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Meaning of the word Sanaatana

I recently discovered that the word Sanaatana is translated in two ways.  
In some instances, it seems to mean eternal, and in some others it seems 
to mean ancient.  If some one would like to enlighten me, please 
translate, literally and meaningfully, the following line from a verse in 
the Katha accompaying the Satyanaaraayana Pooja: " Bhavishyati Kalou 
Satyavrataroopee Sanaatanah."  I am stumped by the words Kalou and 
Sanaatana in the above.  

Thanks a million in advance.

Pradip Sagdeo

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