VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/10/14 -- Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE: STA) is pleased to announce that Trelawney Mining and Exploration Inc. ("Trelawney"), a wholly-owned subsidiary of IAMGOLD Corporation, has withdrawn its easement application in connection with the Cote Gold Project. If the parties are unable to agree on costs then Sanatana and Trelawney will make written submissions to the Ontario Mining and Lands Commissioner (the "MLC") on or before December 2, 2014 and December 9, 2014 respectively.
For further details on the Cote Gold Project easement dispute see Sanatana's news release dated September 16, 2014. A copy of MLC order with respect to the discontinuance will be posted to Sanatana's website (www.sanatanaresources.com ) under the section entitled "Easement Dispute".
Peter Miles, Chief Executive Officer of Sanatana stated: "Our position has always been that Trelawney's easement application was without merit. We believe that Trelawney could not satisfy the necessary elements to obtain the easements that it was seeking for its Cote Gold Project. We expect to make an application to recover significant costs from Trelawney in connection with its withdrawn application."
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 consisting of 46 mining claims totalling approximately 19,006 acres and located within the townships of Yeo, Chester, Neveille and Benneweis. 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.
In June 2012, IAMGOLD Corporation 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 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.
Contacts:
Sanatana Resources Inc.
Mr. Peter Miles
President and Chief Executive Officer
604-408-6680
investor@sanatanaresources.com
www.sanatanaresources.com
