San Anton Resource Corporation
TSX : SNN

San Anton Resource Corporation

September 28, 2007 19:39 ET

San Anton Resource Corporation Announces Late Filing of Annual Financial Statements

OTTAWA, ONTARIO--(Marketwire - Sept. 28, 2007) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

San Anton Resource Corporation (TSX:SNN) ("San Anton" or the "Corporation") advises that it will not meet the deadline under Canadian securities legislation of September 28, 2007 for the filing of 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").

This delay is principally caused the determination that changes are required in the application of Canadian GAAP with respect to the Corporation's Mexican operations. The Corporation is currently evaluating the effect of these changes and it is likely that a restatement of the Corporation's quarterly financial statements for the periods ended December 31, 2006 and March 31, 2007 will be necessary. The changes in the application of Canadian GAAP and the potential restatement of these quarterly results do not affect either the Corporation's cash position or its operations. The Corporation is of the position that but for these factors, it would have been able to comply with the prescribed filing deadline. San Anton intends to complete the necessary work to compete the Filings as soon as possible and expects to file the Filings on or before October 12, 2007.

As a result of the delay in filing, the Corporation has requested that the Ontario Securities Commission ("OSC") and other applicable Canadian securities regulators issue a temporary management cease trade order that prohibits directors, officers and other insiders of the Corporation from trading in securities of the Corporation for so long as the Filings are not filed. The issuance of such cease trade order does generally not affect the ability of persons who are not directors, officers or other insiders of San Anton to trade in the Corporation's securities. In the event that the Filings are not filed by November 28, 2007, the OSC and other applicable Canadian securities regulators may impose an issuer cease trade order that all trading in securities of San Anton cease, either permanently, or for such period as is specified in the order.

This default announcement is provided further to OSC Policy 57-603 and CSA Staff Notice 57-301. Pending the filing of the Filings, San Anton intends to satisfy the alternative information guidelines recommended by OSC Policy 57-603 and CSA Staff Notice 57-301.

The Corporation confirms that there are no insolvency proceedings against the Corporation as of the date hereof. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date hereof.

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
    613-729-9006
    or
    San Anton Resource Corporation
    Paul Chatigny
    CFO
    613-729-9006