SANTO DOMINGO, Dominican Republic, Sept. 28, 2012 (GLOBE NEWSWIRE) -- Santo Mining Corporation (OTCBB:SANP), (the "Company"), has completed a commitment with a Biomedic (HK) Ltd., a Hong Kong based investment group, for a private placement of $500,000 for the purpose of geochemical exploration. Initially, Santo Mining will focus its efforts on exploration and near-term production of precious and base metals in the Dominican Republic's Hispaniola Gold-Copper Back-Arc. The Company will research and acquire claims that could produce near-term production.
Santo Mining has targeted five initial sites for acquisition and exploration, which consist of multiple optioned gold claims in this mineral rich volcanic arc, which is host to Barrick Gold's 25.3-million-ounce Pueblo Viejo Gold Mine, ranked in the top three gold reserves worldwide. Barrick Gold has recently invested $3.5 billion in Pueblo Viejo, and re-opened production in August 2012. To date, only a small percentage of the Dominican Republic's mineral resources have been worked and the country has the capacity to double or triple the current levels of output. Other companies with proven gold reserves in the Dominican Republic include Perilya, Goldquest, Goldstar, Brigus, Newmont, Everton, Unigold, and Falcondo Xstrata, which operates what, at one time, was the world's second-largest nickel mine.
With less than 24 months from discovery to production for small to mid-tier gold mines, the Dominican government continues with its pro-mining policy and is a full member of the DR-CAFTA Treaty. Under this treaty, foreign investors from the U.S. and the other member countries are covered by a wide spectrum of protective provisions. The initial thrust of Santo Mining's mission is to assemble a large portfolio of gold, precious metal and base metal claims, and to prove gold reserves for early production.
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 acquiring 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 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 which are not purely historical, such as the Company's plans to acquire other properties and prove gold reserves, 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 that such 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.