VANCOUVER, June 1, 2017 /CNW/ - Sonoro Metals Corp., ("Sonoro" or the "Company") (TSXV: SMO), is pleased to announce that it has received the balance of the $4,000,000 proceeds from Agnico Sonora, S.A. de C.V. ("Agnico"), a subsidiary of Agnico Eagle Mines Limited, for the sale of the Company's Chipriona project in Mexico under an assignment agreement, details of which were disclosed in the Company's news releases dated December 14, 2016 and December 22, 2016.
The current and final payment of $3,350,000 supersedes the three previously proposed sequential installments that were to be paid following certain conditions that have now been fully satisfied through the registration of title to the Chipriona concessions under Agnico at Mexico's Public Registry of Mining. Sonoro has no further interest in the Chipriona concessions, save and except for its retention of a 1% net smelter returns royalty ("NSR"). The NSR may be purchased by Agnico at any time for $1,500,000.
This disposition by the Company has been accepted for filing by the TSX Venture Exchange.
About Sonoro Metals Corp.
Sonoro Metals Corp. is a TSX Venture Exchange listed ("SMO-TSXV") exploration and development company with a portfolio of precious metals properties in Sonora, Mexico and Alaska, USA. Sonoro's skilled exploration team in Mexico is headed by Hermosillo-based Chief Geologist Melvin Herdrick, with 45 years of mine related experience, including 10 years as Chief Geologist for Phelps Dodge in Mexico followed by 7 years as Vice President, Exploration for Pediment Gold in Mexico until its takeover by Argonaut Gold in 2011. Sonoro's Chief Operating Officer is professional geologist Stephen Kenwood, with over 20 years of experience in mineral exploration and development.
On behalf of the Board of SONORO METALS CORP.
Per: "Kenneth MacLeod"
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) accept responsibility for the adequacy or accuracy of this release.
SOURCE Sonoro Metals Corp.
For further information: Sonoro Metals Corp., Tel: (604) 632-1764, Email: [email protected]