Savoy Hits Initial Funding Target, Senior Management Holds Meetings with Officials in China.DENVER -- Savoy Resources Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SVYR): About Savoy Savoy Resources Corp. 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 geology, science of the earth's history, composition, and structure, and the associated processes. It draws upon chemistry, biology, physics, astronomy, and mathematics (notably statistics) for support of its formulations. 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 First 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 First Institute has reported the discovery of 120 deposits with 48 types of minerals, including high-grade gold, silver, copper, iron ore, 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. Private Placement Savoy has arranged a private placement of 2,000,000 units at $0.15 per unit for gross proceeds of $300,000. Each unit consists of one share of common stock and one A warrant and one B warrant. The A warrants are each exercisable at a price of $0.30 to purchase one share of common stock for a period of two years. The B warrants are each exercisable at a price of $0.45 to purchase one share of common stock for a period of two years. This brings the total of funds raised to $1,300,000 since August. President Robert Slavik says, "This is a milestone for our Company. We set a target of $1,250,000 of funding before the end of this year and we have completed that ahead of schedule. This allows us to fully honor our commitments to the First Institute and start December with a stronger balance sheet and surplus funds Surplus funds Cash flow available after payment of taxes in a project. for operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets . Our new management team assumed the leadership of Savoy in August. Our goal was to fully implement our business plan and bring together the best group of people we could attract. We brought the highly respected firm of Archer Cathro & Associates fully on line as our consulting geologists and retained David Tenney to lead our geological team. Additionally, Douglas Eaton, of Archer Cathro, became the first member of our new advisory board. With our $1.3 million total financing since August now in place, we are confident in our collective abilities to move Savoy forward." China Mining Conference The Company's entire senior management was recently in China and attended the China Mining 2004 Conference in Beijing, November 16 to 18. The Beijing conference was a significant event that brought together delegates from the major international mining companies, as well as many important government officials, many of whom our officers and directors were able to meet personally. Management Strengthens Relationships In Heilongjiang Province Senior management also traveled extensively throughout Heilongjiang Province and visited a number of prospective mine sites. Senior management held meetings with government officials in Harbin, Mudanjiang and several other locations. Senior management views these meetings and the opportunity to better examine the mining potential as imperative to maximizing the potential for success for Savoy, Savoy shareholders and the people of Heilongjiang Province. /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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