Sonoro Continues Discussions With China-Based EPC Companies and Potential Equity Investors
VANCOUVER, British Columbia, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” or the “Company”), announces that discussions regarding project debt finance and engineering, procurement and construction (“EPC”) contracts with China-based EPC companies continue to advance.
Pursuant to ongoing discussions with four China-based EPC companies and potential equity investors, Sonoro is pleased to provide the following update and plans to move forward.
As previously reported on July 23, 2019 and October 23, 2019, Sonoro’s Chairman, John Darch and Director of Finance, Neil Maedel travelled to Tianjin and Beijing, China for a series of meetings with EPC companies and potential equity investors, arranged and attended by Sonoro’s China representative, Dr. Wei Qian, the founder and managing director of New Tigers Technologies (NTT), based in Suzhou, Jiangsu Province, Peoples Republic of China.
Subsequently, one Memorandum of Understanding has been executed for project debt financing and EPC services for the development and operation of the Company’s proposed Cerro Caliche Pilot Project. Three additional MOU’s are currently under consideration and are expected to be executed in the coming month once all technical reviews are completed. Over the past decade, two of the four EPC companies have previously financed, and developed mining projects introduced by NTT.
Messrs. Darch and Maedel are currently scheduled to travel to Beijing, China, along with Dr. Qian, for follow-up meetings with the EPC companies and potential equity investors during the week of February 16th. The purpose of these meetings is to finalize the details of the respective MOU’s together with advancing details regarding the respective EPC companies’ site visits and project engineering, procurement, construction and debt finance proposals.
However, due to the health concerns related to the novel coronavirus, the Chinese government has restricted travel within the country and companies’ employees are being encouraged to work from their respective residences. Consequently, should our planned trip to China be delayed, Dr. Wei will maintain an active dialogue with the Senior Executives and Project Directors-Managers of each EPC company until such time as the meetings can be rescheduled.
John M Darch, Chairman of Sonoro, commented "Sonoro management and employees would like to emphasize our sympathy and solidarity with our friends, and the people of China during this difficult time."
About Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
| On behalf of the Board of SONORO METALS CORP. | |
| Per: | “John Darch” JOHN DARCH Chairman |
For further information, please contact:
Sonoro Metals Corp. – John Darch, Chairman
Phone: (604) 632-1764
Email: info@sonorometals.com
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