Mr. Peter Miles reports
SANATANA GRANTED PROSPECTING LICENCE FOR THE TIRUA PROJECT
Further to Sanatana Resources Inc.'s news releases of Oct. 24, 2018, and Jan. 11, 2019, on Jan. 31, 2019, the Minister of Mines, Energy and Rural Electrification granted Exsol (SI) Ltd., Sanatana's wholly owned subsidiary, a prospecting licence (PL) for the company's 282-square-kilometre Tirua project in the Solomon Islands.
Peter Miles, president and chief executive officer, states: "In the three months since receiving the initial letter of intent, Sanatana has conducted a due diligence site visit, engaged an independent QP to prepare a technical report in accordance with National Instrument 43-101
-- Standards of Disclosure for Mineral Projects, negotiated a surface access agreement with landowners and has now been granted the PL that gives us the ability to conduct exploration. I would like to thank the landowners, the Ministry of Mines, Energy and Rural Electrification, and our team in the Solomon Islands for their hard work and commitment to moving this project forward."
The PL grants the company the right to prospect for minerals until Jan. 30, 2022, at which time it may be renewed for two more two-year periods, for a total seven-year term. Each two-year extension after the first three years requires the total PL area to be reduced by 50 per cent. The 50-per-cent reductions can be waived by applying to the minister with a reasonable case. After making a commercial discovery, the company may apply to convert any portion of the PL to a mining lease. Mining leases are granted for 21-year periods. The terms of the Tirua transaction are set out in the company's Oct. 24, 2018, news release.
The PL is subject to certain minimum exploration requirements and other customary conditions governing the company's rights and obligations under the PL. The transaction is subject to TSX Venture Exchange review and approval. Further details about the PL will be posted on SEDAR once TSX Venture Exchange approval has been received.
The information in this news release was prepared under the supervision of Buddy Doyle, vice-president of exploration for Sanatana. Mr. Doyle is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Technical Projects and has reviewed and approved the technical information disclosed in this news release.
About the company
Sanatana Resources is a mineral exploration and development company with an experienced management team and board of directors. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange. Sanatana's present focus is the 282-square-kilometre Tirua project in the Solomon Islands, southwest Pacific.
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