Soltoro Ltd.
TSX VENTURE : SOL

Soltoro Ltd.

January 21, 2008 11:15 ET

Sumitomo and Soltoro Commence Drilling on La Tortuga Copper Gold Porphyry Project

TORONTO, ONTARIO--(Marketwire - Jan. 21, 2008) - Soltoro Ltd. (TSX VENTURE:SOL) has commenced a diamond drill program on its 100% owned La Tortuga porphyry copper gold project. La Tortuga is currently under option to SMM Exploration Corporation, a subsidiary of Sumitomo Metal Mining Co., Ltd, ("Sumitomo") one of Japan's leading copper mining and manufacturing companies. Soltoro will act as the operator of the project until Sumitomo has earned a 51% interest.

Under the terms of the letter of intent, Sumitomo has committed to make US$ 500,000 in expenditures in the first year and may earn a 51% interest in the property by contributing a further US$3,500,000 in expenditures over the next four years. Sumitomo may earn an additional 19% for a total of 70% by making additional expenditures of US$ 16,000,000 or by delivering a bankable feasibility study.

La Tortuga is a 11,562 hectare property being investigated for a copper-gold porphyry deposit. Widespread copper mineralization occurs over 49 square kilometers and an Induced Polarization (I.P.) program has defined a 4 kilometre by 0.6 kilometre chargeability anomaly over an area associated with the Papagayo Ridge where porphyry rock outcrops at surface. In the last quarter of 2007, Soltoro completed a potassic alteration mapping program and a ten line pole-dipole I.P. study which has served to better outline and define the depth of the chargeability anomalies within the main porphyry zone. Six areas have been chosen for drilling with each hole planned to a depth of 200 to 350 metres for a total initial program of 2,000 metres. Additional secondary targets will be considered as results are returned.

Reconaissance mapping and sampling of the Lauralito Area, on the south-east extension of the La Tortuga claim (10 km to the east of the Papagayo Ridge), has identified a 10 square kilometre copper-gold zone with porphyry potential. Six samples collected returned over 1% copper from four channel samples and two surface dump material samples. A 3.7% copper value was returned from a historic dump pile at the El Macho Prospect, while a channel sample of 2.73% copper over 2 metres was returned from the Natividad Prospect. A 1.2 metre chip sample taken from Labor del Cerro returned 12.6 gpt gold, 1.32 % copper and 18.4 gpt silver. These prospects occur over 4.5 kilometres and straddle a large magnetic high associated with outcropping granodiorite and diorite intrusions. Mapping and sampling is planned with a view to outlining an area for I.P coverage pursuant to which a drill program will be conducted if warranted to test for the intrusive source for this copper mineralization.

Quality Control: Drilling on the La Tortuga property is supervised by Vice-President of Exploration in Mexico, Chris Lloyd, M.Sc. and Mr. Philip Walford, P.Geo. Mr. Philip Walford is the Company's qualified person as defined by National Instrument 43-101 and has reviewed the contents of this press release.

Soltoro is a junior exploration company active in Mexico. The Company has 20,215,000 shares outstanding. The Company is exploring for bulk tonnage gold, silver and copper deposits in Mexico. Soltoro's shares trade on the TSX Venture Exchange under the symbol SOL

On behalf of the board,

Andrew Thomson, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release.

Contact Information

  • Soltoro Ltd.
    Andrew Thomson
    President
    (416) 987-0722
    Website: www.soltoro.com