SONORO GOLD PROVIDES SURFACE RIGHTS UPDATE FOR THE CERRO CALICHE GOLD PROJECT
VANCOUVER, Canada, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) announces that it has received the final acceptance from the TSX Venture Exchange for the surface rights lease agreement (the “Agreement”) for the Company’s Cerro Caliche Gold Project in Sonora, Mexico. As disclosed in the Company’s new release dated July 4, 2025, Sonoro now controls 100% of the surface and mineral rights for the Cerro Caliche project area and has exclusive access for the exploration, development and extraction of mineral deposits, as well as the construction of related mining infrastructure.
The Company also announces that it has completed cash payments of US $3,125,000 to the lessor, satisfying the financial obligations in year 1 of the Agreement. The Company will issue 5.0 million Common Shares (the “Consideration Shares”) to the lessor at a deemed issue price of CAD $0.15 Common Share, as a portion of the consideration payable under the Agreement. The Consideration shares will be subject to a four-month resale restriction period as from their issuance date, as required by Canadian securities regulations.
Funding for year-1 payment requirements under the Agreement was financed by unsecured shareholder loans aggregating to US $2,900,000 (the “Loans”) by Company directors, bearing annual interest of 10%, plus a 7% lending fee. The Loans, plus accrued interest and fee are repayable by the Company either on or before the completion of project financing or from production revenues generated by the proposed Cerro Caliche mining operation.
The Loans constitute a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions under section 5.5(a) and section 5.7(f) from the formal valuation and minority shareholder approval, respectively, as its securities are listed on the TSX Venture Exchange and the Loans have been provided on reasonable commercial terms and are not convertible or repayable in securities of the Company.
The Agreement is a critical milestone and requirement for the construction and operation of the proposed Cerro Caliche gold mine. Total surface area under the Agreement exceeds the area required for the project’s initial proposed operation, allowing for sufficient surface area for future potential growth and expansion. The surface lease has a term of up to 25 years, comprising an initial term of 12.5 years, together with an option exercisable by the Company to renew the lease for an additional 12.5 years.
The Cerro Caliche project is in the final permitting stage for a proposed open-pit, heap leach mining operation following four drilling campaigns and extensive technical and environmental studies. With only 30% of the project’s identified mineralized zones drilled and assayed to date, the Company plans to develop an initial 12,000 tonnes per day operation to generate cash flow for further exploration of the remaining 70% of the mineralized area for potential resource and mine expansion.
About the Cerro Caliche Gold Project
Exploration to date at the 1,400-hectare property confirms a broadly mineralized low-sulphidation epithermal vein structure and over 25 northwest-trending gold mineralized zones along trend and near surface. With only 30% of the property’s identified mineralized zones drilled and assayed, the Company filed an updated Mineral Resource Estimate (MRE) in March 2023 based on a total 55,360 meters of drilled data, including 498 drill holes, 17 trenches and assays for 53,865 meters of the drilled data.
In October 2023, the Company filed a new Preliminary Economic Assessment (PEA) demonstrating the potential viability of a 9-year open pit, heap leach mining operation. Using a gold price of US $1,800 per ounce, the project has an after-tax net present value discounted at 5% (“NPV5”) of US $47.7M and an Internal Rate of Return (“IRR”) of 45%. Using a gold price of US $2,000 per ounce, the project has an after-tax NPV5 of US $77M and an IRR of 63%.
The PEA was prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. and Micon International Limited, with confirmation of the applicable resource estimates prepared by SRK Consulting (U.S.) Inc.
Qualified Person Statement
Stephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the development-stage Cerro Caliche project and the exploration-stage San Marcial project 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.
To keep up-to-date on Sonoro’s developments, please join our online communities on X, Facebook, LinkedIn, Instagram and YouTube , and visit Sonoro’s website and subscribe to receive the latest news and updates delivered straight to your inbox.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. - Tel: (604) 632-1764
Email: info@sonorogold.com
Forward-Looking Statement Cautions:
This press release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Cerro Caliche project, and future plans and objectives of the Company, constitute forward looking information that involve various risks and uncertainties, including statements regarding project permitting and the Company’s intention to develop and operate the proposed Cerro Caliche gold mine. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective" and similar expressions, or that events or conditions "will", "would", "may", "can”, "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavorable exploration and test results, the lack of sufficient future financing to carry out exploration and development plans and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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