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SANTO DOMINGO, Dominican Republic, Feb. 5, 2013 (GLOBE NEWSWIRE) --
Santo Mining Corp. (OTCBB:SANP),
(the "Company"), is pleased to announce that it has entered into an agreement to acquire 100% or option the RICHARD gold exploration application (the "RICHARD Claim") in the mineral-rich Hispaniola Gold-Copper Back-Arc of the Dominican Republic. This agreement is part of the Company's aggressive campaign to expand its portfolio of precious and base metal claims.
Santo Mining's RICHARD Gold Claim Proximity to Barrick Gold's Pueblo Viejo Gold Mine
A photo accompanying this release is available at
The RICHARD Claim is a 220 hectare claim strategically located just 200 meters southwest of Barrick Gold's Pueblo Viejo mine, one of the World's largest gold mines with probable and proven gold reserves of 25.3-million-ounces, or $38 Billion. Barrick Gold recently announced that it has invested approximately $4 Billion into the operation of the Pueblo Viejo mine. Also close to the RICHARD Claim are Falcondo Xstrata's "massive nickel complex" and Perilya's "Cerro de Maimon" gold mine.
This highly prospective polymetallic claim is situated in the heart of the Maimón formation of the Hispaniola Gold-Copper Back-Arc, which is host to several polymetallic volcanogenic massive sulphide ("VMS") type deposits, namely the Cerro de Maimón and the Loma Pesada deposits.
In 2012 and January 2013 Santo Mining's field exploration team conducted accelerated due diligence on the RICHARD Claim consisting of property wide reconnaissance surveys, including stream sediment sampling and surface soil geochemistry. During the past two months the exploration team has sent several batches of soil, sediment and rock samples to Acme Laboratories for multi-element trace analysis. The certified results have potentially identified two zones of gold, silver, and copper anomalies. The principal gold zone is located in the northwest quadrant of the RICHARD Claim, approximately 500 meters east of Barrick Gold's Pueblo Viejo boundary. In the next exploration phase scheduled for February 2013, the team will focus on these prospective target areas by conducting a more detailed surface soil geochemistry survey. The Acme Laboratory results for gold and seven gold pathfinder elements will be used to update the anomaly charts in the quest to further define potential shallow drill targets.