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Sonora Gold Corp. Signs LOI to Sell Santa Gertrudis Gold Property
VANCOUVER, BRITISH COLUMBIA, Feb 22, 2007 (MARKET WIRE via COMTEX News Network) --
Sonora Gold Corp. ("Sonora Gold" or the "Company")(TSX VENTURE: SGG)(PINK SHEETS: SGGFF)(FRANKFURT: T9N) has signed a Letter of Intent to sell 100% of its 100% interest in the Santa Gertrudis Gold Project to Deal Capital Ltd. ("the Purchaser"), a Toronto Venture Exchange listed Capital Pool Company ('DCP.P').
The Purchaser has paid a non-refundable deposit of $25,000 to the Company for the acquisition, and will pay US$650,000 and issue 1,500,000 common shares to the Company upon closing, subject to an escrow agreement. Three more payments of US$500,000 will be paid to the Company in cash or common shares (at the option of the Purchaser) on the first, second and third anniversaries. If the closing of the transaction goes beyond April 30, 2007, the Purchaser will pay the Company US$10,000 to extend the closing date to May 31, 2007.
This transaction provides Sonora Gold an opportunity to participate in the potential upside of a deep Carlin-style exploration program on the Santa Gertrudis property, continue exploration on the Teck Cominco San Enrique Cu-Mo-Au Option Lands, focus on the Cu-Au RHG prospect in Northern British Columbia, and pursue additional opportunities available to the Company.
For further information, please refer to the purchaser's news release dated February 22nd, 2007.
This transaction is subject to TSX Venture Exchange approval.
For more information on Sonora Gold, visit www.sonoragold.ca.
On Behalf of the Board,
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Sonora Gold Corp.
President & C.E.O.
(604) 685-5851 or Toll Free: 1-888-685-5851