VANCOUVER, British Columbia, Sept. 15, 2011 /PRNewswire/ -- Sono Resources Inc. (OTCBB-SRCI; the "Company" or "Sono") has agreed to acquire three highly prospective mineral exploration licenses in NW Botswana totaling 1872.7 square kilometers.
Sono has entered into a purchase and sale agreement with Pinette PTY Limited for the licences as follows:
(a) a refundable deposit of $CAD50,000 payable with 10 business days of execution of the letter agreement;
(b) CAD$50,000 payable on Closing;
(c) 250,000 common shares of SONO constituted as of the date hereof (the "Payment Shares") to be issued to PINETTE on Closing on or before October 15, 2012.
The licenses include both Ghanzi (Kalahari Belt) and Matchless Amphibolite style mineralization. The Matchless Belt extends across the border into Namibia where significant copper mineralization, infrastructure and copper production is found. The Matchless and Otjihase mines are both producing copper operations located in Matchless Amphibolite Belt in Namibia. Minor silver and traces of gold are also present in the existing Namibian production.
Peter Wilson, CEO states, "We have increased our land holding to a total of six prospecting licenses consisting of 4,838.3 square kilometers while adding a complimentary license set to our flagship Bonnyridge Project. Additionally, this has created a unique oportunity for Sono as the only base metal exploration company in Botswana currently holding both Kalahari Copper Belt and Matchless Belt exploration potential."
About Sono Resources Inc.
Sono Resources Inc. is a mineral exploration company seeking to acquire, explore and develop highly prospective metal projects in Africa. Its flagship project is the 100% owned Bonnyridge project located in Northwestern Botswana, Africa, and directly adjacent to Discovery Metals Ltd Boseto project, which is targeting production in the first half of 2012. Bonnyridge consists of three contiguous license blocks covering 2965.6 square kilometers in the center of the Kalahari Copper Belt, recognized as one of the largest copper belts in the world.
See www.sonoresourcesinc.com for more information.
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the Company's further drilling, its expectations to receive results or its ongoing exploration program. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals and fluctuations in the price of such minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) political and foreign risks, (7) inability to retain key employees, (8) inability to finance operations and growth, and (9) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. We seek safe harbor.
SOURCE Sono Resources Inc.