Ashanti Gold Corp. GULSF

RE: News:

[hockeytown]

News Story Post: Saturn Announces Successful Petroleum & Natural Gas Bid for 102,757 hectares of Oil Rights in Eastern Saskatchewan
Tuesday February 15, 2011 09:01:32 EST
VANCOUVER, BRITISH COLUMBIA, Feb 15, 2011 (Marketwire via COMTEX News Network) --

Saturn Minerals Inc. (TSX VENTURE:SMI) ("Saturn" or the "Company") is pleased to announce that Saturn has submitted a successful bid (the "Bid") for Petroleum & Natural Gas Exploration Permit 3091, located near the town of Hudson Bay, Saskatchewan, during the Lands Sale held by the Saskatchewan Ministry of Energy & Resources on February 7th, 2011. Exploration Permit 3091 (the "Little Swan Project") grants its owner an exclusive right to explore for petroleum and natural gas within permit boundaries.

The Bid was submitted by Saturn in conjunction with Gulf Shores Resources Ltd. (GUL: TSX.V) and a privately owned Canadian oil company (collectively, the "Companies") for a total work commitment of $500,000. Saturn funded 50% of the cost of the bid with Gulf Shores Resources Ltd. and the privately owned Canadian oil company funding 25% each. The Companies will enter into a formal Operating Agreement for the exploration of the Little Swan Project.

Additionally, in accordance with the non-binding Letter of Intent (the "LOI") entered into between Saturn and Yellow Quill First Nation, Kinistin Saulteaux First Nation, Fishing Lake First Nation and The Key First Nation (the "First Nations") (see News Released dated Feb 7, 2011), Saturn's final percentage ownership of the Little Swan Project will be subject to the final terms of the LOI as agreed upon by Saturn and the First Nations.

The Little Swan Project is 102,757 hectares in size and located immediately adjacent to the Company's Armit coal property and is accessible by highway and extensive logging roads.

The Companies will provide updates as they become available.

About Saturn Minerals Inc.

Saturn Minerals Inc. (TSX VENTURE:SMI) is a junior Canadian energy & resources company advancing a portfolio of energy and resource assets in Saskatchewan, Manitoba and British Columbia. The Company's first coal discovery was made in 2009 with bituminous coal encountered in 8 of 12 drill holes on its Saskatoba Project. The Company continues to build strategic relationships throughout eastern Saskatchewan to pursue new opportunities and advance current projects in the Saskatchewan share of the Western Canadian Sedimentary Basin.