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News
02.08.2010
Sona Closes Private Placement for $1.2 Million
Sona Closes Private Placement for $1.2 Million
3,000-Metre Diamond Drilling Program to Commence
VANCOUVER, BRITISH COLUMBIA--(July 29, 2010) - Sona Resources Corp. (the "Company" or "Sona") (TSX VENTURE:SYS)(FRANKFURT:QS7) is pleased to announce that it has closed its non-brokered private placement of 2,228,200 units (the "Units") at an offering price of $0.55 per Unit, for gross proceeds of $1,225,510. Each Unit consists of one common share and one warrant (a "Warrant"), with each Warrant entitling the holder to purchase, for a period of 24 months following the closing date, one additional common share of the Company at a price of $0.75 in the first 12 months, and at $0.90 thereafter. The Company has paid a finder's fee of 8% cash and 8% finder's warrants on the purchase of an aggregate of 28,200 Units in connection with the private placement.
All securities issued pursuant to the private placement will be subject to a four-month hold period expiring on November 30, 2010. The proceeds of the financing will be used to undertake a 3,000-metre surface diamond drilling program and upgrade the exploration camp at the Elizabeth Gold Property ("Elizabeth"), and for working capital requirements.
In July 2010, the access road into the Elizabeth project was improved to allow for the exploration camp upgrade. A contract has been let for a 3,000-metre surface diamond drill program, which will begin shortly. A new trailer camp for the planned underground exploration program, scheduled to start this fall, has been sourced. The drill program is planned to consist of drifting with raises along the ore zone, and 4,500 metres of underground diamond drilling. This work is primarily designed to increase confidence in the gold resource at the Elizabeth project, and to move the resource from the Inferred category to the Measured and Indicated categories.
About Sona Resources Corp.
Since its inception in 1990, Sona has engaged in exploration activities at its mineral properties in Canada and the United States, as well as small-scale gold production at its flagship property, the 100 percent owned Blackdome Gold Mine ("Blackdome"), in south-central British Columbia. At Blackdome, the indicated mineral resources are estimated to be 144,500 tonnes, grading 11.29g Au/t and containing 52,600 ounces of gold, and the inferred resource is estimated to be 90,600 tonnes, grading 8.79g Au/t (news release of May 4, 2010). At its 100 percent owned Elizabeth Gold Property, 30 kilometres south of the Blackdome Gold Mine, Sona has outlined an inferred gold resource of 522,900 tonnes, grading 12.3g Au/t and containing 206,100 ounces of gold (news release of June 8, 2009). Sona aims to bring the fully permitted Blackdome mill back into production over the next three years at a rate of 200 tonnes per day, with feed from the former-producing Blackdome Gold Mine and the Elizabeth Gold Property. A positive Preliminary Assessment by Micon International Ltd. (news release May 28, 2010) at a gold price of $950 per ounce over an eight-year period has estimated a pre-tax cash flow of $27 million and a pre-production capital cost of $21 million.
Sona holds a 100 percent interest in two other promising properties: The Callaghan Project is located in Nevada, within 80 kilometres of several producing mines, and is underlain by the Roberts Mountain Thrust, a major structural setting for gold deposits. The Montgolfier Project is located in Quebec, 40 kilometres east of the multimillion-ounce Casa Berardi Mine gold deposit.
This news release contains certain forward-looking statements, and such statements involve risks and uncertainties. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence.
For more information, visit www.sonaresources.com.
Neither the 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.
For more information, please contact
Sona Resources Corp.
+1 (888) 236-5200
+1 (604) 684-6678 (FAX)
info@sonaresources.com
www.sonaresources.com
or
Marston Webb International
Victor Webb/Madlene Olson
Media Inquiries
+1 (212) 684-6601
+1 (212) 725-4709 (FAX)
marwebint@cs.com
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3,000-Metre Diamond Drilling Program to Commence
VANCOUVER, BRITISH COLUMBIA--(July 29, 2010) - Sona Resources Corp. (the "Company" or "Sona") (TSX VENTURE:SYS)(FRANKFURT:QS7) is pleased to announce that it has closed its non-brokered private placement of 2,228,200 units (the "Units") at an offering price of $0.55 per Unit, for gross proceeds of $1,225,510. Each Unit consists of one common share and one warrant (a "Warrant"), with each Warrant entitling the holder to purchase, for a period of 24 months following the closing date, one additional common share of the Company at a price of $0.75 in the first 12 months, and at $0.90 thereafter. The Company has paid a finder's fee of 8% cash and 8% finder's warrants on the purchase of an aggregate of 28,200 Units in connection with the private placement.
All securities issued pursuant to the private placement will be subject to a four-month hold period expiring on November 30, 2010. The proceeds of the financing will be used to undertake a 3,000-metre surface diamond drilling program and upgrade the exploration camp at the Elizabeth Gold Property ("Elizabeth"), and for working capital requirements.
In July 2010, the access road into the Elizabeth project was improved to allow for the exploration camp upgrade. A contract has been let for a 3,000-metre surface diamond drill program, which will begin shortly. A new trailer camp for the planned underground exploration program, scheduled to start this fall, has been sourced. The drill program is planned to consist of drifting with raises along the ore zone, and 4,500 metres of underground diamond drilling. This work is primarily designed to increase confidence in the gold resource at the Elizabeth project, and to move the resource from the Inferred category to the Measured and Indicated categories.
About Sona Resources Corp.
Since its inception in 1990, Sona has engaged in exploration activities at its mineral properties in Canada and the United States, as well as small-scale gold production at its flagship property, the 100 percent owned Blackdome Gold Mine ("Blackdome"), in south-central British Columbia. At Blackdome, the indicated mineral resources are estimated to be 144,500 tonnes, grading 11.29g Au/t and containing 52,600 ounces of gold, and the inferred resource is estimated to be 90,600 tonnes, grading 8.79g Au/t (news release of May 4, 2010). At its 100 percent owned Elizabeth Gold Property, 30 kilometres south of the Blackdome Gold Mine, Sona has outlined an inferred gold resource of 522,900 tonnes, grading 12.3g Au/t and containing 206,100 ounces of gold (news release of June 8, 2009). Sona aims to bring the fully permitted Blackdome mill back into production over the next three years at a rate of 200 tonnes per day, with feed from the former-producing Blackdome Gold Mine and the Elizabeth Gold Property. A positive Preliminary Assessment by Micon International Ltd. (news release May 28, 2010) at a gold price of $950 per ounce over an eight-year period has estimated a pre-tax cash flow of $27 million and a pre-production capital cost of $21 million.
Sona holds a 100 percent interest in two other promising properties: The Callaghan Project is located in Nevada, within 80 kilometres of several producing mines, and is underlain by the Roberts Mountain Thrust, a major structural setting for gold deposits. The Montgolfier Project is located in Quebec, 40 kilometres east of the multimillion-ounce Casa Berardi Mine gold deposit.
This news release contains certain forward-looking statements, and such statements involve risks and uncertainties. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence.
For more information, visit www.sonaresources.com.
Neither the 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.
For more information, please contact
Sona Resources Corp.
+1 (888) 236-5200
+1 (604) 684-6678 (FAX)
info@sonaresources.com
www.sonaresources.com
or
Marston Webb International
Victor Webb/Madlene Olson
Media Inquiries
+1 (212) 684-6601
+1 (212) 725-4709 (FAX)
marwebint@cs.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin= CA83540Y1088">http://www.irw-press.com/alert_subscription.php?lang=en&isin= CA83540Y1088</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.