GoldMinerPulse Report on San Anton Resource Corporation: (NI) 43-101 Metal Valuation Report

San Anton Resource Corporation (SNN)

Company Web Site: www.sanantonresourcecorp.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-02. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
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GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper
    Cerro del Gallo MX $26.27 0 50% 50% 1.29 M oz     41.23 M oz     96.28 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver Copper
    Metal Totals 1.29 M oz     41.23 M oz     96.28 K t
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz     $3.46130 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $13.42     $6.75     $6.11
    Percentage of Total Metal Value 51.07%     25.69%     23.25%
    PP% | MI% | I% 0 | 74% | 26%     0 | 47% | 53%     0 | 0 | 100%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$26.27
    Average Ore Value per Tonne    US$22.41
    Metal Value Leverage (MVL)    120.33
    Market Capitalization as % of Metal Value    0.8%
    Recent Stock Price    C$0.23   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    120.30 M    ( Fully diluted share count taken from Share Information Web page, visited March 2010. )
    PP% | MI% | I%    0 | 50% | 50%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    0.284 g/t
    Market Capitalization
    per oz of Gold In Ground    $20.36   US$  |   21.45   C$
    Gold Eq Oz Estimate    2.53 M oz   ( 1.29 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $10.40   US$  |   10.95   C$
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    9.1 g/t
    Market Capitalization
    per oz of Silver In Ground    $0.64   US$  |   0.67   C$
    Silver Eq Oz Estimate    160.51 M oz   ( 41.23 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $0.16   US$  |   0.17   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Cerro del Gallo Resource Reporting    -   SAN ANTON ANNOUNCES US$260M NET CASH FLOW BASE CASE FOR CERRO DEL GALLO GOLD HEAP LEACH/CIL PROJECT
The March 2, 2010 resource update report does not detail any Inferred resources. GoldMinerPulse has retained the Inferred resource reported in the July 2008 NI 43-101 report pending further updates from San Anton.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of San Anton Resource Corporation is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper
Cerro del Gallo	MX	$26.27	0	50%	50%	1.29 M oz	41.23 M oz	96.28 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver	Copper
Metal Totals	1.29 M oz	41.23 M oz	96.28 K t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$3.46130 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$13.42	$6.75	$6.11
Percentage of Total Metal Value	51.07%	25.69%	23.25%
PP% \| MI% \| I%	0 \| 74% \| 26%	0 \| 47% \| 53%	0 \| 0 \| 100%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$26.27
Average Ore Value per Tonne	US$22.41
Metal Value Leverage (MVL)	120.33
Market Capitalization as % of Metal Value	0.8%
Recent Stock Price	C$0.23 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	120.30 M ( Fully diluted share count taken from Share Information Web page, visited March 2010. )
PP% \| MI% \| I%	0 \| 50% \| 50%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	0.284 g/t
Market Capitalization per oz of Gold In Ground	$20.36 US$ \| 21.45 C$
Gold Eq Oz Estimate	2.53 M oz ( 1.29 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$10.40 US$ \| 10.95 C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	9.1 g/t
Market Capitalization per oz of Silver In Ground	$0.64 US$ \| 0.67 C$
Silver Eq Oz Estimate	160.51 M oz ( 41.23 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$0.16 US$ \| 0.17 C$

See terms for more about GoldMinerPulse metrics.

Cerro del Gallo - ^top^

(NI) 43-101 Report:

Title: Technical Report on the Cerro del Gallo Deposit within the San Antón Property Mexico
Date: 2008-07-31 (130 pages)

Updates: SAN ANTON ANNOUNCES US$260M NET CASH FLOW BASE CASE FOR CERRO DEL GALLO GOLD HEAP LEACH/CIL PROJECT, March 2, 2010 News Release.

Project Location: Guanajuato Hoja, Mexico / Mining Region: Sierra Madre Oriental

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $9.87 949.28 K oz 0.660 g/t 69.90 M t
Silver $3.20 19.56 M oz 13.600 g/t 69.90 M t
Estimate notes: See Table 1 in SAN ANTON ANNOUNCES US$260M NET CASH FLOW BASE CASE FOR CERRO DEL GALLO GOLD HEAP LEACH/CIL PROJECT.
Resource quantities adjusted for ownership percentage of 64.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.87	949.28 K oz	0.660 g/t	69.90 M t
Silver	$3.20	19.56 M oz	13.600 g/t	69.90 M t
Estimate notes: See Table 1 in SAN ANTON ANNOUNCES US$260M NET CASH FLOW BASE CASE FOR CERRO DEL GALLO GOLD HEAP LEACH/CIL PROJECT. Resource quantities adjusted for ownership percentage of 64.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $3.54    340.50 K oz     0.110 g/t     166.00 M t
   Silver $3.55    21.67 M oz     7.000 g/t     166.00 M t
   Copper $6.11    96.28 K t       1,000.000 g/t     166.00 M t
Estimate notes: See Table 3-1 Cerro del Gallo Mineral Resource. on p. 12 of 130 in the (NI) 43-101 dated July 2008.
Resource quantities adjusted for ownership percentage of 58.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.54	340.50 K oz	0.110 g/t	166.00 M t
Silver	$3.55	21.67 M oz	7.000 g/t	166.00 M t
Copper	$6.11	96.28 K t	1,000.000 g/t	166.00 M t
Estimate notes: See Table 3-1 Cerro del Gallo Mineral Resource. on p. 12 of 130 in the (NI) 43-101 dated July 2008. Resource quantities adjusted for ownership percentage of 58.0%.