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Sonora Resources Enters into JV with First Majestic Silver Corp. Agreement with Senior Partner Propels Activity at Historically Productive Silver Property
LAS VEGAS, NV - (April 28, 2011) - Sonora Resources Corp.(OTCBB: NATC) (Sonora Resources or the Company) is pleased to announce that effectiveApril 15, 2011 the Company entered into a definitive option agreement with First Majestic Silver Corp. (NYSE: AG and TSX:FR) (First Majestic) to acquire up to a 90 percent ownership of certain mineral properties wholly owned by First Majestic located in the state of Jalisco, Mexico.
The Jalisco Group of Properties consists of a significant collection of mineral claims that encompass a centrally located and historically productive silver and gold district in México. The properties have hosted several major regional silver mines dating back to the 1700s with well documented silver and gold productionchiefly prevalent between 1902 and 1935. The 5,240 hectarelocation consists of six prospective areas of interest and includesthe Etzatlán, Amparo, La Calabaza and Piedra Bola mines which all participated at various rates of production typical for the exploitation technologies and economics of the era.
First Majestic is a major silver producer which presently owns and operates three producing silver mines in Mexico, the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine and is currently building its fourth mine, the Del Toro Silver Mine. First Majestic has grown from a development stage company into a world-class senior silver producer, producing 7,024,055 equivalent ounces of silver in 2010.It is considered to be the purest silver company in the world.
In 2008, First Majestics geologists spent four months working in the Etzatlán area. Their detailed geological efforts consisted of mapping and geochemistry sampling. As a result of their efforts, approximately 90% of the area was surveyed and several key targets were clearly defined for a follow up diamond drilling program.
We are pleased to be partnering with Sonora Resources on the Jalisco Group of Properties and look forward to witnessing the upcoming exploration program, stated Keith Neumeyer, President and CEO of First Majestic. We feel confident thatSonoras President, Juan Miguel Rios Gutierrez,will manage the project successfullywhile maximizing value for all our stakeholders.
This agreement marks a significant milestone for us," stated Juan Miguel Rios Gutierrez, the newly appointed President and Chief Executive Officer of Sonora. "Having personally been an important part of First Majestic's success over the last several years, I amexcited to be entering into this agreement with my former employer. The Jalisco Group of Properties has significant potential and represents a huge step towards moving the company from the exploration stage to becoming full-fledged producer."
Sonora Resources will be required to issue 10 million shares of common stock to First Majestic and spend $3 million over the first 3 years to earn a 50% interest and $5 million over 5 years to earn a 70% interest. In order to obtain a 90% interest, Sonora Resources is required to complete a bankable feasibility study within 7 years. First Majestic will retain a 10% free carried interest and a 2.375% NSR.
Additional details regarding the Company, its business and agreements are filed as part of the Companys continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commissions (SEC) EDGAR database. For more information visit: www.sonoraresources.com
About Sonora Resources Corp. (OTCBB: NATC)
The Company
is based in Las Vegas, Nevada and is focused on the acquisition and exploration
of international silver and gold mining properties located in regions that enjoy
stable politics, sound economies and friendly business environments. Additional
information about the Company may be found at www.sonoraresources.com.
About First Majestic Silver Corp.
First Majestic is a
producing silver company focused on silver production in México and is
aggressively pursuing its business plan of becoming a senior silver producer
through the development of its existing mineral property assets and the pursuit
through acquisition of additional mineral assets which contribute to the Company
achieving its aggressive corporate growth objectives.First Majestic is currently
listed on the NYSE and the TSX under the symbols AG and FR, respectively.
Additional information about First Majestic may be found at www.firstmajestic.com.
For additional information contact:
Juan Miguel Rios
Gutierrez, Chief Executive Officer
Email: info@sonoraresources.com
www.sonoraresources.com
PH: (702) 509-5049
Notice Regarding Forward Looking Statements
This
news release contains forward-looking statements. Forward looking statements in
this news release include that we will earn a 90% interest in the Jalisco
property in Mexico; that the Jalisco property is prospective for precious
metals; that we will carry out the exploration work program as indicated in this
news release, that we can become a mineral producer and that Mexico will be
stable with a sound economy and friendly business environment. There can be no
certainty regarding the benefits to be realized by the Company as a result of
this letter of intent. As well, there can be no assurance that the Company will
be able to raise the financing necessary to exercise the option described herein
or to fulfill its underlying obligations. As well, results may differ as a
result of geological information resulting in changed plans for exploration, our
ability to contract equipment and labor, current economic conditions and the
state of mineral exploration and mineral prices in general. Discoveries of
minerals on adjacent properties and promising initial results are not
necessarily an indication of the ability to commercially exploit the property or
of a commercially exploitable deposit on the property. Accordingly, actual
results may vary materially from those described in forward-looking statements.
As a result, readers are advised not to place undue reliance on forward-looking
statements or information. The Company does not undertake any obligation to
release publicly revisions to any forward-looking statement, to reflect events
or circumstances after the date of this news release, or to reflect the
occurrence of unanticipated events, except as is required under applicable
securities laws. Readers should also refer to the risk factors of junior mining
exploration companies in annual reports filed on EDGAR to understand the many
risks facing our company.