Today, the market saw how effective it is to have an address within a mile of two of the world’s largest gold mines: the Barrick Gold Pueblo Viejo and the Perilya’s Cerro de Maimon mines. When Santo Mining (OTC: SANP) announced the acquisition of the Walter gold exploration claim situated in the gold-rich Maimon district of the Dominican Republic, traders had no hesitation to go on a shopping spree that took the share price up by 80% in the first half of the day on a volume that may challenge even the most liquid stocks in the OTC market.
The Dominican Republic-based Santo Pita Corporation changed its name to Santo Mining in the month of March 2012. In the past month, Santo Mining announced three mineral claims acquisitions. To begin with, on September 21, 2012, the company announced that it has acquired 100% of the Alexia gold exploration claim near Dajabon in the northwest Dominican Republic. The 27.75 square-kilometer claim is surrounded on all sides by mine complexes owned by renowned companies such as Unigold, Everton Resources and Newmont/Eurasian. Commenting on the acquisition, Santo Mining president Alain French said, “Alexia fits perfectly into our acquisition strategy and represents our first addition to our portfolio.” A comprehensive 2-D investigation is planned for the coming weeks.
On September 25, 2012, Santo Mining stated that it has acquired 100% of the Maria polymetallic exploration claim north of the city of Bonao in the Dominican Republic. The claim totaling 14.86 square kilometers is situated in the Maimon formation of the Hispaniola Gold-Copper Back-Arc. The Maria claim is largely uninhabited and junior timber used to produce commercial charcoal makes up most of the forest. The company has plans to conduct its own geochemical exploration beginning October 2012.
Yesterday, the company announced that it has acquired 100% of the 200-hectare Walter gold exploration claim in the gold-rich Maimon district of the Dominican Republic. The claim is strategically located less than one mile west and one mile northeast from the world’s largest gold mines, such as Barrick Gold Pueblo Viejo mine and Perilya’s Cerro de Maimon gold mine. Barrick has 25.3 million ounces of proven gold reserves.
Commenting on the Walter gold exploration claim, the president of Santo Mining said, “We are confident the upcoming 2-D exploration campaign will return positive results for gold and other precious and base metals, as is typical for the immediate area.”
Santo Mining ended the day at $1.70, up $0.80 or 88.9% on a volume of 7.3 million shares.