NEWARK, DELAWARE--(Marketwire - Oct. 26, 2012) - October has been an active month for the mining industry in the Dominican Republic. According to the Centre for Social Responsibility in Mining at Queensland University's Sustainable Minerals Institute, mining could contribute as much as 2.9 percent to the country's GDP in the next decade, compared with 0.4 percent of GDP in 2011.
GoldCorp (GG) reported record revenues of $1.5 billion in the third quarter, with reported net earnings rising to $498 million from $336 million during Q3 2011. News came partly on the strength of the company's first gold being poured at its jointly owned Pueblo Viejo mine. Initial commercial production is anticipated to begin in December, with the company's 2012 share expected to be approximately 53,000 oz.
Everton Resources announced acquisition of Brigus Gold's (BRD) remaining interest in the Ampliacion Pueblo Viejo, Ponton and La Cueva concessions, evidence of the company's increased focus on its Dominican Republic holdings. The deal is expected to close in February 2013, pending regulatory requirements, approval of share purchase agreements and other contractual details.
GoldQuest Mining Corp., a Canada-based mineral exploration company with projects in the Dominican Republic, announced positive assay results at its Romero gold/copper claim within the company's 100%-owned Las Tres Palmas trend. New drilling highlights include LTP-103, which contained 231.6 metres grading 2.04 g/t gold (uncut) and 0.30% copper including 35.6 metres grading 5.08 g/t gold and 0.53% copper.
PanTerra Gold Limited (PGI) announced resolution of the majority of reported issues with the oxidation circuit treating refractory ore at the company's Las Lagunas Gold Tailings Project in the Dominican Republic. The company reports sulphide oxidation and other processing performance indicators are nearing design target. Design throughput should be achieved within a few days of the upgrade of the ultrafine grinding mill scheduled next week.
Santo Mining Corp. (SANP) announced the 100% acquisition of the Henry and Francesca claims, as well as negotiations for an additional eight claims in the Dominican Republic gold belt: http://finance.yahoo.com/news/santo-mining-negotiating-pipeline-eight-130000378.html. The company's existing and proposed acquisitions lie within the Hispaniola Gold-Copper Back-Arc, an area which includes the 25.3-million-oz. Pueblo Viejo mine operated by the world's largest mining producer in partnership with Goldcorp, and Perilya's Cerro de Maimon.
About Santo Mining Corporation
Santo Mining Corporation is an aggressive junior minerals exploration and development company, based in the Dominican Republic. The company is actively acquiring and exploring its properties, which are strategically located in the prolific and highly prospective Hispaniola Gold-Copper Back-Arc area in the Dominican Republic. A detailed description of the Company's activities is available at SantoMining.com.
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