VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2011) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sona Resources Corp. (the "Company" or "Sona") (News - Market indicators)(FRANKFURT:QS7) is pleased to announce that, further to its news release of February 17, 2011, the Company has closed the first tranche of its private placement (the "Private Placement") of 234,000 units (the "Units") at a price of $1.10 per Unit raising gross proceeds of $257,400. Each Unit consists of one common share of the Company and one-half of one transferable warrant of the Company (each whole warrant, a "Warrant"). Each Warrant is exercisable into one common share of the Company at a price of $1.50 per share for a period of two years, expiring on March 15, 2013.
The Company has also paid $14,960 and issued 13,600 warrants (the "Finder's Warrants") as compensation to certain finders on closing of the Private Placement. Each Finder's Warrant entitles the finder to purchase one common share of the Company (the "Finder's Warrant Share") until March 15, 2013 at an exercise price of $1.10 per Finder's Warrant Share.
All securities issued pursuant to the Private Placement are subject to a hold period expiring on July 16, 2011.
The proceeds from the sale of the Units will be used for general working capital and for general corporate purposes.
About Sona Resources Corp.
Since its inception in 1990, Sona has engaged in exploration activities at its mineral properties in Canada and the United States, as well as small-scale gold production at its flagship property, the 100 percent owned Blackdome Gold Mine ("Blackdome"), in south-central British Columbia, 250 kilometres north of Vancouver. At Blackdome, the indicated mineral resources are estimated to be 144,500 tonnes, grading 11.29g Au/t and containing 52,600 ounces of gold, and the inferred resource is estimated to be 90,600 tonnes, grading 8.79g Au/t (news release dated May 4, 2010). At its 100 percent owned Elizabeth Gold Property, 30 kilometres south of the Blackdome Gold Mine, Sona has outlined an inferred gold resource of 522,900 tonnes, grading 12.3g Au/t and containing 206,100 ounces of gold (news release dated June 8, 2009).
Sona aims to bring its fully permitted Blackdome mill back into production over the next three years at a rate of 200 tonnes per day, with feed from the former-producing Blackdome Gold Mine and the Elizabeth Gold Deposit Property. A positive Preliminary Economic Assessment by Micon International Ltd. (news release dated May 28, 2010), at a gold price of $950 per ounce over an eight-year period, has estimated pre-tax cash flow of $27 million and pre-production capital costs of $21 million.
Sona also holds a 100 percent interest in the Montgolfier Project located in Quebec, 40 kilometres east of the multimillion-ounce Casa Berardi Mine gold deposit.
On behalf of the Board,
Nick Ferris, Executive Chairman
For more information, visit www.sonaresources.com.
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.