Sonora Gold Corp. CA$0.05 0.0000 (0.00%)

Sonora arranges $150,000 loan from insiders

Vancouver, British Columbia (October 6, 2010 - Sonora Gold & Silver Corp. (the "Company" or "Sonora") reports that insiders of the Company have agreed to provide a loan to Sonora in the amount of CDN$150,000 at an interest rate of twelve percent (12%) per annum for working capital purposes. As a condition of the loan, the lenders will receive bonus payment of 58,823 shares of Sonora, subject to regulatory approval. These shares will be subject to a four month and one day hold period. The loan has a term of twelve (12) months and may be re-paid in part or full at anytime by the Company without penalty.

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The Company also wishes to announce a correction to the price of options announced October 1, 2010 to certain directors of the Company. The options granted will be priced at $0.60 option share, rather than the $0.45 per option share, with all other terms in respect of amount and expiry remaining intact. In addition, options announced on September 22, 2010 to certain directors and officers will be re-priced from $0.25 per option share to $0.33 per option share with all other terms remaining intact.

ON BEHALF OF THE BOARD OF DIRECTORS

Signed:
"Ken Churchill"

Ken Churchill
President & CEO, Director

For further contact:
Ken Churchill
Tel: 778.373.5499
This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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."

 

 

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

Tel: 604 398 5396