TORONTO, ONTARIO--(Marketwire - July 11, 2012) - Soltoro Ltd. (TSX VENTURE:SOL) and Argentum Silver Corp. (TSX VENTURE:ASL) are pleased to announce assay results from 10 additional diamond drill holes recently completed on the La Florida and La Colorada veins at the Coyote silver gold property (http://www.argentumsilvercorp.com/s/coyote.asp), located in Jalisco State, Mexico. These 10 drill holes represent the balance of a first phase 26 hole orientation drill program completed by Argentum Silver at Coyote.
At the La Florida vein, drill hole 2012-14 intersected 2.3 metres of 419 g/t silver. At the La Colorada vein, drill hole 2012-7 intersected 10.0 metres of 117 g/t silver including 3.0 metres of 279 g/t silver. Select results from the La Florida and La Colorada drill holes are as follows:
|* Drill holes 2012-8 and 2012-19 did not intercept significant assay values
|** True widths are estimated to be roughly 70% of drill intercept length
The northwest-trending La Colorada vein is traceable for 300 metres at surface by a series of surface and underground workings with supportive geophysics, geochemistry and trenching. The northwest-trending La Florida vein is traceable for 400 metres at surface by a series of surface and underground workings with supportive geophysics and geochemistry. The northeast-trending El Tajo vein is traceable for 600 metres at surface by a series of surface and underground workings with supportive geophysics and geochemistry. Prior drill results from the El Tajo vein suggest the potential for high-grade silver at depth. Highlights from previously reported drill holes at the El Tajo vein include an intercept of 2 metres of 2,745 g/t silver in hole 2012-3 and 1.20 metres of 1,645 g/t silver and 2.4 metres of 900 g/t silver in hole 2012-7. To date, a total of 12 holes have been drilled at the El Tajo vein testing the strike length of the vein over more than 500 metres. Four other holes drilled at the Bocancha vein did not yield significant assay values. Complete highlights from prior drill holes are available on Soltoro's website in news releases dated February 29, 2012, March 6, 2012 and June 11, 2012.
Argentum Silver has been preparing the cross-sections of all the drill holes. In addition, Argentum Silver has been mapping and trenching additional veins including the Valenciana vein to the southwest. This vein is of particular interest and remains untested. The positive results from the Colorada vein have encouraged Argentum Silver to carry out further trenching and mapping. The underground adits at the El Tajo vein have been rehabilitated and are currently being mapped and sampled. Results from this work will be released throughout the summer as they become available with a view to a drill program in the third quarter of 2012.
All of this work will assist Argentum Silver's focus on its proposed drill program to take place in late summer/early fall of this year. Argentum Silver is currently in negotiations with several drilling contractors, and the total number of metres proposed for this program has yet to be determined.
The 1,053 hectare Coyote property contains dozens of individual low sulfidation epithermal silver-gold veins and stockworks. Most of the mineralization occurs within six defined zones within an area of approximately 1.5 x 2.6 kilometres. Vein widths typically range from 1 to over 5 metres. Local stockwork zones can exceed 35 metres in width. Over 100 historic workings and prospects were explored and partially developed the district through the early 1900´s. Historic production concentrated on "bonanza" silver grades with operational depth limitations due to the high water table.
Equity held in ASL & royalty held on the Coyote property:
Soltoro Ltd. holds a total of 6,760,000 common shares of Argentum Silver Corp. Under the terms of the option agreement signed on April 25, 2011, Argentum must evidence certain exploration expenditures in order to complete a 100% transfer of title interest of the Victoria and Coyote properties. On transfer of the properties, Soltoro will retain a 3% Net Smelter Return interest in each project whereby 1% can be purchased by Argentum Silver for US$1.5 million to a maximum of 2% for each project.
Mr. Steven T. Priesmeyer, C.P.G., Vice President of Exploration for Soltoro Ltd. and a qualified person as defined by NI 43-101 has reviewed and approved the technical contents of this press release. Assaying from this program was completed by ALS Chemex through their office in Guadalajara, Mexico. Analytical procedures include a 33-element ICP-AES analysis (ME- ICP61m) and a 50 g FA AA finish for gold (AA-24). Silver assays exceeding 100 g/t are re-assayed by HCL leach with an ICP-AES or AAS finish (OG62).
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. Soltoro holds in excess of 55,000 hectares of ground in Jalisco State. The Company has a diamond drill rig and a reverse circulation drill rig operating at the El Rayo silver project with the objective of expanding the existing NI 43-101 silver resource. Soltoro has optioned three of its properties in Jalisco State. The Company is seeking partners to advance its Chinipas, La Tortuga, El Santuario and Peña Grande projects. Soltoro has 59,118,037 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL. Coeur d'Alene Mines Corp. holds 4.5 million shares of Soltoro Ltd.
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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.