Sonora Announces: Second Gold Property in Tanzania, Private Placement, Appointment of New Director, Grant of Options
22 Septiembre 2010 - 8:30AM
Marketwired
Sonora Gold & Silver Corp. (TSX VENTURE: SOC) ("Sonora" or the
"Company") is pleased to announce an agreement for the option to
purchase (the "Option Agreement") through the Company's
wholly-owned Tanzania subsidiary, 100% of the 10 square km Negese
Mining Permit (the "Negese Property"). The Negese Property is
located in the Kilindi District of Northeastern Tanzania and is
being optioned from an arms' length private Tanzanian corporation
(the "Vendor"). The Negese Property was selected on the basis of
growing artisanal mining activity in the area, including processing
of alluvial, colluvial and bedrock gold mineralized material
including pits and underground workings to a depth of 30 meters.
The geological setting is notably similar to the rapidly developing
Magambazi discovery by Canaco Resources (TSXV: CAN).
Gold mineralized zones in the form of discrete high grade lodes
and a broad zone of disseminated sulphides hosted by garnet-silica
altered amphibolite in a corridor defined by artisanal workings and
outcropping mineralized material are known to exist along a minimum
of 1600 meters of strike and across from 300 to 500 meters. The
host envelope and the mineralized zones dip at 15 to 25 degrees and
the true width of the target zone is approximately 200 to 250
meters. The area is traversed by gravel roads and the topography is
moderate. The project can be advanced rapidly without significant
infrastructure enhancements.
Reconnaissance mapping over the area shows structural repeats
and additional strike extensions which will be evaluated as part of
the forthcoming work program. The Company completed an orientation
sampling of the target zones in a field review and results from the
rock samples are pending. On the basis of this work, and the
analytical results, the Company is planning a sequenced exploration
program including geological mapping, soil and rock geochemistry
and drilling.
The terms of the option on the Negese Property consist of:
-- US$5,000 due on signing, US$25,000 due within 30 days;
-- The issue of 300,000 shares of the Company to the Vendor upon completion
of due diligence review and final TSX Venture Exchange approval;
-- Monthly payment to the Vendor of US$2,000 increasing to $5,000 over time
to maintain the option up to a maximum of four years;
-- A lump sum payment of US$1,300,000, payable at any time to exercise the
Option in full for 100% ownership of the Negese Property, subject to a
2% Net Smelter Return Royalty.
Further to the announcement of the Negese Option Agreement, the
Company will conduct a non-brokered private placement of units,
priced at $0.25 per unit, consisting of 5,000,000 units, each unit
consisting of one common share and one-half (1/2) of one share
purchase warrant for gross proceeds of CDN$1,250,000. Each whole
warrant will be exercisable at a price of $0.50 for a period of two
years from the date of closing. The proceeds of the private
placement will be allocated towards transaction costs for the
acquisition and for the exploration and development of the Negese
Project as well as for general working capital. This financing is
integral to and forms part and parcel of the acquisition of the
Negese property.
The Company is also very pleased to announce the appointment of
Mr. Paul Matysek to the Board of Directors. Mr. Matysek is
currently the President and Chief Executive Officer of Potash One
Inc. where he is leading the company to feasibility stage on its
Legacy Project in Saskatchewan. He was a founder and CEO of Energy
Metals Corporation, which he helped grow from a market
capitalization of $10 million to acquisition by a larger uranium
producer for $1.8 billion. Since 1999, he has been involved in
obtaining over $200 million of exploration and development
financing for a number of significant precious metal and base-metal
properties. Mr. Matysek is a geologist/geochemist and has served in
an Executive or Director capacity, for several exploration and
development companies including: First Quantum Minerals Ltd., First
Majestic Resource Corp., Energy Metals Corp. and Lithium One Inc.
He brings to the Company a wealth of technical and financial
experience as well as over 35 years of exploration and development
experience. "We are very honored to have a man of Mr. Matysek's
caliber join Sonora," states company President, Ken Churchill.
The Company has also granted a total of 900,000 incentive stock
options at a price of $0.25 per share, to certain directors and
officers of the Company. The options are exercisable for up to
three years from the date of grant.
The technical details of this announcement and the field
sampling, pertaining to the Negese Property, were completed under
the supervision of David Bending, M.Sc., P.Geo., an independent
Qualified Person pursuant to the standards of National Instrument
43-101.
On behalf of the Board of Directors.
Sonora Gold & Silver Corp.
Ken Churchill, President, Chief Executive Officer and
Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Sonora Gold & Silver Corp. Ken Churchill
President, Chief Executive Officer and Director 604-780-8708
www.sonoragoldcorp.com
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