SANTO DOMINGO, Dominican Republic, April 4, 2013 (GLOBE NEWSWIRE) -- Santo Mining Corp. (OTCQB:SANP) , (the "Company"), is pleased to announce that it has signed a definite agreement to acquire 100% of the "CHARLES" exploration application (the "Charles Claim"). This highly prospective claim is located above San Juan in western Dominican Republic and planted in the heart of the mineral rich "Tireo Formation." Furthermore, the Charles Claim borders Goldquest's renowned La Escandalosa claim where in 2012 three bonanza drill intercepts were reported as being the largest gold discovery in the Dominican Republic in 20 years. The Company continues its positive growth, adding yet another quality claim to its portfolio of exploration concession applications and its focus on near-term gold production opportunities.
The Tireo Formation consists of an Upper Cretaceous package of sedimentary and volcanic rocks including andersite, dacite, mineralized quartz veins, volcanic breccias, diorite and volcaniclastic silicification striking a NW/SE diagonal swath in west Dominican Republic. Ten years ago, Goldquest, in a joint venture with Goldfields Ltd, carried out a regional geochemical and prospecting program that identified several new areas of mineralization. Later, Goldquest discovered several gold and copper mineralized areas in a long 35 km group of concessions called Romero, La Escandalosa, Jenjibre, Los Comios and Loma Viejo Pedro. Just 2.5 km NW of Charles are four bonanza drill intercepts which are reported on Goldquest's website as follows:Hole 90: 231m grading 2.41 g/t Gold and 0.44% Copper; Hole 92: 159m grading 4.45 g/t Gold and 0.95% Copper; Hole 93: 258m grading 4.50 g/t Gold and 1.30% Copper; And most recently 235m grading 7.88 g/t Gold and 1.43% Copper. In consideration for the Charles Claim, the Company will pay a non-refundable payment of $10,000 at closing, a $50,000 payment within in 90 days, 1,500,000 shares of the Company's common stock, par value of $0.00001, and a Net Smelter Royalty (SNR) of 5%. During the first three years Santo Mining has committed to invest a minimum of $520,000 in geological and mining exploration on the property. According to Company President, Al French, "In March 2013, our exploration team completed a 'due diligence' reconnaissance and preliminary geochemical survey of Charles and has collected several rock samples with impressive mineralization. The samples have been analyzed by Acme labs of Vancouver and a report will be published in the next few days. To complement Santo Mining's three claims around Barrick's World Class Pueblo Viejo gold mine in Maimon, we are negotiating to purchase up to four more claims clustered immediately around Goldquest's bonanza claims near San Juan in south west Dominican Republic. For now or immediate objectives are:
- CAPITAL: Attract new capital to augment the recent $16,000,000 commitment from Hanover Holdings I, LLC (NY) to fund drill rigs, machinery and gold processing plants.
- EXPLORATION: Substantially increase exploration momentum, with a special focus on drilling and trenching as the new Dominican Mining Director expedites the back-log of claim applications.
- PROPERTY ASSETS: Continued growth by systematically adding exceptional exploration assets.
- GOLD PRODUCTION: Special focus on signing production royalty agreements on permitted gold claims and moving the Company into the junior mining league.
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.
CONTACT: Investor relations: Tyler Troup, B.Comm Managing Director, Circadian Group Phone: 1(866) 603-3330 or +1(647) 930-1037 Email: firstname.lastname@example.org