Sonora Gold & Silver Corp.: Corporate Update
March 29 2011 - 3:16PM
Marketwired
Sonora Gold & Silver Corp. (the "Company" or "Sonora") (TSX
VENTURE: SOC) -
Sonora has filed an appeal in the High Court of Tanzania (the
"High Court") against the decision handed down by the Commissioner
for Minerals of the United Republic of Tanzania to cancel the
mining license No. ML 413/2010 (the "ML") held by Abdallah Omary
Kigoda ("Mr. Kigoda") which the Company has an option to acquire
under its Amended and Restated Option Agreement with Mr. Kigoda
dated October 06, 2010.
It is the Company's position that the Honorable Minister for
Energy and Minerals erred in law, and in fact, on a number of
grounds by issuing the default notice and proceeding to cancel the
Mining License. In particular, the Minister should have first
addressed the appeal against the Commissioner's order on December
8, 2010 which itself was unlawful under the Mining Act. The
Minister also erred in law, and fact, by cancelling the Mining
License on the alleged failure to commence work on the property
when the Company was specifically prohibited from conducting any
work on the property by the Commissioner's order. The Company also
takes the position that the Minister erred by cancelling the Mining
license based on the dealings between the Company and Dr. Kigoda
when such dealings were not unlawful under the Mining Act. In
addition, the Minister did not take into consideration the
interests of the Company in the Mining License obtained through a
valid Option Agreement between the Company and Dr. Kigoda.
"Sonora plans to vigorously defend its rights relating to the
Mineral License and will keep shareholders apprised of updates as
they occur," states company President, Ken Churchill.
ON BEHALF OF THE BOARD OF DIRECTORS
Ken Churchill, President & CEO, Director
Neither 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: Sonora Gold & Silver Corp. Ken Churchill
778.373.5499 ken@sonoragoldcorp.com
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