Soltoro Ltd.
TSX VENTURE : SOL

Soltoro Ltd.

May 01, 2009 09:00 ET

Soltoro Ltd.: Update on Exploration Programs

TORONTO, ONTARIO--(Marketwire - May 1, 2009) - Soltoro Ltd (TSX VENTURE:SOL) continues to advance its projects in Mexico through its own exploration programs and those of its joint venture partner. This update should be read in conjunction with the December 31, 2008 financial statements and MD&A. All figures are expressed in Canadian dollars.

Andrew Thomson, President of Soltoro reports: "In 2008 over 9,000 metres of drilling was carried out on Soltoro properties, our joint venture partners spent in excess of $1.5M at our La Tortuga and Quila projects and Soltoro carried out a resource drill program at El Rayo. The 40 hole RC definition drilling program carried out at El Rayo returned a 90m intersection of 150 gpt silver. The Company has retained GeoVector Management Inc. based in Ottawa to provide a target deposit calculation for this project."

El Rayo Silver-Gold-Lead Project:

- 9,535m of drilling completed in 2007 & 2008.

- 5 km of mineralization occurs within 2 contiguous structures: El Rayo and Las Bolas.

- At the El Rayo structure, diamond drilling in 2007 returned 37.5m of 1.8 gpt gold within a 825m long gold zone. Below the historic Catarina mine 12m of 269 gpt silver was returned.

- In 2008 reverse circulation drilling was carried out on ten 50m sections within a 500m portion of the 1,700m long Las Bolas structure. Moderate to steeply dipping mineralization was encountered which returned an average thickness of 13m grading 119 gpt Ag. Mineralization extends from surface, remains open at depth and has only been tested to a vertical depth of 100m. Mineralization is also open along strike to the south-west and north-east. The widest intersections of mineralization were located at the bottom of all ten sections. The best intersection drilled returned a 90m intersection of 150 gpt silver.

- In April of 2009 GeoVector was retained to provide an independent target deposit calculation based on the results of the 2008 reverse circulation drill program.

- Metallurgical work is planned on return of a positive target deposit calculation.

La Tortuga Copper-Gold Project:

- 123km of I.P. completed to date to define significant I.P. chargeability anomalies for drill testing.

- A total of 4,015 m of drilling in 11 holes has been completed to date.

- In 2008 our joint venture partner had expended over $1.1M on exploration prior to terminating their option.

- In January and February of 2009 Soltoro drilled the Macuchi mine area to test for I.O.C.G potential. A total of 1,005m of drilling was completed in four separate drill holes. Drilling was successful in confirming several hematite matrix mega breccias with specularite suggesting the potential for an I.O.C.G. deposit. Drill hole Mac09-03 intersected two narrow intervals associated with specularite veinlets hosting gold and copper mineralization as noted in the table below;



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Drill Interval Gold Silver Cu
Hole Sample From To (Metres) (gpt) (gpt) %
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Mac09-03 697390 223.0 225.0 2.0 0.318 0.7 0.04
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Mac09-03 697394 230.0 231.5 1.5 0.045 35 1.74
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- Further drilling is warranted to test the I.O.C.G. potential on the property.

Quila Gold-Silver potential I.O.C.G. system:

- On February 7, 2009, our partner Southern Silver Exploration Corporation ("Southern Silver") entered its third year earn-in period and issued to the Company an additional 75,000 shares. Soltoro now holds 200,000 shares in Southern Silver. Southern Silver is required to spend US$500,000 to maintain the claim during the third year earn-in period.

- To date Southern Silver has reported exploration expenditures of $529,111 from previous earn-in periods.

- During 2008, Southern Silver conducted regional mapping, rock and chip sampling followed by detailed geological surveys in the Altavista and El Texcalme target areas.

- In 2008, 1,020 metres of core drilling in 5 holes was completed in the Altavista de Ramos area. Drilling targeted widespread copper-gold-bearing hematite-specularite breccias and quartz-sulphide veins and returned thick intervals of highly anomalous gold and copper in 3 holes ranging from 27.1 metres averaging 0.1g/t Au and 0.15% Cu in drill hole QAL08-05, 10.15 metres averaging 0.02g/t Au and 0.28% Cu in drill hole QAL08-03 and 5.8 meters averaging 0.51 g/t Au and 0.25 % Cu.

