San Anton Resource Corporation

San Anton Resource Corporation

May 15, 2008 17:40 ET

San Anton Resource Corporation Files Nine Month Financial Statements and Restates Previous Quarters


San Anton Resource Corporation (TSX:SNN) ("San Anton" or the "Corporation") announces that it has filed its unaudited interim consolidated financial statements and management's discussion and analysis for the three and nine month periods ended March 31, 2008. As a result of changes in the application of Canadian GAAP with respect to the Corporation's Mexican operations, the Corporation has also restated and refiled its financial statements and related management's discussion and analysis for the three and nine month periods ended March 31, 2007. The changes in the application of Canadian GAAP and the restatement of these quarterly results do not affect the Corporation's cash position or its operations.

As at March 31, 2008, financial highlights are as follows:

- Cash and cash equivalents amounted to $5,217,920 (2007 - $12,207,998, as restated). All cash is invested in high quality instruments with a major Canadian chartered bank with maturity terms of less than three months. The Corporation does not have any exposure to asset backed commercial paper.

- Cash flow used in operations was $628,049 (2007 - $5,143, as restated) and cash used in investing activities amounted to $7,454,312 (2007 - $5,791,600, as restated). These cash flows were offset by cash flows provided from financing activities of $1,910,725 (2007 - $18,051,108, as restated).

- Net loss for the 9 months ended March 31, 2008 was $869,430 (2007 - $2,161,567, as restated) or $0.01 per share (2007 - $0.02 per share, as restated).

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 58% interest in the San Anton Property (Goldcorp 42%), 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 more than 20 targets and has led to the delineation of a NI 43-101 Mineral Resource of +10 million ounces gold equivalent. The deposit remains open in several directions. A US $10M program is underway to complete initial engineering and metallurgical studies, to continue expanding the Cerro del Gallo resource, and to drill nearby targets.

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.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release

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