Saturn & Swift Submit 117 Additional Coal Permit Applications on Previously Reserved Land
Government of Saskatchewan Lifts Ban of Coal Permits Over Petroleum & Natural Gas Concessions
Vancouver, British Columbia CANADA, May 30, 2008 /FSC/ - Saturn Minerals Inc. (SMI - TSX Venture), ("Saturn") & Swift Resources Inc. (SWR: TSX.V) ("Swift") (the "Companies"), have submitted to the Saskatchewan Ministry of Energy and Resources an additional 117 coal permit applications (the "new applications"), totaling 89,856 hectares overlying existing Petroleum & Natural Gas Concessions ("PNG Concessions") made available on May 27, 2008 for coal exploration by the Saskatchewan Government. Coal Permit and PNG Concessions can now be issued over the same land without restriction.
On May 28 and May 29, 2008, an additional 117 coal permit applications were submitted on behalf of Saturn and Swift over the previously unavailable PNG Concessions. The northern boundary of the PNG Concessions is located 19 km. south of the town of Hudson Bay, SK. The applications were made in accordance with the Coal Disposition Act of Saskatchewan. The time frame for granting permits for the applications is in accordance with the regulatory process by the Saskatchewan Government.
Including the new applications submitted within the PNG Concessions on May 28 and May 29, Saturn and Swift have now submitted applications for a total of 266,252 hectares (2,662.52sq. km.) in the vicinity of the Goldsource Mines Inc. coal discovery announced on May 22, 2008. Of the 266,252 hectares applied for, Saturn and Swift have received a "Comfort Letter" for 125,952 hectares (Saturn and Swift News Release May 28, 2008).
Saturn and Swift will hold all permits granted under the terms of the Joint Venture Agreement described in their news release of May 28, 2008 (60% Saturn, 40% Swift, with Saturn being the operator).
The Companies will provide additional information when it becomes available.
SATURN MINERALS INC. SWIFT RESOURCES INC.
"Mike Elson" "Mike Elson"
President President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Saturn Minerals Inc.
600, 890-West Pender Street
Vancouver, B.C.
V6C 1J9
Tel: (604) 685-6989
Fax: (604) 687-1327
Swift Resources Inc.
600, 890-West Pender Street
Vancouver, B.C.
V6C 1J9
Tel: (604) 685-6989
Fax: (604) 687-1327
Source: Saturn Minerals Inc. (TSX-V SMI) http://www.saturnminerals.com
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