Sono Resources, well-known for their substantial Bonnyridge Project (contiguous license blocks covering some 2965.6 sq km) in Botswana, on what is essentially an extension of the prolific Kalihari Copper Belt (proven high copper/silver concentrations), announced their agreement to acquire three strategically located and highly prospective mineral exploration licenses in Botswana totaling some 1872.7 sq km.
The licenses encompass both the Ghanzi-Chobe Fold Belt (Kalahari Belt, one of the planet’s largest copper belts, where developers like Hana Mining have already defined muti-million tonne copper-silver resources) and Matchless Amphibolite Belt style of mineralization. With the matchless belt extending across the border into neighboring Namibia, where operations like the operating Otjihase and Matchless copper mines accompany abundant infrastructural development associated with local copper mining operations, SRCI is assured good localized roll out capability.
The secondary silver and gold present in the Namibian operations, along with the noted silver concentrations in the Ghanzi-type mineralization, makes this expanded copper production operation extremely attractive right now. With commodity prices trending steadily upwards amid a flagging global financial market, led by metals and especially Au/Ag, it’s no wonder that the Company is eager to get digging on the new copper property.
CEO of SRCI, Peter Wilson, underscored the unique position the Company is in as the only base metal exploration company in Botswana currently holding both Kalahari and Matchless exploration potential. Wilson called the expansion of the Company’s holdings to 4,838.3 sq km, while adding an ideal counterpart to SRCI’s flagship Bonnyridge Project, a major opportunity for investors who are looking to get in on surging African metals production.
The purchase and sale agreement for the licenses struck with Pinette PTY Ltd. calls for a refundable CAN$50k deposit within 10 days of letter agreement execution, as well as another CAN$50k on closing and 250k shares of SRCI common stock (constituted as Payment Shares the day of the announcement and to be issued to Pinette at closing or before the Oct. 15, 2012 deadline).
This announcement is huge news for Sono shareholders and for largely rural Botswana, where mining is by far the most dynamic industry at some 36% or more of GDP.
For more information on the announcement, SRCI’s ongoing operations in Botswana, or on Sono Resources Inc., please visit the Company’s website at: www.sonoresourcesinc.com
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