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San Anton Completes Business Combination With Kings Minerals

21 Sep 2010 - ACQUIREMEDIA

TORONTO, ONTARIO--(Marketwire - Sept. 21, 2010) - San Anton Resource Corporation (TSX:SNN) ("San Anton" or the "Company") announces that effective September 21, 2010, San Anton and Kings Minerals NL have completed their previously announced business combination. Pursuant to the business combination, Kings Minerals acquired all of the San Anton common shares it did not own in consideration for Kings Minerals ordinary shares on the basis of two and one-half (2.5) Kings Minerals shares for each San Anton share. Kings Minerals issued a total of 83,815,102 ordinary shares to San Anton's former minority shareholders and now has a total of 593,228,136 shares outstanding.

As a result of the completion of the business combination, San Anton is now an indirect wholly-owned subsidiary of Kings Minerals and it has applied to have its common shares delisted from the Toronto Stock Exchange. In addition, Kings Minerals has become a reporting issuer in the provinces of Ontario, British Columbia and Alberta. As previously announced, Kings Minerals has also received conditional approval for the listing of its ordinary shares on the TSX Venture Exchange (the "Exchange"). The listing is subject to Kings Minerals fulfilling certain requirements of the Exchange in accordance with the terms of its conditional approval letter dated September 16, 2010. Kings Minerals expects to file with the Exchange, before the end of this week, the final documentation requested in the Exchange's conditional approval letter and, pending review and acceptance by the Exchange of such documentation, Kings Minerals anticipates trading of its shares on the Exchange to commence soon thereafter on a day to be determined by the Exchange, under the symbol "KMN".

John Cook, the former President and CEO of San Anton, and Nicholas Tintor, a former director of San Anton, have joined the board of directors of Kings Minerals.

Norman Seckold, Chairman of San Anton and Kings, stated: "We are very pleased to have completed the business combination and Kings welcomes its new shareholders from San Anton. With the transaction completed, we believe we have taken an important step for better positioning the Cerro del Gallo project for development and we hope to report substantial progress towards that end in the near future."

Additional information regarding the business combination and Kings Minerals is available in the management information circular of San Anton dated August 3, 2010, which has been filed under San Anton's profile, and will be filed under Kings Minerals' profile, on SEDAR at www.sedar.com.

Former San Anton shareholders are reminded that they are required to submit the certificates representing their San Anton shares, with the required letter of transmittal and any other required accompanying documentation, to the depositary, Computershare Investor Services Inc., in order to receive their Kings Minerals shares. A copy of the letter of transmittal is available under San Anton's profile on SEDAR at www.sedar.com.

The Exchange has in no way passed upon the merits of the business combination and has neither approved nor disapproved the contents of this release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.

About San Anton Resource Corporation

San Anton Resource Corporation is an exploration and development company that is listed on the TSX and is totally focused on the mining friendly jurisdiction of Mexico. The Company's principal asset is a 64% interest in the San Anton Property (Goldcorp 36%), 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 several targets and has led to the delineation of a NI 43-101 Measured Mineral Resource of 225 million tonnes grading 0.35g/t gold (2.5Moz), 13g/t silver (91Moz) and 0.11% copper (541Mlb), an Indicated Mineral Resource of 236 million tonnes grading 0.19g/t gold (1.4Moz), 10g/t silver (72Moz) and 0.11% copper (546Mlb) and an Inferred Mineral Resource of 166 million tonnes grading 0.11g/t gold (0.6Moz), 7 g/t silver (39Moz) and 0.10% copper (356Mlb). Within the overall deposit, there is a 'gold domain zone' containing Measured & Indicated Mineral Resource of 209 million tonnes grading 0.48g/t gold (3.2Moz) and 11g/t silver (71Moz) and within this zone, there is a relatively higher grade gold resource defined at surface. The deposit remains open in several directions. On March 2, 2010, San Anton announced a highly encouraging US$259 million net free cash flow, US$415/oz production cost "base case" scoping study finding for the Cerro del Gallo project. On July 30, 2010, San Anton announced the completion of a rights offering under which it issued 22,080,351 common shares at a price of $0.15 per share for gross proceeds to the Company of $3,312,052.

Cautionary statement regarding forward looking statements and information

This press release contains statements that constitute "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation.

Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this press release. Forward-looking information is based on current expectations and projections that involve a number of risks which could cause actual results to vary and in some instances to differ materially from those anticipated by San Anton. Undue reliance should not be placed on forward-looking information. The risk factors include, but are not limited to, the parties will not proceed with the proposed transaction or that the proposed transaction will not be successfully completed for any reason (including a failure to obtain the required approvals). Forward-looking information is based on the estimates and opinions of San Anton's management at the time the information is released. San Anton undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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