Savoy Announces Beijing Gold Show, Work Planning, Private Placement.DENVER -- Savoy Resources Corp. (SVYR:OTCBB OTCBB See OTC Bulletin Board (OTCBB). ): About Savoy Savoy Resources Corp. (SVYR:OTCBB) is a precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. and mineral exploration and mining company. Through our joint venture company, the Heilongjiang Savoy Resources Co., Ltd., in partnership with the First Institute of Geology and Exploration of Heilongjiang Province, China, Savoy Resources Corp. holds sole mineral rights to the Shishan Forest Gold Property and access to the exploration and development of all minerals in Heilongjiang Province. Savoy, through its joint venture partnership, has the right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. to explore and develop any mineral properties in the entire province. With complete access to a geological database that identifies precious and base metals, diamonds and other natural resources, Savoy is selecting opportunities in coordination with the Institute. The database, developed over the past 50 years, includes comprehensive geological, geochemical, geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. and drilling data, as well as pre-feasibility and feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. for mining on identified properties. To date, the Institute has reported the discovery of 120 deposits with 48 types of minerals, including high-grade gold, silver, copper, iron, coal, coal bed methane methane (mĕth`ān), CH4, colorless, odorless, gaseous saturated hydrocarbon; the simplest alkane. It is less dense than air, melts at −184°C;, and boils at −161.4°C;. and diamonds. Work Program Plans in China During the next several weeks, Savoy's senior management is participating in strategy, operations and budgeting sessions with leaders of the Institute in Mudanjiang, Heilongjiang province. The Company expects to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... plans for its active entry into the Chinese mining sector, setting operational priorities, mining criteria, timetables and budget parameters. Gold bearing properties are of particular interest. Private Placement Savoy has closed a private placement of 5,000,000 units at $0.12 per unit for gross proceeds of $600,000. Each unit consists of one share of common stock and one Series A warrant exercisable to purchase one share of common stock at $0.20 for a period of 3 years and one Series B warrant exercisable to purchase one-half share of common stock at $0.40 for a period of 4 years. The funds will assist Savoy in developing and implementing its business plans in China. Beijing Gold Show The Company's senior management will be attending the China Mining 2004 Conference in Beijing beginning November 15 where meetings will be held with prospective Joint Venture partners. Further details of the China Mining 2004 Conference held in Beijing can be found at http://www.miningnews.net/eventdetail.asp?eventid=1163 /s/ Robert Slavik Robert Slavik, President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. On Behalf of the Board of Directors Savoy Resources Corp. Certain matters discussed in this press release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." These forward-looking statements can generally be identified as such because the context of the statement will include words such as Savoy "expects," "anticipates" or words of similar import. Similarly, statements that describe the Company's plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those anticipated. Although Savoy believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that the expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Forward-looking statements made herein are only made as of the date of this press release and Savoy does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . For more information regarding Savoy please contact the Company at info@savoyresources.com or North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. toll free 800-507-2869. |
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