May. 30 at 4:43 PM
$SMOFF Sonoro Gold raising
$15 million for Mexico drilling
Sonoro Gold Corp. [SGO-TSXV, SMOFF-OTCQB) says that in response to investor demand, it is increasing the size of a previously announced private placement financing that is now expected to raise
$15 million. That is up from an earlier target of
$10 million. Proceeds from the offering will be used to advance the ongoing development of the company’s Cerro Caliche gold project on Sonora, Mexico, where the company is planning a two-phased exploration campaign, including 50,000 metres of resource expansion drilling.
The updated PEA reflects an increased gold price as well as higher capital costs and operating cost estimates. It envisages a 10-year life of mine with average production of 46,000 ounces of gold equivalent (AuEq) at 0.38 g/t or 459,000 ounces of AuEq over 10 years. The initial capital expenditure is forecast at US
$83 million, including an US
$11 million contingency.
https://resourceworld.com/sonoro-gold-raising-15-million-for-mexico-drilling/