VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 12, 2014) - Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) announces that it has released a new corporate presentation available at www.sanatanaresources.com. The new corporate presentation provides an overview of Sanatana's interest in the Watershed Property and Trelawney Mining and Exploration Inc.'s ("Trelawney") easement application on such property (the "Easement Application"). Trelawney is a wholly-owned subsidiary of IAMGOLD Corporation and the Easement Application was filed by Trelawney in connection with the Côté Gold Project.
Sanatana is in the process of updating its website to include materials pertaining to the Watershed Property and the Easement Application. These materials will include the following:
- A copy of the redacted option and joint venture agreement between Augen Gold Corp. (now Trelawney Augen Acquisition Corp.) and Sanatana Diamonds Inc. (now Sanatana Resources Inc.) dated effective February 14, 2011 (the "Option and JV Agreement"). A copy of the Option and JV Agreement was originally filed under Sanatana's SEDAR profile on May 8, 2012.
- A copy of the Ontario Mining and Lands Commissioner's (the "MLC") Order to File dated April 26, 2013, with respect to Trelawney's application to commence the Easement Application (the "Order to File"). For further information see Sanatana's news release dated April 29, 2013.
- A copy of the MLC's Order Amending the Order to File dated June 4, 2013, with respect to Trelawney's request to amend the Easement Application. For further information see Sanatana's news release dated July 4, 2013.
- A copy of the MLC's Order to Motion for Dismissal dated May 8, 2014, with respect to Sanatana's preliminary motion to the tribunal of the MLC to set a timetable for the Easement Application, compel the production of certain documents and, in the alternative, to dismiss the Easement Application on the basis that Trelawney had not filed the documents required under subsection 174(4) of the Mining Act (Ontario) (the "May 2014 Order"). For further information see Sanatana's news release dated May 9, 2014.
- A copy of the MLC's Order on Request for Clarification dated June 6, 2014 (the "Request for Clarification").
With respect to the Request for Clarification, Trelawney requested that the MLC clarify two points contained in the May 2014 Order. Specifically, Trelawney requested that the MLC tribunal (i) confirm that the May 2014 Order did not require Trelawney to undertake and file surveys unless and until the requested easements are granted and (ii) provide reassurance that the tribunal was interested in the status of relevant feasibility studies regarding the Côté Gold Project. Trelawney asked to have the foregoing points clarified through the vehicle of a case conference. In denying the request for a case conference, the MLC tribunal stated, among other things:
| "The Order of May 8, 2014 is clear in its requirements and in its reasons. Having reviewed the Order the tribunal sees no need to clarify the contents of what amounts to a list based on statutory requirements or the wording of the reasons. In reviewing the correspondence sent by both parties to the tribunal it is obvious that a case conference would simply provide a venue for re-litigating what has already been decided. This is an improper use of a case conference." |
Peter Miles, Chief Executive Officer of Sanatana stated: "We look forward to receiving Trelawney's extensive suite of documents in support of its easement application so that we can prepare our response to the materials. We have a number of objections to Trelawney's easement application and once the required information is produced and filed, we look forward to presenting our supplementary position to the tribunal."
For further information on the Easement Application, see the Company's news releases dated: April 29, 2013, July 4, 2013, November 5, 2013, January 23, 2014 and May 9, 2014 (copies of which are available under the Company's SEDAR profile at www.sedar.com).
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.
Contact Information:
Mr. Peter Miles
President and Chief Executive Officer
604-408-6680 or Toll Free: 1.877.881.6680
604.608.9500 (FAX)
investor@sanatanaresources.com
www.sanatanaresources.com