Photo Release -- Santo Mining Reports 10.79 g/t Silver and 1.0%+ Copper on New Charles Claim in Dominican Republic
SANTO DOMINGO, Dominican Republic, April 25, 2013 (GLOBE NEWSWIRE) -- Santo Mining Corp. (OTCQB:SANP), (the "Company"), is pleased to announce positive results from a geochemical reconnaissance survey of its "CHARLES" exploration application (the "Charles Claim") located in the Dominican Republic "Tireo Formation". Rock samples collected by the Company exploration team yielded a series of results up to 10.79 g/t Silver and +1.0% Copper. The Charles Claim borders Goldquest's (GDQMF.PK) (TSX VENTURE:GQC) renowned La Escandalosa claim.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=18329
In 2012 Goldquest reported three bonanza drill intercepts just 2.5 km from the Charles claim which was reported as being the largest gold discovery in the Dominican Republic in 20 years.
The 278 hectare Charles Claim is located in the gold, silver and copper rich Tireo Formation and lies on the eastern border of Goldquest's La Escandalosa. In March 2013 the Company's exploration team, led by Elpidio Moronta, conducted a preliminary reconnaissance and surface geochemical survey of the entire claim. Stream sediment samples were collected from the Rio Guayabo, Rio Piedra Blanca and its tributaries. Grab and outcrop rock samples were collected and several samples from the Rio Piedra Blanca to the North side of the "Loma Del Gajo Pelon" mountain along a 600 meter long by 2 meter wide mineralized vein. These rock samples were dispatched to Acme Labs in Vancouver for multi-element and fire-assay analysis and returned the following positive grades for Silver and Copper:
|10.79 g/t Silver and >1% Copper|
|10.57 g/t Silver and >1% Copper|
|03.18 g/t Silver and >7,160 g/t Copper|
|02.27 g/t Silver and >6,832 g/t Copper|
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|
According to Company President, Al French, "The Acme Lab results confirm a highly prospective area for Silver, Copper and potential Gold mineralization. Today the exploration team will return to Charles just north of San Juan and conduct a detailed sampling in the prospective zones. Meanwhile, back in Santo Domingo we are negotiating to purchase up to four more claims clustered immediately around Goldquest's bonanza claims. Funding for the exploration will potentially come from the recent $16 million commitment from Hanover Holdings I, LLC (NY).
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
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.
For further information, please visit the company's website: www.santominingcorp.com .
CONTACT: Tyler Troup, Managing Director Circadian Group, Investor Relations Toll Free: +1 (866) 865-2780 Toronto: +1 (647) 930-1037 New York: +1 (646) 257-2444 Email: Tyler@Circadian-Group.com Web: www.Circadian-Group.com DD portal: http://www.circadian-group.com/santo.html
Source: Santo Mining Corp. 2013 GlobeNewswire, Inc.