SONORO GOLD ANNOUNCES REVISED $1 MILLION PRIVATE PLACEMENT

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VANCOUVER, Canada, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) announces it has revised the pricing of its previously announced non-brokered private placement offering (the "Offering"). The offering will now consist of up to 20,000,000 units (the “Units”) at a price of C$0.05 per Unit, for gross proceeds of up to C$1,000,000.  

Each Unit will be composed of one Sonoro common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro common share for a period of three years from the closing of the private placement at an exercise price of C$0.07 per share.

The Company intends to pay finder’s fees, as permitted under the policies of the TSX Venture Exchange, in respect of Units placed with the assistance of registered securities dealers.

All securities issued and issuable in connection with the Offering will be subject to a 4-month plus one-day hold period in Canada from the closing date. The Offering is subject to TSX Venture Exchange acceptance.

The net proceeds from the Offering will be used to fund the ongoing development of the Company’s Cerro Caliche gold project in Sonora, Mexico as well as working capital.  

About the Cerro Caliche Gold Project
Exploration to date at the 1,400-hectare property confirms a broadly mineralized low-sulphidation epithermal vein structure and over 25 northwest-trending gold mineralized zones along trend and near surface. With only 30% of the property’s identified mineralized zones drilled and assayed, the Company filed an updated Mineral Resource Estimate (MRE) in March 2023 based on a total 55,360 meters of drilled data including 498 drill holes, 17 trenches and assays for 53,865 meters of the drilled data.

In October 2023, the Company filed a new Preliminary Economic Assessment (PEA) demonstrating the potential viability for a 9-year open pit, heap leach mining operation. Using a gold price of US $1,800 per ounce, the project has an after-tax net present value discounted at 5% (“NPV₅”) of US $47.7M and an Internal Rate of Return (“IRR”) of 45%. Using a gold price of US $2,000 per ounce, the project has an after-tax NPV₅ of US $77M and an IRR of 63%.