St. Joe Minerals Corp., the target of a $2.07 billion takeover bid by Joseph E. Seagram & Sons Inc., said today that it will make an "important announcement" Tuesday following a morning meeting of its board of directors.

Word of the expected announcement came one day after Seagram and St. Joe said they had agreed to suspend all litigation concerning Seagram's bid.

The agreement suspends both litigation in New York federal court and in the state courts of New York, Missouri, Louisiana and Nebraska. Seagram had sued in the state courts to block state officials from enforcing statutes putting local restrictions on takeover bids.

Seagram said St. Joe had agreed not to contest Seagram's contention that these state statutes cannot be applied constitutionally to Seagram's tender offer for St. Joe.

St. Joe also agreed to suspend action on its case in New York federal court to give Seagram at least 72 hours notice before renewing such action.

Seagram has offered $45 a share for the stock of St. Joe, the nation's leading producer of lead and zinc and a major coal miner. At the company's request, St. Joe's stock was not traded today. It closed Friday on the New York Stock Exchange at $46 a share, up 75 cents.

The offer by Seagram, the world's largest liquor distributor, expires April 10.