July 17, 2008
Saturn Minerals and Swift Resources Receive Additional Comfort Letter for Coal Permit Applications
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2008) - Saturn Minerals Inc. (TSX VENTURE:SMI) ("Saturn") & Swift Resources Inc. (TSX VENTURE:SWR) ("Swift") (the "Companies"), announce that a Comfort Letter has been received from the Saskatchewan Ministry of Energy and Resources in regard to 117 coal permit applications submitted on behalf of the Companies on May 28th and May 29th covering a total of 89,856 hectares of which 89,088 hectares have been given "priority status" (116 of 117 applications). With the receipt of this "Comfort Letter" the total area of coal dispositions applied for by Saturn & Swift for which Comfort Letters have been received with "priority status" is 234,240 hectares (2,342.4 sq. km).
Comfort Letters include a list of dispositions applied for, the dates of the submissions, land descriptions, boundary plans, affirmation of fee payments and first year rent, the allocated Coal Prospecting Permit (CPP) numbers, and whether the submissions have priority over other applications. The "Comfort Letter" confirms that a majority of permits applied for are "first in line" and will be given priority sequence. The final granting of the coal permits is dependent upon government regulatory approval and time required to process the applications, which is at the discretion of the Government of Saskatchewan. Granting of coal permits is subject to a final review of "each application indicating he nature of the work and money to be expended". The "Comfort Letter" is not a guarantee that all or any of the permits will be issued to the Companies, only that the Companies are first in line for the permits.
Saturn Minerals Inc.
Swift Resources Inc.
Mike Elson, President
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