Soho Begins Exploration Work on Jocuixtita Silver Project in Sinaloa, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/17/11 -- Soho Resources Corp (TSX VENTURE: SOH) ('Soho' or the 'Company') is pleased to announce that it has commenced access road rehabilitation in preparation of initiating a first phase exploration program on its new Jocuixtita Silver Project in Sinaloa, Mexico. The first phase exploration program will include geological mapping, surface and underground sampling of exposed mineralization, and possibly geophysics, followed by drill testing two principle zones, the La Salvadora and El Carmen zones, located approximately 700 meters apart on the same 3km long structure. During a due diligence site visit, the Company observed and chip sampled exposed mineralization within these two zones ranging from four to ten meters in width. Highlights from El Carmen and La Salvadora sampling completed by the Company are presented in the table below.
Jocuixtita Project
In 2009 Soho's 100% owned subsidiary, Samarkand de Mexico, S.A. de C.V. entered into two option agreements to explore and acquire 100% of five mining concessions occupying 1,668 hectares. In addition, Samarkand also staked additional concessions covering 2,664 hectares which surround the optioned concessions. All of the concessions cover a cumulative area of 4,332 hectares.
The Jocuixtita Property hosts a number of northwest and cross cutting northeast trending epithermal vein structures mineralized with silver, gold, lead and zinc.
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Sample Vein Sample Type Width Kg Au g/t Ag g/t Pb % Cu % Zn %
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5704 La Salvadora Channel 1.00 2.11 1.920 610 8.11 0.170 23.70
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5706 La Salvadora Channel 1.20 2.72 0.698 126 0.52 0.048 5.84
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5712 La Salvadora Channel 1.30 3.90 0.584 205 2.92 0.119 12.05
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5714 La Salvadora Channel 1.00 4.00 1.315 345 2.46 0.096 13.25
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5721 La Salvadora Channel 1.30 3.77 1.110 867 2.36 0.137 4.53
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5722 La Salvadora Channel 2.00 2.83 0.529 427 5.87 0.184 9.92
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5727 El Carmen Channel 1.00 1.91 0.138 335 0.84 0.041 1.30
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A complete list of sample locations and results can be viewed on the Company website by clicking the following link. http://www.sohoresources.ca/pdf/Jocuixtita_Assays.pdf
Tahuehueto Project
On its flagship Tahuehueto Project, the Company is in the process of organizing an infill drilling campaign designed to upgrade the inferred resources to measured and indicated resources in preparation of pre-feasibility and subsequently feasibility studies. The Company is also reviewing proposals from recognized engineering firms to provide engineering consulting services for pre-feasibility study geotechnical, water management, waste management and environmental services. Work at Tahuehueto is expected to start in March 2011.
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:
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Summary of PEA Estimates
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Net cash flow $US 184.2 million
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Net present value (NPV) 5% discount $US 109.6 million
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Internal rate of return % 31%
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Payback period (months) 27
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Mine life (years) 11
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Maximum processing rate (tonnes/annum) 1,000,000
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Capital and start-up costs $US 89.1 million
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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.
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 $0.12 - February 16, 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
