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Fri, March 13, 2009 San Anton Resource Corporation: San Anton Announces Kings Minerals Share Purchase Plan Offer
TORONTO, ONTARIO--(Marketwire - March 13, 2009) - San Anton Resource Corporation (TSX:SNN) wishes to announce that its principal shareholder, Kings Minerals NL, based in Australia and listed on the Australian Stock Exchange (ASX:KMN), has announced a share purchase plan offer to its shareholders for maximum proceeds of AUD $8,516,588 anticipated to close on April 3, 2009. Kings Minerals has announced that a portion of the proceeds are anticipated to be applied towards funding of the pre-feasibility study on San Anton's Cerro del Gallo property.
John Cook, President & CEO, said that "The Kings Minerals' announcement is very positive and demonstrates their full commitment to the development of the San Anton project. The Kings Minerals' additional funding will help us to accelerate the completion of the pre-feasibility study on our Cerro del Gallo deposit. The relationship with Kings Minerals remains close, as they provide an important source of management and technical expertise. Their continued support is a strong endorsement to the project's potential."
The amount of any proceeds from Kings Minerals' share purchase plan that may flow to San Anton for the pre-feasibility study, and the terms upon which such would occur, have not been determined at this time pending completion of the share purchase plan.
About San Anton Resource Corporation
San Anton Resource Corporation is an exploration and development company that is listed on the Toronto Stock Exchange and is totally focused on the mining friendly jurisdiction of Mexico. The Company's principal asset is a 66% interest in the San Anton Property (Goldcorp 34%), which hosts the near-surface Cerro del Gallo gold-silver-copper deposit. The Property is located in a historic gold-silver mining district and has only recently been subjected to modern exploration techniques. This work quickly identified several targets and has led to the delineation of a NI 43-101 Measured & Indicated Mineral Resource of 461 million tonnes grading 0.27g/t gold (3.9Moz), 11g/t silver (163Moz) and 0.11% copper (1.09Blb) and an Inferred Mineral Resource of 166 million tonnes grading 0.11g/t gold (0.6Moz), 7 g/t silver (39Moz) and 0.10% copper (0.36Blb). The deposit remains open in several directions. Metallurgical test work and engineering studies are currently underway to complete a Pre-Feasibility Study and to advance the project towards development.
The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of San Anton are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the expectations of San Anton are detailed from time to time in the filings made by San Anton with securities regulators.
