Vancouver, Canada, May 6, 2014, Sonoro Metals Corp., (“Sonoro”) (TSXV: SMO), a precious metals exploration and development company, today announced that it has entered into a Letter of Intent to acquire Minera Breco, SA De C.V. (“Breco”), a private Mexican company which owns 3 contiguous mineral concessions comprising the San Marcial property, located 10 km east of Timmins Gold’s San Francisco mine and 150 km north of Hermosillo, in northwest Sonora State, Mexico.
The San Marcial concessions cover an area of 644 hectares at the southern end of the prolific Sonora-Mojave Megashear, a regional scale structural system measuring approximately 50 km in width and 500 km in length. Gold mines in the Megashear have produced over 10 million ounces with about 25 million ounces remaining in resources. Mines in this trend include New Gold’s Mesquite Mine near Yuma, Arizona, in addition to several mines located in the northwest corner of Sonora State, including La Herradura (Fresnillo and Newmont); El Chanate (Au Rico Gold); and San Francisco (Timmins Gold). Gold mineralization in the San Marcial project is hosted in Jurassic sedimentary rocks consisting of quartzite, shale and limestone, in addition to younger porphyritic intrusive rocks.
“The acquisition of Breco is the result of an extensive review by our technical team of numerous mineral prospects in northern Mexico,” said Kenneth MacLeod, President and CEO of Sonoro. “With its proximity to several producing mines and favourable geology, the San Marcial property is a high priority for exploration by Sonoro.”
Previous work on the San Marcial concessions and in the immediate area date back to the late 1980s when Cominco’s Mexican subsidiary performed work that culminated in the drilling of 4 RC holes, results of which are not available. Other small programs were undertaken by Barrick and Campbell Resources, with the latest work done by Queenstake in the mid 1990s. Sonoro plans to perform a comprehensive program on the property beginning with a thorough data compilation followed by a property scale soil geochemical sampling program to aid in delineating anomalous zones in this structurally complex region.
Sonoro is preparing a definitive acquisition agreement based upon the terms of the Letter of Intent. These terms provide for Sonoro to make staged cash payments totaling $100,000 and issuance to the Breco shareholders of 400,000 shares over three years, of which $40,000 and 100,000 shares are due on TSX Venture Exchange acceptance of the definitive agreement.
Stephen Kenwood, P. Geo. is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for this news release.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
President & CEO
About Sonoro Metals Corp.
Sonoro Metals Corp. is a precious metals exploration and development company with a portfolio of exploration-stage properties located in the Mexican state of Sonora, one of the most productive mining states in Mexico. Sonoro is focused on becoming the premier junior exploration and development company operating in this prolific gold-silver mineralized geological environment. Sonoro has a skilled exploration team to advance its projects to the development stage.
Forward-Looking Statement Cautions:
This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the acquisition of Minera Breco, SA de C.V., which owns the San Marcial property in north-west Sonora State, Mexico . Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.