Sonoro Announces Third MoU for Financing and Development of Proposed Cerro Caliche Heap Leach Pilot Operation
VANCOUVER, British Columbia, June 11, 2020 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” or the “Company”), provides the following update regarding proposed project debt finance, engineering, procurement and construction (“EPC”) contracts with China-based EPC companies.
The Company has executed a third Memorandum of Understanding (“MoU”) for the finance and development of its proposed Cerro Caliche Heap Leach Pilot Operation (“HLPO”). As of February 28, 2020, Sonoro had received two executed MoUs regarding project debt financing and EPC services for its proposed Cerro Caliche HLPO.
“This latest MoU is from one of China’s state champions whose geological team has extensively analyzed all of Sonoro’s data and approved it as a project they would like to proceed with,” said the Company’s representative, Dr. Wei Qian. “It’s a very good endorsement and clear indication that business in China is resuming,” Dr. Qian added.
Sonoro anticipates that it should begin receiving detailed proposals regarding the provision of EPC services together with project finance in the coming weeks, as internal travel restrictions in China continue to be more relaxed.
Sonoro’s executive team and the EPC companies continue to wait for a further easing of current international travel restrictions in order to allow in-person meetings in China and the various EPC companies’ technical teams to fly to the proposed mine site in Sonora State, Mexico. Rescheduling of these meetings is subject to Chinese and Mexican authorities giving the green light for Chinese citizens to begin non-essential travel to Mexico.
Chairman John Darch, Director of Finance Neil Maedel and Sonoro’s representative Dr. Wei Qian had originally planned to visit China last February 2020 to continue discussions regarding detailed agreements as now outlined in the respective MoUs. Despite its reported success in dealing with the virus, China’s health officials remain cautious. In Mexico, most mining operations have resumed as the country’s lockdown of exploration and mining activities was recently lifted, an indication that the area where more than 80% of Mexican mining production occurs has very low levels or no COVID-19 infections within the local population.
“We are very pleased to execute this latest Memorandum of Understanding,” said John Darch, the company’s Chairman. “Like Dr. Qian, I am especially encouraged by the fact that during this challenging time three of the well-established and highly respected Chinese EPC Companies we met in China continue to actively pursue a business relationship with Sonoro.
About Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed exploration and development company with a portfolio of 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 Darch”
JOHN DARCH
Chairman
For further information, please contact:
Sonoro Metals Corp. – John Darch, Chairman
Phone: (604) 632-1764
Email:
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