Soho Resources Corp. (TSX VENTURE: SOH) ("Soho" or the "Company")
is pleased to provide an update for its ongoing work programs at
both its flagship Tahuehueto Project, located in Durango, Mexico
and its more recently acquired Jocuixtita Silver Project, located
in Sinaloa, Mexico.
Since completing its most recent financing in February 2011 the
Company has initiated work programs, as outlined below, on both of
its projects. These programs are progressing well and drill rigs
have been secured for both projects, to be mobilized to commence
drilling operations in May 2011.
Tahuehueto Project - Pre-Feasibility Data Collection
Efforts at Tahuehueto has been focused around collecting data to
support a pre-feasibility and subsequent feasibility study as
recommended and outlined within the October 2010 Preliminary
Economic Assessment (the "PEA") prepared by Snowden Mining Industry
Consultants Inc.
Drill road access and site preparation is underway in advance of
drill rig mobilization to the project during the second half of May
2011 in order to commence an initial 2000 meter infill drill
program designed to move Inferred Resources (currently about 40% of
the total Tahuehueto Resource) into the Measured and Indicated
Resource categories, required to support pre-feasibility and
feasibility studies.
Knight Piesold Ltd. ("KPL"), initiated engineering work in late
February 2011 and is conducting a site visit this week to proof
initial concepts and collect critical geo-mechanical structural
data and advise with ongoing environmental monitoring and data
collection. KPL has been retained to conduct geotechnical and
water/waste management design studies for Soho's Tahuehueto
Project. KPL studies will include a geotechnical assessment of the
proposed El Creston open pit, geotechnical input and assessment to
the possible open pit at Cinco de Mayo (not included in the PEA).
It also includes the investigation of one or more, Mine Development
Concepts ("MDC") where each MDC would be a combination of
alternative mine access points, plant-site locations, waste rock
and tailings storage facility locations and water management
concepts, to ultimately arrive at an overall optimum MDC.
Jocuixtita Project. - Initial Exploration and First Phase
Drilling
Work commenced on the Jocuixtita Silver Project in February
2011. Access road rehabilitation was completed in the first week of
March allowing crews to access the project and establish a base
camp and start preliminary geological investigations of the
mineralized zones and existing accessible underground adits.
Geological mapping within and around the principle mineralized
zones is continuing and has advanced to a stage where the Company
has confidently selected zones to drill test during this initial
exploration program. Surface and underground channel sampling is
underway to properly access the exposed mineralization within the
various zones, know to occur on the project.
The Company has signed a drilling contract with Falcon
Perforaciones Mexico, S.A. de C.V. for the core drilling of 10 - 15
holes totaling a minimum of 2000 meters. Falcon expects to mobilize
the drill rig to the Jocuixtita site by the end of the first week
of May, 2001 and drilling operation would start immediately upon
completion of drill mobilization.
The Company is planning to drill test two zones, the La
Salvadora and El Carmen zones separated by approximately 700 meters
along the same structure. This structure appears to be in excess of
three kilometers in length and is one of a number of mineralized
structures known to occur on the project.
OTCQX Listing in U.S.
The Company also recently announced on April 19, 2011 that a
listing on the OTCQX, a premier tier of the OTC market in the
United States was being pursued, and would hopefully be completed
in the second quarter of this year. A listing on this exchange will
provide U.S. investors with more transparent trading, superior
information, and easy access through their US. broker-dealers. "We
are looking forward to higher visibility in the largest market in
the world." For more information on the OTCQX visit their website
at www.otcqx.com.
About Soho Resources Corp.
Soho Resources Corp. is an exploration and development company
strategically focused on gold, silver and base metals in the
prolific Sierra Madre Belt of Mexico.
The Company has been conducting an exploration and drilling
program to expand and upgrade its resources at its flagship
Tahuehueto Project in Durango State and on October 4, 2010
announced the results of a Preliminary Economic Assessment ("PEA")
completed by Snowden Mining Industry Consultants Inc. Key findings
from the report included:
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Summary of PEA Estimates
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Net cash flow $US 184.2 million
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Net present value (NPV) 5% discount $US 109.6 million
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Internal rate of return % 31%
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Payback period (months) 27
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Mine life (years) 11
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Maximum processing rate (tonnes/annum) 1,000,000
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Capital and start-up costs $US 89.1 million
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Note: Calculations based on a 3 year rolling average of metal prices at the
end of August 2010
Currency - US$ Gold: 965.81, Silver: 15.38, Copper: 2.92, Lead: 0.95, Zinc:
0.88
The Tahuehueto Project is a classic epithermal system hosting
multiple structures traced for up to six kilometers of strike
length. Considerable upside exploration potential remains on the
existing explored resource structures both down dip and along
strike, as well as on numerous other unexplored mineralized
structures.
Qualified Persons
This press release was prepared under the supervision and review
of Ralph Shearing, President and CEO of Soho Resources Corp., a
Licensed Geologist, and Qualified Person as defined by NI
43-101.
Definitions used in this release are consistent with those
adopted by the Canadian Institute of Mining, Metallurgy and
Petroleum ("CIM") Council in December 2005, as amended, and
prescribed by the Canadian Securities Administrator's National
Instrument 43-101 and Form 43-101F1, Standards of Disclosure for
Mineral Projects. Mineral resources are not mineral reserves and do
not have demonstrated economic viability.
ON BEHALF OF THE BOARD OF DIRECTORS
Ralph Shearing, Chief Executive Officer
WARNING: The Company relies upon litigation protection for
"forward-looking" statements. This News Release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of up-coming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Soho Resources Corp.
relies upon litigation protection for forward-looking
statements.
Shares Issued - 185,533,676
Last Close $0.10 - April 26, 2011
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: Soho Resources Corp. Glen Sandwell IR Manager (604)
684-8071 or Toll Free: 1-800-685-0576 ir@sohoresources.ca
www.sohoresources.ca
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