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Agnico Eagle Buys Sonoro's Chipriona for $4 Million Plus 1% NSR
Agnico Eagle Buys Sonoro's Chipriona for $4 Million Plus 1% NSR Agnico Eagle Buys ...
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[{"type":"text","content":"\n\n\n\nAgnico Eagle Buys Sonoro's Chipriona for $4 Million Plus 1% NSR\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAgnico Eagle Buys Sonoro's Chipriona for $4 Million Plus 1% NSR\nCanada NewsWire\nVANCOUVER, Dec. 14, 2016\n\n\n\nVANCOUVER, Dec. 14, 2016 /CNW/ - Sonoro Metals Corp., (\"Sonoro\" or the \"Company\") (TSXV: SMO), announces that through its wholly-owned Mexican subsidiary, Minera Mar de Plata, S.A. de C.V., it has entered into an assignment agreement (the \"Agreement\") with Agnico Sonora, S.A. de C.V. (\"Agnico\"), a subsidiary of Agnico Eagle Mines Limited, for the sale to Agnico of Sonoro's Chipriona project in Mexico for $4 million plus a 1% net smelter returns royalty (\"NSR\"). The NSR may be purchased by Agnico at any time for $1.5 Million.\n\nThe Chipriona project is located in the Mulatos Mining District in Sonora State and is comprised of several concessions totaling 515 hectares, covering the Chipriona group of concessions, Los Pinos concession and private land near or adjacent to Agnico's La India gold mine. The Chipriona concessions account for approximately 4% of Sonoro's total exploration portfolio of 14,351 hectares.\n\nConsideration for the Agreement is to be paid in four tranches by Agnico, with an initial installment of $650,000 payable upon execution of the Agreement. Three additional sequential installments of $650,000, $800,000 and $1,900,000 respectively are due and payable over the coming months following registration of title at Mexico's Public Registry of Mining, commencing with the registration of title from the original vendors through to final registration under Agnico. \n\n\"We are pleased with the significant value being realized by Sonoro's shareholders from the sale of the Chipriona project,\" said Kenneth MacLeod, President and CEO of Sonoro. \"The $4 million cash injection into Sonoro's treasury without any resulting share dilution provides ample capital for the ongoing exploration of the Company's San Marcial project in Mexico and the Hilltop project in Alaska.\"\n\nSonoro's technical team is preparing the 2017 explora...