Soho Resources Completes Consolidation and Changes its Name to Telson Resources Inc.
VANCOUVER, Jan. 16, 2013 /CNW/ - Telson Resources Inc. (TSX VENTURE: TSN) ("Telson" or the "Company") announces that its common shares (Symbol: TSN) (the "Shares") will be posted for trading at the opening of business on January 17, 2013, on a one-for-eight consolidated basis (the "Consolidation"), resulting in 26,636,584 issued and outstanding Shares, under the new CUSIP number 87973V 10 1. The Consolidation was previously announced on December 24, 2012 and was approved by the shareholders of Soho on December 21, 2012.
No fractional Shares will be issued in connection with the Consolidation. If, as a result of the Consolidation, a shareholder becomes entitled to a fractional Share, such fractional Share will be rounded up to the nearest whole number if 0.5 or greater and down to the nearest whole number if less than 0.5.
Letters of Transmittal will be mailed to all registered shareholders requesting them to deposit their duly completed Letters of Transmittal, together with their pre-consolidated share certificates, to Computershare Trust Company of Canada, at its principal office in Vancouver, in exchange for share certificates representing the number of consolidated Shares to which they are entitled.
About Telson Resources Inc.
Telson Resources Inc. 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 where the Company delivered a robust Preliminary Economic Assessment ("PEA") on October 4, 2010. 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
Telson also holds an option to purchase 100% interest in the 4,332 hectare Jocuixtita Silver Project where the company has recently conducted a first stage exploration drilling program.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, President/CEO
"Neither the 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."
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.
SOURCE: Soho Resources Corp.For further information: