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.
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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.
According to Company President, Al French, "We are optimistic that February's follow-up detailed geochemical surface soil exploration campaign will return further positive results for gold and other precious and base metals typical of the area's rich VMS and epithermal gold mineralization. With the addition of the Richard Claim, Santo Mining now has five exploration concession applications clustered in the epicenter of the Dominican mining zone. The other claims are Walter, Kato (Eliza), Henry and Maria. The remaining Alexia, Francesca and Nathaniel properties are located to the northwest, in the 'Hispaniola Gold Copper Arc.' Our current focus is maintaining the Company's exploration momentum while adding potentially high-profile gold claims to the expanding Santo Mining portfolio."
About Santo Mining Corporation
Santo Mining Corporation is a junior minerals exploration and development company, based in the Dominican Republic. The Company is actively pursuing the acquisition and exploration of properties, which are strategically located in the prolific and highly prospective Hispaniola Gold-Copper Back-Arc area in the Dominican Republic. A detailed description of the Company's activities is available at www.SantoMining.com.
Further information on the Company and its filings can be found at www.sec.gov
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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.
