEPTS RESPONSIBILITY FOR, THE ADEQUACY OR ACCURACY OF THIS RELEASE.
About the Company
Sanatana Diamonds Inc. is focused on the exploration of its Mackenzie Diamond Project, comprised of approximately 5.9 million acres of ground under claims and permits, located north of Great Bear Lake and approximately 700 kilometres northwest of Yellowknife in the Northwest Territories of Canada. The Sanatana Mackenzie project is a joint venture between Kennecott Canada Exploration Inc. and Sanatana Diamonds Inc., which Sanatana operates and in which Kennecott has a contributing 15% interest. Sanatana Diamonds, headquartered in Vancouver, is dual listed on the AIM Market of the London Stock Exchange plc and Toronto Venture Exchange (AIM: SAN: TSX-V: STA).