San Anton Resource Corporation

San Anton Resource Corporation

October 22, 2007 10:14 ET

San Anton Resource Corporation Announces Filing of Annual Financial Statements


San Anton Resource Corporation (TSX:SNN) ("San Anton" or the "Corporation") announces that it has today filed its audited financial statements for the fiscal year ended June 30, 2007 and related management's discussion and analysis, CEO and CFO certifications and annual information form (collectively, the "Filings"). As previously announced on September 28, 2007, San Anton was delayed in the filing of the Filings beyond the deadline of September 28, 2007.

Gregory Bowes, President and CEO stated that "while we understand the uncertainty among investors and shareholders caused by the late filing of our financial statements, the delay had no effect on our cash position or operations." He added that "as at June 30, 2007 the Corporation had $10.3 million cash. The Corporation currently has just over $9 million in cash and receivables, and all cash is invested in high quality instruments with a major Canadian chartered bank. The Corporation has no exposure to any sub prime type products."

The delay was principally caused by the determination that changes were required in the application of Canadian GAAP with respect to the Corporation's Mexican operations. After review of these changes, the Corporation has determined that it will restate the Corporation's quarterly financial statements for the periods ended December 31, 2006 and March 31, 2007.

On the Corporation's San Anton property, an aggressive expansion drilling program is currently underway around the Cerro del Gallo deposit which is open laterally and at depth, and a number of exploration holes have been drilled on the Empalizada/Delores exploration target, 1.5km to the west. Results have been delayed by the tremendous demands being placed on assay labs by the high level of industry activity, but the Corporation expects to begin releasing results in the coming weeks.

Preliminary optimization studies carried out by Golder Associates (see press release dated August 14, 2007) indicate that a potential open pit at Cerro del Gallo already contains 260.6Mt grading .36g/t gold, 14g/t silver and .11% copper (1.02g/t gold equivalent1 or 8.5 million ounces of gold equivalent1) based on a gold price of US $600/oz, silver price of US $10.80/oz and a copper price of US $3.00/lb. The conceptual strip ratio is 0.57 and 89 per cent of resources within the pit shell are classified as Measured and Indicated.

1 - Gold equivalence ("AuEq") has been calculated based on a US $600/oz gold price, US $10.8/oz silver price and US $3.00/lb copper price and assumes metallurgical recoveries of 80% for both gold and silver, and 85% for copper.

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.

Contact Information

  • San Anton Resource Corporation
    Gregory Bowes
    President & CEO
    San Anton Resource Corporation
    Paul Chatigny
    613-241-6005 (FAX)