Soltera Mining Corp.
PINKSHEETS : SLTA
FRANKFURT : SN7

Soltera Mining Corp.

March 07, 2012 09:00 ET

Soltera Mining Identifies Five Gold 'Hot Spots' in Bedrock Surface Sampling on the El Torno Property in Argentina

JUJUY, ARGENTINA--(Marketwire - March 7, 2012) - Dr. Fabio Montanari, President and CEO of Soltera Mining Corp. (PINKSHEETS:SLTA)(FRANKFURT:SN7) (www.solteramining.com) is pleased to announce that the Company has completed on schedule the first phase of a field program of geological mapping and surface sampling aimed at major gold targets on the El Torno property.

Late last year, a small reconnaissance bedrock sampling program over a central part of the license area produced excellent results including a 1.5 meter channel sample with more than 10 ounces of gold per tonne. It was logical, therefore, to plan a widespread mapping and sampling program throughout the whole 14 km length of the vein system and on the previously identified geochemical gold anomalies. The first phase of the mapping and sampling program was undertaken by two teams, each consisting of a geologist and four assistants. Some of the samples were simply lumps taken from rock outcrops, but most were 1 meter to 2 meter-long horizontal chip-channels from trenches. The samples were then sent to an internationally recognized laboratory (ALS Minerals) for gold analysis.

A total of 1,150 rock samples were collected from an area of about 10 square kilometres covering the central portion of the vein system and the surrounding bedrock. The objectives were to eliminate barren ground, locate 'hot spots' with high gold values and to examine those areas identified in previous geochemical surveys as having strong gold anomalies. The results are:

  • Five bedrock 'hot spots' were identified in which gold values are commonly over 1 gram per tonne (g/t). They are all on or near parts of the vein system.
  • Of the five identified 'hot spots', the largest extends north-south for at least 1km. There is insufficient data to estimate the overall gold grade at this time, but channel sample analyses within the areas go as high as 376 g/t gold.
  • The background level of gold over the whole sampled area is high, with 755 samples (62%) containing detectable gold. These may explain many of the broad anomalies shown by previous geochemical surveys.

The high gold values are scattered throughout the 'hot spot' areas, so it is not possible at this stage to estimate overall grades for these areas. However, highlights from the surface trench channel samples containing more than 1 g/t include:

September 2011 Reconnaissance Survey December 2011-January 2012 Phase 1 Survey
1.5 m at
1.0 m at
1.0 m at
1.5 m at
1.0 m at
1.0 m at
1.0 m at
1.0 m at
8.8 g/t Au
14.9 g/t Au
20.9 g/t Au
376.0 g/t Au
1.2 g/t Au
3.6 g/t Au
2.02 g/t Au
6.21 g/t Au
1.0 m at
1.5 m at
1.5 m at
1.0 m at
1.0 m at
1.5 m at
1.0 m at
1.5 m at
11.0 g/t Au
18.9 g/t Au
20.3 g/t Au
7.6 g/t Au
8.2 g/t Au
3.4 g/t Au
5.2 g/t Au
13.6 g/t Au

The Phase 1 survey results confirm the earlier small bedrock reconnaissance survey and we regard them as highly satisfactory. The next step is to carry out a second phase of surface geological mapping and sampling which will be concentrated on the 'hot spots' in order to assess their potential for open-pit mining and also on those parts of the property that have not yet been sampled. This second phase is already underway, with two geological teams currently in the field.

Geophysical contractors in South America and Europe have been contacted to discuss a survey covering part of the main vein system and the gold-rich 'hot spots'. We anticipate a geophysical survey later this year followed by a drilling program to test the depth and grade of gold mineralization detected at the surface by the sampling programs.

The updating of outstanding quarterly and annual accounts for submission to the SEC and the British Columbian authorities has proved to be an arduous and expensive experience, but is now almost complete. Our objective is to have the Company fully compliant with all reporting requirements in the near future.

Goldlake Italia S.p.A. ("Goldlake") has agreed to support the second phase of Soltera's operations through the Goldlake-Soltera Capital Increase Agreement of 9th June 2010. Under the terms of this agreement, Goldlake has to date invested a total of US$1,500,000 in return for shares at US$0.10 per share with each share carrying two warrants to subscribe for shares at US$0.15. Goldlake now has the option to invest up to US$4,500,000 into Soltera by exercising the warrants to subscribe for shares at US$0.15 per share and has to date exercised the first million warrants for US$150,000 bringing their total investment to US$1,650,000.

About 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 possible open-pit targets.

For more information, please visit the Soltera website at www.solteramining.com and the Goldlake website: www.goldlake.co.uk.

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 forward-looking 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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