Soho Begins Pre-Feasibility Work for Tahuehueto Project
24 Februar 2011 - 8:34PM
Marketwired
Soho Resources Corp. (TSX VENTURE: SOH) ("Soho" or the "Company")
is pleased to announce that Knight Piesold Ltd. has been retained
to conduct geotechnical and water/waste management design studies
for Soho's Tahuehueto Project in Durango, Mexico. This work is the
first step in working towards completing a pre-feasibility study
for the Tahuehueto Project as the Company advances the project
towards a production decision.
Knight Piesold will begin immediately with an initial phase of
work that concentrates on high priority items identified in the
Preliminary Economic Assessment released on October 4, 2010, (the
"PEA"). Knight Piesold's studies will include, a geotechnical
assessment of the proposed El Creston open pit, geotechnical input
and assessment to the possible open pit at Cinco de Mayo (not
included in the PEA), plus the investigation of one or more, Mine
Development Concepts ("MDC") where each MDC would be a combination
of alternative mine access points, plant-site locations, waste rock
and tailings storage facility locations and water management
concepts, to ultimately arrive at an overall optimum MDC.
About Knight Piesold
Knight Piesold is a specialized international consulting company
offering engineering and environmental services in Mining,
Environment, Hydropower, Water Resources, Roads & Construction
services around the world. They are committed to sustainable mining
that recognizes social, environmental and economic
responsibilities. Their specialized expertise related to tailings
and mine waste management, waste characterization, heap leach pads,
rock mechanics, water management, permitting and environmental
services is directly relevant to upholding these principles.
About Soho Resources Corp.
Soho Resources Corp. is an exploration and development company
strategically focused on gold, silver and base metals in the
prolific Sierra Madre Belt of Mexico.
The Company has been conducting an exploration and drilling
program to expand and upgrade its resources at its flagship
Tahuehueto Project in Durango State and on October 4, 2010
announced the results of a Preliminary Economic Assessment ("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
--------------------------------------------------------------
The Tahuehueto Project is a classic epithermal system hosting
multiple structures traced for up to six kilometers of strike
length. Considerable upside exploration potential remains on the
existing explored resource structures both down dip and along
strike, as well as on numerous other unexplored mineralized
structures.
Qualified Persons
This press release was prepared under the supervision and review
of Ralph Shearing, President and CEO of Soho Resources Corp., a
Licensed Geologist, and Qualified Person as defined by NI
43-101.
Definitions used in this release are consistent with those
adopted by the Canadian Institute of Mining, Metallurgy and
Petroleum ("CIM") Council in December 2005, as amended, and
prescribed by the Canadian Securities Administrator's National
Instrument 43-101 and Form 43-101F1, Standards of Disclosure for
Mineral Projects. Mineral resources are not mineral reserves 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 protection for
"forward-looking" statements. This News Release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of up-coming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Soho Resources Corp.
relies upon litigation protection for forward-looking
statements.
Shares Issued - 185,533,676
Last Close $0.13 - February 23, 2011
"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."
Contacts: Soho Resources Corp. Mr. Glen Sandwell (604) 684-8071
or Toll Free: 1-800-685-0576 ir@sohoresources.ca
www.sohoresources.ca
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