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VANCOUVER, Canada, October 23, 2019 – Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is pleased to report that it is continuing to advance its discussions with China-based engineering, procurement and construction (“EPC”) companies regarding plans to develop and finance a proposed heap leach mining operation for its Cerro Caliche project.
On September 3, 2019, the Company reported that it had entered into an agreement with New Tigers Technologies Ltd. (NTT), of Suzhou, Jiangsu Province, P. R. China, pursuant to which NTT agreed to act as Sonoro’s representative and establish a representative office for the Company for the purpose of identifying and introducing Sonoro to China-based EPC companies having associated financing capabilities, and considered to be a good potential fit for Sonoro’s project requirements.
In the same news release the Company reported that it had entered into confidentiality agreements and commenced formal discussions with five China-based EPC companies regarding potential EPC contracts, and opportunities for project financing. During the subsequent six weeks, the Company prepared and later sent information relating to the Cerro Caliche project and the proposed pilot operation, together with information relating to its San Marcial project, for the EPC Companies’ due diligence analysis.
On October 9, 2019 Chairman John Darch and Director of Finance Neil Maedel were invited back to China for a series of follow-up meetings in Tianjin and Beijing with those EPC companies, organized by NTT under the direction of Dr. Wei Qian. Two of those EPC companies have successfully financed and developed mining projects introduced by NTT in the past decade, and they have been proactive in their approach with the Company. Meetings with four of the companies’ senior executives were held to discuss the various aspects of the proposed pilot plant, including permitting requirements and processes, and the dispatch of their technical staff to the Cerro Caliche project site. In particular, three additional face-to-face meetings were held during the past week at the request of one EPC company in an effort to advance the discussions as much as possible. The relevant executives of the fifth EPC company were out of the country at the time of the Sonoro team’s visit to China and, as a consequence, were not available for meetings.
In addition to meetings with these EPC companies, Dr. Qian also helped Sonoro to organize and hold meetings with a Beijing-based fund and other private investment companies, that have expressed interest in taking an equity stake in the form of a private placement in the Company.
John M Darch, Chairman of Sonoro, commented, “We continue to be encouraged by the enthusiasm of the EPC companies as demonstrated by their desire to quickly advance our discussions and their positive responses to Sonoro’s dual track strategy of developing the Cerro Caliche pilot operation while continuing an aggressive exploration program to potentially expand the project’s size.”
About Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed exploration and development company with two exploration stage precious metal properties in Sonora State, Mexico. The company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO METALS CORP.
Per: “John M. Darch”
John M. Darch
Chairman
For further information, please contact:
Sonoro Metals Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
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 proposed development and financing of a Cerro Caliche heap leach mining operation, and the Company’s plan to seek out, and possibly to enter into agreements with potential China-based EPC and project development and construction companies. Although the Company believes that such statements are reasonable based on current circumstances, 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, including the possibility the Company will not be able to reach acceptable terms on any agreements with any of the China-based EPC firms introduced by NTT, the Company will not be able to secure the financing necessary to fund its proposed Cerro Caliche heap leach mining operation, or its other project exploration and development business, unfavourable interim exploration results, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs for its projects, at present, all of which are located in Mexico. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
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