Soltera Mining Corp.
FRANKFURT : SN7
PINK SHEETS : SLTA

Soltera Mining Corp.

June 23, 2010 00:05 ET

Soltera Mining and Goldlake Group Signed an Agreement to Explore and Develop Gold Production on the El Torno Project in Argentina

JUJUY, ARGENTINA--(Marketwire - June 23, 2010) - Dr. Fabio Montanari, President and CEO of Soltera Mining Co. (PINK SHEETS:SLTA)(FRANKFURT:SN7), is pleased to announce that Soltera has signed an agreement with Goldlake Group, a world leader in the production of natural/ethical gold from alluvial deposits in Honduras, Central America. The first objective of the agreement is to develop eluvial gold production from the El Torno property in northern Argentina.

This agreement has strategic value for both companies because on the one hand, it enables Soltera Mining to continue pursuing its goals of exploring and developing its flagship gold project El Torno through partnership with a mining entity with a solid reputation and, on the other hand, it allows the Goldlake Group to develop a new project concerned with the production of natural/ethical gold in line with the agreement to supply Cartier that has been active for one year.

"I would like to express my satisfaction for this agreement that possesses all the characteristics that will allow Soltera Mining to reach the goals it has set," said Fabio Montanari, President of Soltera Mining.

"Alluvial/eluvial gold is the basis of our ethical production strategy and we believe that the deposits available to Soltera potentially possess all the characteristics that will provide us with a further development," said Giuseppe Colaiacovo, CEO of Goldlake Group.

Goldlake Group, through the holding company Goldlake Italia Spa, will provide up to US$1.5 million in order to:

  • maintain the El Torno property licence option (US$200,000)
  • restructure Soltera's corporate finance (US$ 400,000)
  • re-start alluvial gold production (US$600,000), and
  • undertake initial test work on the major gold targets (US$300,000).

The funding will be provided in tranches and Goldlake will provide the first tranche before 30th June 2010 and it will be used to maintain the property licence and to start restructuring Soltera's corporate finance. The second tranche will be paid before 31st October 2010 and will be used for test work on the alluvial gold deposit and major gold targets. The third tranche will be paid before 30th June 2011 and will be used to complete the objectives listed above. Any revenue that becomes available from the alluvial gold operation will be used primarily to fund the rental/purchase agreement, exploration of the major gold targets and operating expenses.

Goldlake Group

Goldlake Group is owned by Gold Holding, the holding company of the family of Franco Colaiacovo, a founder of Italy's third-largest cement company, Colacem. Goldlake Group was formed in 2003 and holds the majority stake of Eurocantera, a Honduran-registered company that operates gold-bearing deposits in Honduras. Eurocantera owns exploration and extraction concessions of over ten thousand five hundred hectares in the Valley of the Lepaguare, in the department of Olancho, 130 Km northeast of the capital Tegucigalpa.

Eurocantera's gold is refined in Arezzo, Italy, where Goldlake has a precious metals refinery that is dedicated to the processing of gold from the Honduras operation, thereby ensuring that the final product that Goldlake supplies to its customers is fully traceable.

To read more about Goldlake Group and the Eurocantera mine, please visit the Goldlake Group website: www.goldlake.co.uk.

Soltera Mining Corp.

Soltera Mining Corp. is an exploration company that is concentrating on the major El Torno gold project in northern Argentina. El Torno is a 78 km2 area that has potential for world-class gold deposits of two types; vein gold in a very large quartz vein system that extends intermittently north-south for 14 km and has been worked underground in the past, and dispersed gold in suites of small veins and stockworks that are separate from the main system and appear to be major open-pit targets.

There is also a third type of gold deposit known as eluvial which is formed of weathered material derived from gold-bearing bedrock. (It is easily worked and, in fact, material from one area has been extracted in the past and gold recovered by simple mechanical methods.)

Test work on the eluvial deposits will be carried out at the start of the field season in September and the analytical data will be used as a basis for beneficiation plant design. Assuming favourable test results, gold production is anticipated before the end of 2010.

Test work on the main open-pit and underground targets will commence at the same time as that on the surface eluvial material.

For more information, please visit the Soltera website at www.solteramining.com.

Safe Harbor Statement: Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forwardlooking statements. Information or opinions in this document are presented solely for informative purposes and are not intended nor should be construed as investment advice. We encourage you to carefully review the Company with your investment advisor and verify any information that is important to your investment decision.

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