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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Soho Resources Corp. | TSXV:SOH | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Finder's fees calculated in accordance with TSX Venture Exchange guidelines are payable on portions of the placement.
All securities issued under the non-brokered private placement are subject to a hold period expiring four months and one day after the closing date. Closing of the Private Placement is subject to approval of the TSX Venture Exchange.
Use of Proceeds
Proceeds from the Private Placement will be used to fund continued pre-feasibility data collection at the Company's flagship Tahuehueto Project, expand the current drilling program from 2000 meters to 3000 meters at the Company's Jocuixtita Silver project and for general corporate purposes including continued marketing of the Company within North America and abroad.
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 holds 99.4% of the outstanding shares of its Mexican subsidiary company that maintains 100% ownership in 9,081 hectare Tahuehueto Property, an advanced stage gold and base metal exploration and development project.
Soho also holds an option to purchase 100% interest in the 4,332 hectare Jocuixtita Silver Project where the company is currently conducting a first stage exploration drilling program.
At its flagship Tahuehueto Project in Durango State, Mexico, the Company has embarked on a program of pre-feasibility data collection. Past exploration efforts Tahuehueto lead to the delivery, on October 4, 2010, of a Preliminary Economic Assessment ("PEA") completed by Snowden Mining Industry Consultants Inc. Key findings from the report included:
Summary of PEA Estimates | |
Net cash flow | $US 184.2 million |
Net present value (NPV) 5% discount | $US 109.6 million |
Internal rate of return % | 31% |
Payback period | 27 months |
Mine life | 11 years |
Maximum processing rate | 1,000,000 tonnes/annum |
Capital and start-up costs | $US 89.1 million |
Note: Calculations based on a 3 year rolling average of metal prices at the end of August 2010 | |
Currency US$ 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 known to occur on the property.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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.
CONTACT: Glen Sandwell, IR Manager Tel: (604) 684-8071 Email: ir@sohoresources.ca Toll Free: 1-800-685-0576
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