Vancouver, British Columbia (October 1, 2010 - Sonora Gold & Silver Corp. (the "Company" or "Sonora") is pleased to announce the appointment of Messrs. Joseph P. Giuffre and Giulio T. Bonifacio to the Board of Directors.
Mr. Giuffre is a partner at the law firm Axium Law Corporation. He has over twenty-five years of combined experience in business and legal matters, and has a transaction-based practice in the areas of corporate finance, securities, mining, corporate structuring, project finance, mergers and acquisitions. Mr. Giuffre has extensive experience acting for Canadian public companies with an international focus, many of which have progressed from private start-up companies to publicly-listed emerging companies trading on the TSX Venture Exchange, the Toronto Stock Exchange, American Stock Exchange or NASDAQ. He has served as a director and corporate secretary of a number of private and public companies and is currently a director of Nevada Copper Corp.
Mr. Bonifacio is a professional accountant and brings to Sonora over twenty-five years in senior executive positions in the mining industry with Getty Resources Limited, TOTAL S.A. and Vengold Inc. Mr. Bonifacio has an impressive track record of raising equity, and project capital, for projects of merit. Mr. Bonifacio brings to the Company extensive experience and knowledge in areas of corporate finance, securities matters, project finance and mergers and acquisitions. Mr. Bonifacio is a founder and the President and Chief Executive Officer of Nevada Copper Corp. The Company also announces the resignation of Mr. Ralph Clausser, director, who has been with Sonora since May 2006. "Mr. Claussner has faithfully served the board and shareholders since being appointed to the position of director and we wish him well in his future endeavours," states company President, Ken Churchill.
In addition, the Company has also granted a total of 900,000 incentive stock options at a price of $0.45 per share, to certain directors and officers of the Company. The options are exercisable for up to three years from the date of grant.
The Company also announces it has entered into an addendum (the "Addendum") to its property option agreement dated July 24, 2010 (the "Option Agreement") on the Handeni Property in the Handeni Tanga gold district in the United Republic of Tanzania. The Handeni gold district is known for its small-scale artisanal gold mining. The project is located in close proximity to the town of Magambazi.
The consideration for a 12 month option on the Handeni property was an initial payment of $20,150 (U.S.) and the obligation to make certain instalment payments totalling $90,000 (U.S.) over a period of one year. The Option can be extended for up to two additional 12 month terms and one additional six month term by paying $45,000 (U.S.) at the beginning of each extension period. The Company may exercise the option to acquire the property by making an additional payment, subject to a royalty interest in favour of the Optionor. The Addendum provides for the issuance of 700,000 common shares of the Company to the optionor under certain conditions as part of the consideration payable under the Option Agreement.
ON BEHALF OF THE BOARD OF DIRECTORS
Ken ChurchillPresident,Chief Executive Officer and Director
For further information please contact:Ken ChurchillTel: 778.373.5499
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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© 2010 Sonora Gold & Silver Corp.