Soho Resources Completes Consolidation and Changes its Name to
Telson Resources Inc.
VANCOUVER,
Jan. 16, 2013 /CNW/ - Telson
Resources Inc. (TSX VENTURE: TSN) ("Telson" or the "Company")
announces that its common shares (Symbol: TSN) (the "Shares") will
be posted for trading at the opening of business on January 17, 2013, on a one-for-eight consolidated
basis (the "Consolidation"), resulting in 26,636,584 issued and
outstanding Shares, under the new CUSIP number 87973V 10 1.
The Consolidation was previously announced on December 24, 2012 and was approved by the
shareholders of Soho on December 21,
2012.
No fractional Shares will be issued in connection
with the Consolidation. If, as a result of the Consolidation, a
shareholder becomes entitled to a fractional Share, such fractional
Share will be rounded up to the nearest whole number if 0.5 or
greater and down to the nearest whole number if less than 0.5.
Letters of Transmittal will be mailed to all
registered shareholders requesting them to deposit their duly
completed Letters of Transmittal, together with their
pre-consolidated share certificates, to Computershare Trust Company
of Canada, at its principal office
in Vancouver, in exchange for
share certificates representing the number of consolidated Shares
to which they are entitled.
About Telson Resources Inc.
Telson Resources Inc. is an exploration and development company
strategically focused on gold, silver and base metals in the
prolific Sierra Madre Belt of
Mexico. The Company holds 99.4% of
the outstanding shares of its Mexican subsidiary company that
maintains 100% ownership in 9,081 hectare Tahuehueto Property, an
advanced stage gold and base metal exploration and development
project where the Company delivered a robust Preliminary Economic
Assessment ("PEA") on October 4,
2010. Key findings from the report included:
Summary of PEA
Estimates |
Net cash flow |
$US 184.2
million |
Net Present Value (NPV) 5% discount |
$US 109.6 million |
Internal rate of return % |
31% |
Payback period |
27 months |
Mine life |
11 years |
Maximum processing rate |
1,000,000
tonnes/annum |
Capital and start-up costs |
$US 89.1 million |
Note: Calculations based
on a 3 year rolling average of metal
prices at the end of August 2010.
Currency US$ Gold: 965.81, Silver: 15.38, Copper: 2.92,
Lead: 0.95, Zinc: 0.88 |
|
Telson also holds an option to purchase 100% interest in the
4,332 hectare Jocuixtita Silver Project where the company has
recently conducted a first stage exploration drilling program.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, President/CEO
"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."
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.
SOURCE Soho Resources Corp.