Saville Resources Inc. Announces Property Acquisition, Private Placement, and Corporate Updates
SAVILLE RESOURCES INC.
Suite 1450 – 789 West Pender Street
Vancouver, B.C.
V6C 1H2
Phone: 604-598-9804
Fax: 604-681-8240
Saville Resources Inc. Announces Property Acquisition, Private Placement, and
Corporate Updates
November 27, 2017 – Saville Resources Inc. (TSXv: SRE, FSE: S0J) ("Saville" or the "Company") wishes to
provide an update on the Company’s latest developments.
Property Option Agreement
The Company is pleased to announce that it has entered into an agreement, pending exchange
approval, with Zimtu Capital Corp. (“Zimtu”) to acquire a 100% interest in and to the Covette Property,
located in the James Bay Region of Quebec.
The Covette Property is located approximately 190 km east of Raddison and 10 km north of the all -
weather Trans-Taiga road and adjacent LG -3 transmission line. The claim area consists of 65 contiguous
claims, encompassing an area of approximately 3,370 ha ( ~34 km²). A property map can be found at:
http://savilleres.com/Covette-Property-Map-1.pdf
In late 2016, a 1402 line -km Versatile Time Domain Electromagnetic (VTEM) survey was completed ove r
the Covette Property by Geotech Ltd., of Aurora, Ontario. It identified several high priority
electromagnetic (EM) conductors coincident with strong and distinct magnetic high anomalies, as well a
broad and large coincident EM and magnetic high anomaly. These areas are considered prospective for
base and precious metal targets.
Geologically, a greenstone belt underlies the region, comprised of various mafic to ultramafic rock units
considered prospective for base and precious metals (Ni-Cu-Co-PGE-Au-Ag), as well as pegmatite hosted
rare metals (Li -Ta). Komatiites have also been described in the region with such rock types known to
host significant Ni -Cu massive sulphide deposits at other localities globally, adding further to the
prospective nature of the region.
Historically, the Property area has been subject to only limited exploration, which focused primarily on
prospecting and sampling. Outcrop exposure in the area is limited. Historic sampling results include the
pegmatite/amphibolite Clothilde Showing where 4.7% Mo, 0.73% Bi, 0.09% Pb, and 6.0 g/t Ag, as well as
1.2 g/t Ag and 0.18% Cu were returned from two grab samples, respectively.
A ground prospecting program was completed in Q3-2017 and the Company is awaiting results from the
targets identified from the 2016 VTEM survey. In addition, all pegmatite occurrences were sampled, as
these rocks types may be favourable hosts to rare metal mineralization, such as lithium.
Terms of the Agreement
In exchange for 100% of the right, title, a nd interest in and to the Covette Property, consisting of 65
mineral claims, Saville shall pay the vendor $350,000 in cash.
NI 43‐101 Disclosure
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by
National Instrument 43 -101, supervised the preparation of the technical information in this news
release.
Non-Brokered Private Placement
The Company will be proceeding with a non -brokered private placement financing of up to 4,500,000
Units (“Units”) of the Company at a price of $0. 06 per Unit (post -consolidation) for gross proceeds of
$270,000. Each Unit will consist of one common share in the capital of the Company and one
transferrable common purchase share warrant with each warrant exercisable into one common share at
$0.10 for a period of 24 months from closing.
Proceeds of the private placement will be used for ongoing exploration, project evaluation and
acquisition, and for general working capital. Finder’s fees may be payable by the Company on a p ortion
of the offering in accordance within the TSX Venture Exchange policies and guidelines. All of the
securities issued under this offering will be subject to a hold period expiring four months and one day
from closing.
Settlement of Debt
Saville entered into a settlement agreement in June 2017 (the "Settlement Agreement") with a creditor
of the Company whereby Saville would issue units of the company at a deemed price of $0.06 per unit in
full and final settlement of the amounts owing to such cred itor. Each unit consists of one common
share in the share capital of the Company and one common share purchase warrant. Each warrant
entitles the holder thereof to purchase one additional Common Share upon payment of the exercise
price of $0.06 for a period of two years.
Pursuant to the settlement agreement, $ 219,000 in debts would be settled and a total of 3,650,000
units would be issued to the creditor, which would represent 18.7% of the issued and outstanding
common shares of Saville following the co mpletion of the Settlement Agreement. The common shares
and share purchase warrants received as part of the Settlement Agreement will be subject to a four
month and one day statutory hold period.
Corporate
The Company is pleased to announce the appointment of Mr. Michael Hodge as Director, President &
Chief Executive Officer of the Company. Mr. Hodge began his exploration career on the original staking
program for Commerce Resources Corp .’s Blue River Tantalum and Niobium project in
1999. Subsequently, Mr. Hodge has worked on over 25 exploration projects across North America. His
most recent field work was Operations Manager for a quarry on Vancouver Island. Mr. Hodge’s
marketing experience was developed through his participation in global resource even ts over the last
decade and he has seen recent success in raising capital for a number of portfolio companies within
Zimtu Capital Corp. as he continues to add to his experience, both corporately and in the field.
The Company is also pleased to announce th e appointment of Ms. Jody Bellefleur as Chief Financial
Officer of the Company. Ms. Bellefleur is a CPA, CGA with over 20 years’ experience as a corporate
accountant. Since 2008, Ms. Bellefleur has exclusively been involved in providing services to both public
and private companies in the junior mining sector.
The Company also wishes to announce the resignation of Mr. Zhi Gang Ding as a Director of the
Company. The Company would like to thank Mr. Ding for his time and service as a director.
ON BEHALF OF THE BOARD
SAVILLE RESOURCES LTD.
“Charn Deol”
Charn Deol,
Director
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
release.
Forward-Looking Statements
This news release contains forward -looking information which is subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ from those projected in the forward -looking statements. For
example forward looking statements in this press release include and are not limited to the acquisition of the property
and any reference to future work commitments and the proposed private placement. Thes e forward-looking statements
are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those projected in the forward -looking information . Risks that could change or prevent t hese
statements from coming to fruition include that the TSXV may not approve the acquisition on the negotiated terms,
creditors may not complete debt settlements, we may not raise sufficient funds to carry out our plans, changing costs
for mining and pro cessing; increased capital costs; the timing and content of upcoming work programs; geological
interpretations based on current data that may change with more detailed information; potential process methods and
mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits
that with further test work may not be comparable; the availability of labour, equipment and markets for the products
produced; and despite the current expected viability of the proje ct, that the minerals on our property cannot be
economically mined, or that the required permits to build and operate the envisaged mine cannot be obtained. The
forward-looking information contained herein is given as of the date hereof and the Company ass umes no responsibility
to update or revise such information to reflect new events or circumstances, except as required by law.