SANTO DOMINGO, Dominican Republic, Oct. 10, 2012 (GLOBE NEWSWIRE) -- Santo Mining Corporation (OTCBB:SANP), (the "Company"), is pleased to announce that it is acquiring 100% of the Francesca gold exploration claim just west of Moncion in the Dominican Republic. This is the Company's fifth claim that it has acquired and consists of 2,120 hectacres of explorable lands.
For many years Moncion was a bustling mining town where many locals worked in the local mining co-operative. According to a report conducted by the Dominican Mining Office titled, "Analisis y Ordenacion de la Mineria Artesanal," the cooperative had extracted black sand to the south of Moncion with a gold assay of 101 g/m gold. Santo Mining's exploration team is anxious to launch a preliminary geochemical survey and will begin by investigating areas around any artisanal gold works together with collecting sediment samples from mountain streams to rapidly identify potential gold anomalies.
After La Rosario (first company to mine Pueblo Viejo) exhausted its oxide gold deposits they looked for new frontiers and sent an exploration team to the Moncion area. However in that era the price of gold did not justify the transportation cost to their plant in Maimón. Now, with gold prices hitting new highs and access improvements, the concept of transporting raw material to a central concentrating plant is now looking much brighter.
Francesca shares the mineral rich "Hispaniola Gold Copper Arc" formation with Barrick Gold's "Pueblo Viejo" mine with 25 million ounces of Gold, Perilya Gold's "Cerro de Maimón," Goldquest's recent impressive "Romero" discovery, and Falcondo Xstrata's massive nickel complex.
Following a recent site visit with a Santo Mining geologist, President Al French states, "We are highly optimistic about this latest addition to Santo Mining's growing arsenal of precious and base metal claims, all our claims are hand-picked for their strategic position in the heart of the mineral rich Hispaniola Gold-Copper Belt. Furthermore, we will continue to seek out additional claim acquisitions to add to our portfolio thus allowing us to pursue near-term gold production opportunities most aggressively."
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. 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
The Santo Mining Corporation logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=14686
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.
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Source:Santo Mining Corp.