NEWSGlobeinvestorGOLD.com Company News Alert for Soho Resources
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Soho Resources Corp.: Project Update
VANCOUVER,BRITISH COLUMBIA--(Marketwire - April 27, 2011) - Soho Resources Corp.(TSX VENTURE:SOH) ("Soho" or the "Company") is pleased to provide anupdate for its ongoing work programs at both its flagship TahuehuetoProject, located in Durango, Mexico and its more recently acquiredJocuixtita Silver Project, located in Sinaloa, Mexico.
Sincecompleting its most recent financing in February 2011 the Company hasinitiated work programs, as outlined below, on both of its projects.These programs are progressing well and drill rigs have been secured forboth projects, to be mobilized to commence drilling operations in May2011.
Tahuehueto Project - Pre-Feasibility Data Collection
Effortsat Tahuehueto has been focused around collecting data to support apre-feasibility and subsequent feasibility study as recommended andoutlined within the October 2010 Preliminary Economic Assessment (the"PEA") prepared by Snowden Mining Industry Consultants Inc.
Drillroad access and site preparation is underway in advance of drill rigmobilization to the project during the second half of May 2011 in orderto commence an initial 2000 meter infill drill program designed to moveInferred Resources (currently about 40% of the total TahuehuetoResource) into the Measured and Indicated Resource categories, requiredto support pre-feasibility and feasibility studies.
KnightPiesold Ltd. ("KPL"), initiated engineering work in late February 2011and is conducting a site visit this week to proof initial concepts andcollect critical geo-mechanical structural data and advise with ongoingenvironmental monitoring and data collection. KPL has been retained toconduct geotechnical and water/waste management design studies forSoho's Tahuehueto Project. KPL studies will include a geotechnicalassessment of the proposed El Creston open pit, geotechnical input andassessment to the possible open pit at Cinco de Mayo (not included inthe PEA). It also includes the investigation of one or more, MineDevelopment Concepts ("MDC") where each MDC would be a combination ofalternative mine access points, plant-site locations, waste rock andtailings storage facility locations and water management concepts, toultimately arrive at an overall optimum MDC.
Jocuixtita Project. - Initial Exploration and First Phase Drilling
Workcommenced on the Jocuixtita Silver Project in February 2011. Accessroad rehabilitation was completed in the first week of March allowingcrews to access the project and establish a base camp and startpreliminary geological investigations of the mineralized zones andexisting accessible underground adits. Geological mapping within andaround the principle mineralized zones is continuing and has advanced toa stage where the Company has confidently selected zones to drill testduring this initial exploration program. Surface and underground channelsampling is underway to properly access the exposed mineralizationwithin the various zones, know to occur on the project.
TheCompany has signed a drilling contract with Falcon PerforacionesMexico, S.A. de C.V. for the core drilling of 10 - 15 holes totaling aminimum of 2000 meters. Falcon expects to mobilize the drill rig to theJocuixtita site by the end of the first week of May, 2001 and drillingoperation would start immediately upon completion of drill mobilization.
TheCompany is planning to drill test two zones, the La Salvadora and ElCarmen zones separated by approximately 700 meters along the samestructure. This structure appears to be in excess of three kilometers inlength and is one of a number of mineralized structures known to occuron the project.
OTCQX Listing in U.S.
TheCompany also recently announced on April 19, 2011 that a listing on theOTCQX, a premier tier of the OTC market in the United States was beingpursued, and would hopefully be completed in the second quarter of thisyear. A listing on this exchange will provide U.S. investors with moretransparent trading, superior information, and easy access through theirUS. broker-dealers. "We are looking forward to higher visibility in thelargest market in the world." For more information on the OTCQX visittheir website at
www.otcqx.com.
About Soho Resources Corp.
SohoResources Corp. is an exploration and development company strategicallyfocused on gold, silver and base metals in the prolific Sierra MadreBelt of Mexico.
The Company has beenconducting an exploration and drilling program to expand and upgrade itsresources at its flagship Tahuehueto Project in Durango State and onOctober 4, 2010 announced the results of a Preliminary EconomicAssessment ("PEA") completed by Snowden Mining Industry Consultants Inc.Key findings from the report included:
Summary of PEA Estimates
Net cash flow
$US 184.2 million
Net present value (NPV) 5% discount
$US 109.6 million
Internal rate of return %
31%
Payback period (months)
27
Mine life (years)
11
Maximum processing rate (tonnes/annum)
1,000,000
Capital and start-up costs
$US 89.1 million
Note: Calculations based on a 3 year rolling average of metal prices at the end of August 2010
Currency - US$ Gold: 965.81, Silver: 15.38, Copper: 2.92, Lead: 0.95, Zinc: 0.88
TheTahuehueto Project is a classic epithermal system hosting multiplestructures traced for up to six kilometers of strike length.Considerable upside exploration potential remains on the existingexplored resource structures both down dip and along strike, as well ason numerous other unexplored mineralized structures.
Qualified Persons
Thispress release was prepared under the supervision and review of RalphShearing, President and CEO of Soho Resources Corp., a LicensedGeologist, and Qualified Person as defined by NI 43-101.
Definitionsused in this release are consistent with those adopted by the CanadianInstitute of Mining, Metallurgy and Petroleum ("CIM") Council inDecember 2005, as amended, and prescribed by the Canadian SecuritiesAdministrator's National Instrument 43-101 and Form 43-101F1, Standardsof Disclosure for Mineral Projects. Mineral resources are not mineralreserves and do not have demonstrated economic viability.
ON BEHALF OF THE BOARD OF DIRECTORS
Ralph Shearing, Chief Executive Officer
WARNING: The Company relies upon litigation protectionfor "forward-looking" statements. This News Release may containforward-looking statements including but not limited to commentsregarding the timing and content of up-coming work programs, geologicalinterpretations, receipt of property titles, potential mineral recoveryprocesses, etc. Forward-looking statements address future events andconditions and therefore involve inherent risks and uncertainties.Actual results may differ materially from those currently anticipated insuch statements. Soho Resources Corp. relies upon litigation protectionfor forward-looking statements.
Shares Issued - 185,533,676
Last Close
.10 - April 26, 2011
FOR FURTHER INFORMATION PLEASE CONTACT: Glen Sandwell
Soho Resources Corp.
IR Manager
(604) 684-8071 or Toll Free: 1-800-685-0576
ir@sohoresources.ca
www.sohoresources.ca
Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.