ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

SRQ SRQ Resources Inc

0.125
0.00 (0.00%)
01 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
SRQ Resources Inc TSXV:SRQ 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% 0.125 0.12 0.125 0 01:00:00

Sonoma Resources Executes Limestone Option Agreement

12/03/2014 1:30pm

Marketwired Canada


Sonoma Resources Inc. (TSX VENTURE:SRQ) is pleased to announce that, further to
the Letter of Intent announced January 13, 2014, it has acquired the beneficial
and irrevocable right and option to acquire from Opus Ventures Ltd. ("Opus") a
100% legal interest in Opus' Century Limestone Property located on Vancouver
Island, B.C.     


The 1,940 hectare Century Limestone Property encompasses a large area underlain
by limestone adjacent to tidewater on Nootka Sound northeast of the Town of Gold
River. Limestone is an industrial mineral with ongoing demand in such
applications as steel manufacturing, road construction and commercial concrete
construction. Sonoma's main interest is in added value markets where it is used
in the manufacture of products such as paper, pulp, glass, paint, textiles, soap
and detergents.   


Subject to TSX Venture Exchange approval, terms of the Option Agreement include: 



--  Sonoma will have four years to exercise the option;     
--  Sonoma will incur expenditures over a three year period; $100,000 in
    year one, $200,000 in year two and $300,000 in year three;      
--  Upon entering into the binding Purchase and Sale Agreement, Sonoma will
    issue to Opus 500,000 shares;         
--  Sonoma will pay Opus an advance annual royalty of $40,000 starting at
    the end of Year three; and  
--  Sonoma will pay Opus a royalty of $0.35 per tonne on the first 1,000,000
    tonnes of limestone production and $0.20 per tonne on the balance of
    limestone production (minus the advanced annual royalty) for the life of
    the quarry.  



States Managing Director, Scott Young, "Sonoma is excited to be working with
Opus in exploring the potential of the Century Limestone Project. We believe
that a limestone source with access for barges and ships and the existing
infrastructure in Gold River make for a compelling opportunity. The terms of the
agreement ensure that funds for the first years go to developing the
opportunity, including detailed sampling and analysis of the limestone,
investigations into processing and product market studies. Opus will benefit
along with Sonoma if the project is successful."    


On behalf of the Board of Directors

Scott Young, Managing Director

Neither 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Sonoma Resources Inc.
Scott Young
Managing Director
604-377-5781

1 Year SRQ Resources Chart

1 Year SRQ Resources Chart

1 Month SRQ Resources Chart

1 Month SRQ Resources Chart

Your Recent History

Delayed Upgrade Clock