Sonoro Metals Engages New Tigers Technologies to Open China Branch Office
TSX VENTURE: SMO
VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is pleased to announce that it has entered into an agreement with New Tigers Technologies Ltd., (“NTT”) a wholly owned subsidiary of New Tigers Consulting Ltd. (www.newtigers.com) of Suzhou, Jiangsu Province, P. R. China, where NTT will act as Sonoro’s representative and establish a representative office for the Company at NTT. A key NTT function will be to identify and introduce Sonoro to China-based engineering, procurement and construction (“EPC”) companies considered to be a good potential fit for Sonoro’s project requirements. NTT has already assisted with initial introductions, enabling Sonoro to commence discussions regarding the development and financial structuring of its proposed Cerro Caliche heap leach pilot operation. As part of this engagement, NTT will continue to identify and introduce potential Chinese project partners for Sonoro’s projects, while facilitating ongoing communications with those already engaged in discussions with the Company. According to the agreement, following any future joint development between Sonoro and any China-based entities, NTT will continue to act as the Company’s China branch office representative.
During the week of July 21st, on an exploratory business tour organized by NTT and exclusive to the Company, Chairman John Darch and Director of Finance Neil Maedel travelled to Beijing, Yantai, Shanghai and Hong Kong to meet with corporate executives and initiate discussions regarding potential EPC and project development and structuring agreements. The Company has since entered into Confidentiality Agreements and commenced formal discussions with five China-based EPC companies regarding potential EPC contracts, and opportunities for project financing.
John M Darch, Chairman of Sonoro, commented, “In our meetings, these companies very graciously detailed their advanced technical capabilities regarding engineering and mine design, equipment manufacturing and finally, installation and commissioning. I found it extremely encouraging that some of the examples they used, were mines that processed mineralization with gold grades similar to those at our Cerro Caliche property. Each of these companies has subsequently entered into a Confidentiality Agreement so we that we may begin a dialogue regarding the various geological and technical aspects of our proposal.”
NTT acts as a liaison for Western companies who wish to do business with China-based entities in areas ranging from, but not limited to, EPC agreements, project financing and related structuring, joint ventures, commodity off-take agreements and the establishment of manufacturing facilities. NTT has served more than 1,400 international clients over the past 21 years. In consideration of NTT’s services, Sonoro will pay a fixed monthly cash fee which includes providing the Company with a representative office in China, support staff and translation services. Future China-based agreements secured by the Company because of NTT’s efforts may carry a success-fee obligation to be determined based on the applicable agreement terms.
The Company’s activities carried with the assistance of NTT will be directed by NTT’s co-founder Dr. Wei Qian, a former China State Council official (overseeing three Provinces in China). Dr. Qian has a PhD in Economics (University of Limerick, Ireland) and an MBA (Sir Charles Harvey Award - London School of Economics). In addition to its Suzhou, Jiangsu office, NTT has branch offices in Shenzhen, Chongqing, Guangzhou, Wuhan and Beijing.
To enable Sonoro to advance to this next critical step in its development, InProved Pte., which originally introduced and recommended NTT to Sonoro, has agreed to cancel its fiscal advisory agreement with the Company, announced by Sonoro on February 28, 2019. The Company would like to thank InProved and its founder Huan Koh for their assistance and efforts in getting Sonoro to this next promising phase of its development.
On behalf of the Board of SONORO METALS CORP.
|Per:||“John M. Darch”|
|John M. Darch|
For further information, please contact:
Sonoro Metals Corp. - Tel: (604) 632-1764
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the proposed development and financing of a Cerro Caliche heap leach pilot operation, and the Company's plan to seek out, and possibly to enter into agreements with potential China-based EPC and project development and structuring agreements, and the possibility that the Company will be obligated to pay success fees in connection with any such agreements. 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 the Company will not be able to reach acceptable terms on any agreements with China-based firms introduced by NTT, the Company will not be able to secure the financing necessary to fund its proposed Cerro Caliche heap leach pilot operation, or its other project exploration and development business, unfavourable interim exploration results, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs for its projects, at present, all of which are located in Mexico. 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.
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