| Saturn Minerals Inc. Announces Update on Bannock Creek Drilling Program | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 27, 2016) - Saturn Minerals Inc. (TSX VENTURE:SMI)(SMK.F) ("Saturn" or the "Company") is pleased to announce that its oil exploration well 9A-5-44-8w2 has reached a vertical depth of 583 meters. Formation tops were confirmed and correlated to the sequence stratigraphy with the Company's known geophysical data where formations requiring additional wellbore integrity have been identified. Significantly, the Company has identified the dense anhydritic cap of the Lower Interlake. The operation is continuing and the Company expects to reach and evaluate the previously identified potential light oil traps in the stacked Red River, Winnipeg and Deadwood Formations by early next week, at which time the Company will provide a further update. Saturn identified the well location from a 2D seismic program, which was designed to identify and confirm closures for potential light oil traps of the Northeastern Williston Basin. The data confirmed the anticlinal four-way closure of the drillable prospect of 480 acres in size at the Company's 120,000 acre Bannock Creek property. The closure of this structure, which compares very favourably with existing producing light oil pools to the south of Bannock Creek and provides validation of Saturn's exploration model, has resulted in Saturn selecting this drill target as the Company's second exploration well. About Saturn Minerals Inc. Saturn Minerals Inc. (TSX VENTURE:SMI)(SMK.F) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company owns 376,800 acres of exclusive oil & gas rights in Saskatchewan and is advancing a number of oil exploration projects. Saturn has also made three shallow bituminous coal discoveries since 2009 with coal seams ranging in continuous vertical thickness from 9 to 89 meters. Saturn has a strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration and development company co-founded by Saturn with a consortium of Saskatchewan First Nations active in Canada's prairie provinces. On Behalf of the Board of Directors SATURN MINERALS INC. Stan Szary, Chief Executive Officer NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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Saturn Minerals Inc.
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EXPLORATION STAGE |
CODE : SMI.V |
ISIN : CA80410K1012 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Saturn Min. is a gold and copper exploration company based in Canada. Saturn Min. holds various exploration projects in Canada. Its main exploration properties are GEM, BEAVIS, SASKATOBA and OVERFLOWING in Canada. Saturn Min. is listed in Canada. Its market capitalisation is CA$ 30.5 millions as of today (US$ 23.5 millions, € 20.3 millions). Its stock quote reached its highest recent level on June 26, 2008 at CA$ 0.81, and its lowest recent point on September 17, 2010 at CA$ 0.05. Saturn Min. has 145 210 000 shares outstanding. |