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Message: Announces Cerro Del Gallo Project Update
| February 19, 2009 |
| San Anton Announces Cerro Del Gallo Project Update |
| TORONTO, ONTARIO--(Marketwire - Feb. 19, 2009) - San Anton Resource Corporation (TSX:SNN) would like to take this opportunity to provide an update on the advancement of its Cerro del Gallo gold-silver-copper deposit towards a development stage. Metallurgical test work and engineering studies are still underway to complete a Pre-Feasibility Study (PFS). The Company is primarily working to complete the re-logging of all the drill core and chips to generate new cross sections with improved geological data, interpretation and understanding. The resource will then be remodeled with this new data. We will model both the bulk tonnage copper-gold-silver resource and the higher gold grade resources as separate models. The 'gold zone' will be modeled with smaller blocks to make it more suitable to plan the more selective mining methods appropriate for this style of mineralization. The refinement of these two models will assist in future pit design and mine scheduling. To date, two phases of preliminary metallurgical work have been completed. As announced before, encouraging results from the leach test work indicates that gold is readily recoverable using a cyanide leach process with good kinetics. However, additional work is still required including the drilling of new metallurgical test work holes prior to the completion of the PFS. John Cook, President & CEO, said that "The Company is currently investigating the strategies for the development of the Cerro del Gallo deposit. It is likely that the preferred strategy would commence with a relatively smaller operation with lower start-up costs designed to provide the cash flow required for further growth and development. This initial operation would be based on the 'gold zone'." He added that "The remodeling program currently underway will allow us to define this scenario." The Company is also working on expanding the land ownership maps around Cerro del Gallo to assist with advancement of the site plan, while continuing to gather baseline environmental data. All of this background work should help shorten the permitting timeline in the future. Outside of Cerro del Gallo, the Company has now completed the initial assessment of the results from various regional exploration programs within the San Anton Property. As announced in December 2008, a total of 10 geochemical anomalies and 12 new gold anomalies have been identified that will require further investigation. The Company has temporarily suspended any further drilling and other regional exploration efforts within the San Anton Property and will solely focus on advancing the technical studies on the Cerro del Gallo deposit. John Cook, concluded "The Company is taking the necessary steps to ensure we are in the right position once the markets improve. To this effect, the Company has undertaken a general program of cost reduction in order to withstand the current market uncertainties." The Company also announces that Mr. John Cook, President & CEO, was recently interviewed by Market Headquarters. To listen to the interview please go to http://www.marketheadquarters.net/pr... or visit our website at http://www.sanantonresourcecorp.com/... . 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. |
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