SANTO DOMINGO, Dominican Republic, Nov. 19, 2012 (GLOBE NEWSWIRE) -- Santo Mining Corp. (OTCBB:SANP), (the "Company"), would like to update the public regarding some of its corporate activities and corporate actions. They are as follows:
The Company is currently negotiating an LOI with Gexplo for additional precious and base metal claims (gold, silver, copper, zinc, etc.) in the Dominican Republic. Recently Santo Mining acquired 100% of the Walter, Alexia, Maria, Francesca, Nathaniel, Eliza and Henry claims from Gexplo and is currently negotiating a Letter of Intent to option up to five other claims. The 5 remaining gold claims lie deep in the western interior in the mountains north of San Juan de la Maguana. These five claims tightly wrap Goldquest's La Escandalosa and adjoining claims and largely lie in the remainder of the Tireo volcanic lithological trend that Goldquest otherwise occupies. Some of the target claims are only 2-3 kilometers from Goldquest's impressive Romero gold strike with the following reported drill hole intercepts: LTP 90 231 meters @2.5 g/t gold, LTP 93 258 meters @ 4.5 g/t gold and LTP 94 235 Meters @ 4.7 g/t gold.
The Company is also looking to acquire two other promising claims that are the San Cristobal. These claims, called Fabio & Jack, overlay former gold and or copper mines that closed approximately 50 years ago or more. These highly interesting claims were brought to Gexplo's attention after discovering old mining maps of the area. These maps lacked coordinates and were overlaid onto 1:50,000 topographical, geological and aerial photographs to better locate the mines. Field visits have confirmed their existence and elders in the area recall the operations quite well. One hypothesis is there may be an undiscovered mineralized trend linking these various historical mines.
Santo Mining geological consultants are planning to expand their exploration activities to include due diligence on these highly prospective target properties which would include: rock, soil and sediment sampling and possibly a geophysical survey in order to better identify and thus prioritize potential near-term gold production opportunities.
The Company has attracted the interest of several finance houses and private placement groups. Early this week, together with its investment advisors, the Company will be analyzing and comparing the various available funding options. The Company plans to utilize these funds to acquire more drilling and transport equipment and take full advantage of the next six months of dry season.
On October 19, 2012 the Company announced the appointment of their full time Exploration Field Geologist, Mr. Elpidio Moronta. Mr. Moronta is a seasoned Dominican Geologist who previously worked at Pueblo Viejo and Cerro de Maimon, which straddles the Santo Mining claim. From June 2007 to May 2008 Mr. Moronta worked with Placer Dome, which was later taken over by Barrick Gold during this period. During this term he served as a Geotechnical and Geostructural Geologist identifying drill targets for the project.
- On November 14, 2012 the Company's legal counsel has submitted a 2-1 forward split of the Company's common shares to FINRA. The action will split the Company's issued and outstanding shares of common stock, such that each authorized issued and outstanding share of common stock shall be reclassified and changed into two (2) shares of Common Stock. The Company believes that the forward split is in the best interests of the Company and its stockholders. The forward split is subject to the approval of FINRA.
"The Company is very excited about how quickly it has achieved certain milestones and being able to provide shareholder value in a very short period of time. The Company and its management is going to try and aim for greater things to come," stated Alain French, CEO of Santo Mining Corp.
About Santo Mining Corporation
Santo Mining Corporation is an aggressive junior minerals exploration and development company, based in the Dominican Republic. The Company is actively pursuing the acquisition and exploring of properties, which are strategically located in the prolific and highly prospective Hispaniola Gold-Copper Back-Arc area in the Dominican Republic. For more information visit our website at: www.santomining.com
The Santo Mining Corporation logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=14686
Further information on the Company and its filings can be found at www.sec.gov
For further information, please contact:
Investor relations: Circadian Group
North American Toll free: 1(866) 603-3330 or +1(647) 930-1037
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, such as the Company's plans to acquire a number of highly prospective gold exploration properties, which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Company's properties and the timing of any work program or exploration activities, and any results that may be obtained or the commencement of production.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.