VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Sanatana Diamonds Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) has granted incentive stock options to consultants and an employee of the Company to purchase up to 1,400,000 common shares of the Company at a price of $0.30 per share, exercisable for a period of five years. The options are being granted pursuant to the terms of the Company's stock option plan and are subject to regulatory approval.
Since the number of options that can be granted is limited under the terms of the option plan, certain directors, officers and an employee of the Company agreed to cancel certain of their stock options to facilitate the above option grant. As a result, options to acquire up to 2,250,000 common shares were returned to the option pool. Following the option cancellation and grant, the Company has 6,910,000 stock options outstanding.
About the Company
Sanatana Diamonds Inc. is an exploration stage company that has recently optioned a gold exploration property in Ontario (subject to TSX Venture Exchange approval) that complements its existing properties in the Northwest Territories and Yukon. With an experienced management team and board of directors, Sanatana has the skills 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).
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.
Contact Information: Sanatana Diamonds Inc.
Mr. Peter Miles
President and Chief Executive Officer
604-408-6680 or Toll Free: 1-877-881-6680