SANTO DOMINGO, Dominican Republic, Oct. 2, 2012 (GLOBE NEWSWIRE) -- Santo Mining Corp. (OTCBB:SANP), (the "Company"), announces that Xstrata is planning a new mine expansion at its Falcondo site in the Loma Miranda area of La Vega province, immediately west of the Santo Mining Corp. (SANP) Maria, a polymetallic claim in the mineral-rich Hispaniola Gold-Copper Back-Arc that runs diagonally through the central Dominican Republic. The reported Xstrata reserves are an estimated 19 million metric tons of ore grading 1.62% nickel, higher than their current deposit grade of 1.50%, which once ranked as the second-largest nickel mine in the world. According to Xstrata, the local habitants have been relocated in preparation for production.
Santo Mining is planning to undertake a preliminary exploration at the Maria claim, which totals 14.86 square kilometers, in the fall of 2012. Exploration works in the area were previously conducted by Falconbridge, consisting of an integral helicopter-borne EM survey and local follow-up ground geophysics and soil sampling visits.
"The fact that Xstrata is planning to expand its mining infrastructure in this area is one of the reasons that the Maria claim was of significant interest to us," said Santo Mining CEO and President Mr. French. "We are optimistic about the possibilities, and are looking forward to taking the next steps in the exploration process."
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 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.