Hostotipaquillo a U.S. company will explore the mine located in Etzatlán 28/ABR/11 Amparo
Thursday, May 5, 2011
Glow In The Dark Dodgeball
LAS VEGAS - Sonora Resources Corp. is pleased to announce that as of April 15, 2011 the Company signed a definitive agreement with the first option Majestic Silver Corp. to acquire up to a share 90 percent of certain mineral properties wholly owned by First Majestic is located in the state of Jalisco, Mexico.
Properties Group Jalisco consists of a large collection of mineral claims comprising a platform located in the historic center and productive gold district in Mexico. The properties have been home to several major silver mines regional dates back to early 1700 with the well documented silver and gold production mainly prevalent between 1902 and 1935. The location of 5,240 acres is composed of six potential areas of interest and includes Etzatlán, Amparo, The Pumpkin Ball Stone mines all participated in the different production rates typical of farm technology and economics of the time.
In 2008, geologists First Majestic has spent four months working in the area of \u200b\u200bEtzatlán. His efforts consisted of detailed geological sampling and geochemical mapping. As a result of their efforts, approximately 90% of the area was studied and several key objectives were clearly defined by a monitoring program of diamond drilling.
"We are pleased to partner with the resources of Sonora in Jalisco Properties Group and we hope to witness the next exploration program," said Keith Neumeyer, President & CEO First Majestic. "We are confident that the president of Sonora, Juan Miguel Ríos Gutiérrez, will manage the project successfully, while maximizing value for all our stakeholders."
"This agreement marks an important milestone for us," said Juan Miguel Ríos Gutiérrez, newly appointed President and CEO of Sonora. "Having personally been a part of the success of First Majestic over the last few years, I am excited to be signing this agreement with my former employer. The Jalisco Properties Group has significant potential and represents a major step to the company moving on the stage of exploration to become full-fledged producer. "
Sonora will issue 10 million shares of common stock of First Majestic and spend $ 3 million in the first 3 years to earn a 50% and $ 5 million over 5 years to access a share 70%. In order to obtain a 90% interest, Sonora Resources is required to complete a bankable feasibility study within 7 years. First Majestic will keep 10% free carried interest and a 2.375% NSR.
Additional details about the Company, business and the agreements are filed as part of the ongoing public disclosure of the Company as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission (SEC) EDGAR database "the . For more information visit: http://www.sonoraresources.com/
First Majestic is a major silver producer that currently owns and operates three producing silver mines in Mexico, the silver mine La Encantada Silver Mine and the La Parrilla Silver Mine San Martin and is currently building its fourth mine, the Del Toro Silver Mine. First Majestic has gone from a development stage company into a producer of top class silver, producing 7,024,055 ounces of silver equivalent in 2010. It is considered the most pure silver company in the world.
About Sonora Resources Corp.
The company is headquartered in Las Vegas, Nevada, and focuses on the acquisition and exploration of international silver and gold mining properties in regions that enjoy political stability, sound economies and business-friendly environments. Additional information about the company can be found in http://www.sonoraresources.com/
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