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Corporate Update

 

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Sonora Gold & Silver Corp. (the "Company" or "Sonora") The Company has been informed that subsequent to the order of the Commissioner for Minerals of the United Republic of Tanzania (see the Company's December 2, 2010 press release), Abdallah Omary Kigoda was served with a default notice dated December 15, 2011 for, among other things, failure to comply with such order to surrender its ML 413/2010 for cancellation. The Company has further been informed that the Commissioner issued a cancellation of ML 413/2010 held by Mr. Kigoda,effective February 1, 2011.  Canaco has reported by news release dated today that the Minister for Energy Mines and Minerals has directed Canaco to provide compensation to Mr. Kigoda and that Canaco and Mr. Kigoda have entered into an agreement for such compensation, consisting of $2.0 million cash and a 2 percent net smelter royalty for minerals recovered from the 0.07 square kilometre areaof the former PML 0010145. The Company has not received any notice of any of the foregoing from the Tanzanian government or a copy of this agreement and is in the process of verifying the accuracy of this information. The Company is consulting with its legal counsel in Tanzania and Canada and expects that it will take all legal steps available to appeal the orders and to seek full redress on these matters and protect its contractual rights to the Handeni property."

 

ON BEHALF OF THE BOARD OF DIRECTORS
Signed:
"Ken Churchill"
Ken Churchill, President & CEO, Director


Neither 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."

TEL:  778.373.5499 Ken Churchill
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

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Contact

Sonora Gold & Silver Corp.
210 - 905 West Pender St.
Vancouver, BC V6C 1L6

Tel: 604 398 5396