San Anton Resource Corporation
TSX : SNN

San Anton Resource Corporation

June 16, 2009 09:00 ET

San Anton Receives More Than $1 Million From Mexican Sales Tax Refund

TORONTO, ONTARIO--(Marketwire - June 16, 2009) - San Anton Resource Corporation (TSX:SNN) is pleased to announce that it has recovered MXP$12.4 million, the equivalent of approximately CAD$1.1 million, in IVA (Mexican Value Added Tax) incurred for exploration expenses.

John Cook, President & CEO of the Company, said that "We are obviously very pleased with the positive response from the Mexican government authorities to our applications for the IVA refund. These funds will allow us to move forward with the work planned for the remainder of the year, while continuing the culture of conserving cash in this difficult capital market environment."

The Company is also pleased to provide an update on the activities undertaken on the Cerro del Gallo deposit in the last few months. It has now completed a geological re-logging program on the deposit to assist in the refinement of the geological block models that will in turn allow for a better understanding and quantification of the relatively higher grade gold resource defined at surface.

The Company intends to use the proceeds from the IVA refund for general working capital and more specifically to complete a remodeling program and a study to define the best economic method to exploit the higher grade gold mineralization. This will include a review of metallurgical test work to evaluate the processing options to best exploit the fast cyanide leaching characteristics of this material. In turn this study will form part of the pre-feasibility study.

John Cook concluded "This is all very positive as we continue to evaluate the best mining approach of the Cerro del Gallo deposit. We are now in a position to carry on with engineering studies before raising additional funds to further advance the project towards development."

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 64% interest in the San Anton Property (Goldcorp 36%), 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). Within the overall deposit, there is a 'gold domain zone' containing Measured & Indicated Mineral Resource of 209 million tonnes grading 0.48g/t gold (3.2Moz) and 11g/t silver (71Moz) and within this zone, there is a relatively higher grade gold resource defined at surface. 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.

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