SANTO DOMINGO, Dominican Republic, Oct. 22, 2012 (GLOBE NEWSWIRE) -- Santo Mining Corp. (OTCBB:SANP), (the "Company"), is pleased to announce that it iscurrently 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, and Henry from Gexplo and now the Company is seeking to increase shareholder value through the acquisition of additional mining claims.
Gexplo owns what is likely the largest portfolio of metallic claims in the Dominican Republic. These promising claims all lie in the heart of the famed Hispaniola Gold Copper Belt that is host to world class mining operations such as Barrick Gold, Perilya Gold, Xstrata Falconado Nickel, and ongoing exploration by Goldquest, Unigold, Newmont, Everton, and many others.
The Company believes that one of the claims that it is negotiating has tremendous potential as it is located just 200 meters southeast of Barrick Gold's World Class Pueblo Viejo mine, which is reporting 25.3 million ounces of proven and probable gold reserves.
The Company is looking to acquire additional five claims which lie in the mineral rich Tireo volcanic formation deep in the southwestern interior. These surround Goldquest's properties including this summer's impressive Romero gold strike north of San Juan. Two of Gexplo claims are within 2-3 kilometers of the Romero strike zone where Goldquest reports the following drill intercepts: 231 meters @2.5 g/t gold; 258 meters @ 4.5 g/t gold; and 235 Meters @ 4.7 g/t gold.
In addition, the Company is assessing two promising San Cristobal claims which overlay former gold and or copper mines discovered from researching national mining office charts dating back 50 years or more.
To better understand these opportunities the Santo Mining geological consultants are planning to expand their exploration activities to include due diligence on these 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.
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
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.