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SURE > SEC Filings for SURE > Form 8-K on 21-Feb-2014All Recent SEC Filings

Show all filings for SONORA RESOURCES CORP.

Form 8-K for SONORA RESOURCES CORP.


21-Feb-2014

Material Impairments


Item 2.06 Material Impairments

On February 21, 2014, Sonora Resources Corp. ("Sonora" or the "Company"), a mineral exploration and development company focused on the acquisition and exploration of international silver and gold mining properties, announced the following impairments related to mining option agreements:

Mining Option Agreement- Ayones, Mexico Property

On August 10, 2011, the Company entered into a Mining Option Agreement ("Grupo Agreement") with IMMSA Grupo México. Under the terms of the Grupo Agreement, they granted the Company an option to acquire a 100% interest in certain mining properties representing the Ayones Property ("Ayones Property") located 15 kilometers from the municipality of Etzatlan, Jalisco State, Mexico.

The Company did not pay the $175,000 due February 10, 2013 and August 10, 2013 payment of $175,000 to IMMSA Grupo México under the August 10, 2011 Mining Option Agreement.

The Company intends to terminate the 2011 Mining Option Agreement with IMMSA Grupo México and return the properties; however, the results of such negotiations and an outcome in the Company's favor cannot be assured. The Company recorded an impairment of $235,000 related to the Ayones Properties as of November 30, 2013.

Mining Option Agreement- Corazon, Mexico Property

On September 5, 2011, the Company entered into Mining Option Agreements ("Corazon Agreements") with eight Mexican citizens. Under the terms of the Corazon Agreements, the Company was granted an option to acquire a 100% interest in certain mining properties of the Corazon group of claims located in the municipality of Etzatlan, Jalisco State, Mexico.

The Company terminated the Corazon Agreements on November 25, 2013, with the execution dated January 4, 2014. The Company recorded an impairment of $210,373 related to the Corazon Property as of November 30, 2013.


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