Sonoro Engages New Tigers Technologies to Open China Branch Office
3:15 AM ET, 09/03/2019 - GlobeNewswire
VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is pleased to announce that it has entered into an agreement with New Tigers Technologies Ltd., (“NTT”) a wholly owned subsidiary of New Tigers Consulting Ltd. (www.newtigers.com) of Suzhou, Jiangsu Province, P. R. China, where NTT will act as Sonoro’s representative and establish a representative office for the Company at NTT. A key NTT function will be to identify and introduce Sonoro to China-based engineering, procurement and construction (“EPC”) companies considered to be a good potential fit for Sonoro’s project requirements. NTT has already assisted with initial introductions, enabling Sonoro to commence discussions regarding the development and financial structuring of its proposed Cerro Caliche heap leach pilot operation. As part of this engagement, NTT will continue to identify and introduce potential Chinese project partners for Sonoro’s projects, while facilitating ongoing communications with those already engaged in discussions with the Company. According to the agreement, following any future joint development between Sonoro and any China-based entities, NTT will continue to act as the Company’s China branch office representative.
During the week of July 21st, on an exploratory business tour organized by NTT and exclusive to the Company, Chairman John Darch and Director of Finance Neil Maedel travelled to Beijing, Yantai, Shanghai and Hong Kong to meet with corporate executives and initiate discussions regarding potential EPC and project development and structuring agreements. The Company has since entered into Confidentiality Agreements and commenced formal discussions with five China-based EPC companies regarding potential EPC contracts, and opportunities for project financing.
John M Darch, Chairman of Sonoro, commented, “In our meetings, these companies very graciously detailed their advanced technical capabilities regarding engineering and mine design, equipment manufacturing and finally, installation and commissioning. I found it extremely encouraging that some of the examples they used, were mines that processed mineralization with gold grades similar to those at our Cerro Caliche property. Each of these companies has subsequently entered into a Confidentiality Agreement so we that we may begin a dialogue regarding the various geological and technical aspects of our proposal.”
NTT acts as a liaison for Western companies who wish to do business with China-based entities in areas ranging from, but not limited to, EPC agreements, project financing and related structuring, joint ventures, commodity off-take agreements and the establishment of manufacturing facilities. NTT has served more than 1,400 international clients over the past 21 years. In consideration of NTT’s services, Sonoro will pay a fixed monthly cash fee which includes providing the Company with a representative office in China, support staff and translation services. Future China-based agreements secured by the Company because of NTT’s efforts may carry a success-fee obligation to be determined based on the applicable agreement terms.
The Company’s activities carried with the assistance of NTT will be directed by NTT’s co-founder Dr. Wei Qian, a former China State Council official (overseeing three Provinces in China). Dr. Qian has a PhD in Economics (University of Limerick, Ireland) and an MBA (Sir Charles Harvey Award - London School of Economics). In addition to its Suzhou, Jiangsu office, NTT has branch offices in Shenzhen, Chongqing, Guangzhou, Wuhan and Beijing.
To enable Sonoro to advance to this next critical step in its development, InProved Pte., which originally introduced and recommended NTT to Sonoro, has agreed to cancel its fiscal advisory agreement with the Company, announced by Sonoro on February 28, 2019. The Company would like to thank InProved and its founder Huan Koh for their assistance and efforts in getting Sonoro to this next promising phase of its development.
On behalf of the Board of SONORO METALS CORP.
John M. Darch
For further information, please contact:Sonoro Metals Corp.
- Tel: (604) 632-1764Email: firstname.lastname@example.org