|
Vancouver, BC - July 16, 2009 - Soho Resources Corp - (TSX
Venture - SOH) ("Soho"
or the "Company") is pleased
to announce that its 100% owned subsidiary, Samarkand de Mexico,
S.A. de C.V. ("Samarkand"),
has entered into two option agreements to explore and acquire 100% of
four mining concessions and one application for a mining concession
(the "Concessions")
together occupying 1,668 hectares located in the State of Sinaloa,
Mexico. In addition, Samarkand has acquired by staking one
additional concession covering 2,664 hectares which surrounds the
concessions mentioned above. All of the above concessions cover a
cumulative area of 4,332 hectares comprising the "Jocuixtita
Project". The Jocuixtita Project is located approximately
120 km north of the city of Mazatlan.
The Company entered into one agreement with Esteban Hernandez Rodriguez
and Erelinda Acu�a Acu�a (the "Hernandez Option") and the
second with Luis Saul Quintero Triana (the "Quintero
Option"). Both agreements grant Samarkand the right to explore and
acquire a 100% interest in the respective concessions. In order
to maintain the right to explore and exercise the Hernandez Option and
Quintero Option, Samarkand must make cumulative payments totaling
US$1,000,000 (US$800,000 over a period of six years in the case of the
Hernandez Option and US$200,000 over a period of three years in the
case of the Quintero Option). Up to a maximum of US$372,666 of
the option payments may be made by payment of Soho shares. To
date, the Company has paid the vendors US$60,000 (US$50,000 under the
Hernandez Option and US$10,000 under the Quintero Option). Under the terms
of the Quintero Option, Samarkand is further contractually obligated to
issue Soho shares valued at US$10,000 to the vendor. For the
Hernandez Option, the vendors maintain a 2% NSR royalty on the
applicable concessions. Samarkand may acquire 50% of the NSR by
making a cash payment of US$ 350,000 to the vendors of the Hernandez
Option. For additional details on the schedule of payments please
visit the Company's website at www.sohoresources.ca.
The Jocuixtita Property hosts a number of northwest and cross cutting
northeast trending epithermal vein structures mineralized with silver,
gold, lead and zinc. The principle structure hosting the El
Carmen - La Salvadora - El Eden historic mine workings has been traced
over a minimum of 3 km of strike length. During a due diligence
site visit, the Company observed exposed mineralized zones within this
principle structure ranging from four to ten metres in width.
Highlights from El Carmen and La Salvadora sampling completed by the
Company include:
A complete list of sample locations and results can be viewed at
the Company's website. These figures are conceptual in nature and
there has been insufficient exploration to define a mineral
resource. It is uncertain if further exploration will result in
the target being delineated as a mineral resource. The Jocuixtita
Property has not been explored using modern exploration methods.
The main mines within the project have been historically mined on a
very small scale by previous owners.
Soho intends to commence a $300,000 to $500,000 exploration program on
the project in late 2009 after the rainy season has ended which would
likely be focused on exploring the main zones and include detailed
geological mapping and sampling, geophysics and a 10 - 15 hole diamond
drill program to test continuity of several of the main zones both
along strike and down dip.
"I consider the Jocuixtita Property to be a premier unexplored
silver project within the Sierra Madre Occidental. Road
accessible, near coastal infrastructures and within 40 km of San
Ignacio, the project is close to all necessary infrastructures for
successful development" states Mr. Ralph Shearing, President and CEO
of Soho Resources Corp., "Based upon our initial site visit
and historic records, this project has excellent potential to develop
into a significant silver project and will hopefully be a large
contributor to the Company's current resource base contained within our
flagship Tahuehueto Project."
Ralph Shearing is the Company's Qualified Person under NI 43-101 for
the technical disclosure contained in this news release.
On behalf of Soho Resources Corp.,
Ralph Shearing
If you would like to receive information on Soho Resources Corp
and its exploration project please contact the Investor Relations
Department by email or phone, or visit our website at www.sohoresources.ca for the most up to date information and results. Other
historic information and mandatory filings are available online at www.sedar.com
|