- In 2008, 2 drill holes over 418.4 metres were completed at Texcalame. Drilling intersected a strong fracture zone over 90 metres in length containing traces of chalcopyrite, bornite and native copper.

- The styles and distribution of alteration and mineralization throughout the entire Quila concession and the association of copper and gold mineralization with Fe-oxides such as hematite, specularite and magnetite indicate an I.O.C.G.-style target.

- Within the 22,427 hectare Quila claim Timmins Gold Corp. holds a 234 hectare concession known as the Cocula Project. On February 17, 2009, Timmins Gold announced assay results of a 26 hole, 1,974 meter reverse circulation drill program at Cocula. Hole RCC-01 intersected 1.30 g/t gold and 13 g/t silver across 37.5 meters from surface.

- Southern Silver has advised Soltoro that mapping and sampling along strike from the Timmins Gold discovery and drilling to further test the I.O.C.G. potential at Quila are planned in 2009.

El Santuario Gold Project

- In January 2007 a six day initial geological program was completed which returned values up to 10.2 gpt gold.

- The "Sant" 1,200 hectare claim was subsequently staked to cover the strike extension of the mineralized zone. Title to the Sant claim was granted on October 30, 2008.

- In April of 2009, geologic mapping and sampling program expanded the mineralized zone to a 2.5km by 1.7km area. A series of stream sediment samples were collected to help identify new areas of mineralization along with a number of rock samples from the newly located historical mines. Results were still pending at the time of writing of this news release.

Chinipas Gold Project

- In March 2007, an orientation sampling program returned values up to 17.65 gpt gold in a 15cm chip sample and 5.43% copper and 110 gpt silver respectively from two mine dump samples.

- In February of 2009, a follow-up mapping and sampling confirmed veining occurs over a 3.4km by 500m wide area hosted in a quartz feldspar porphyry intrusive. Highlights of the program are shown in the table below;



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Sample # Sample Type Gold-gpt
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691717 2m channel 2.92
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691755 3m x 3m panel 0.83
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691759 3m x 3m panel 2.41
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691763 Grab 3.15
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691764 4m x 2m panel 0.86
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691811 1.3m channel 2.49
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- Further mapping and sampling at Chinipas is planned in 2009.

Coyote Silver-Gold Project

- On January 25, 2008 Soltoro-Mexico received title to the 852 hectare Coyote concession. On May 12, 2008, Soltoro acquired an additional internal concession totaling 200 hectares.

- In September of 2008 a mapping, trenching and channel sampling program over the vein systems returned the following select results;



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Chip Sample Gold Silver
Trench # Area (Width in Metres) (gpt) (gpt)
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1 San Rafael 1.40 0.03 167
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2 San Rafael 2.70 0.06 228
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3 San Rafael 2.00 0.16 168
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4 San Rafael 1.00 0.35 224
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5 San Rafael 12.75 0.10 126
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6 San Rafael 0.80 0.13 284
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7 San Rafael 3.55 0.09 191
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8 San Rafael 3.50 0.01 282
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9 El Tajo Sur 2.00 0.35 122
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10 Florida 1.00 0.42 123
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11 El Tajo 1.60 0.33 427
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12 El Tajo 0.55 0.46 176
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13 El Tajo 0.90 0.04 117
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14 El Tajo 0.75 1.78 348
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15 El Tajo 2.00 0.15 445
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16 El Tajo 2.40 0.15 440
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17 El Tajo 1.40 0.24 216
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18 El Tajo 1.65 1.02 110
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19 El Tajo 2.10 0.11 199
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20 El Tajo 0.30 0.27 364
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21 El Tajo Norte 1.90 0.07 164
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22 El Tajo Norte 1.10 0.28 145
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23 La Manuela 0.80 0.02 133
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24 La Colorada 0.50 0.03 184
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25 La Colorada 1.10 0.04 250
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26 La Colorada 1.50 0.14 272
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27 Florida 1.50 0.18 270
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28 Florida 2.90 0.18 373
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29 Florida 1.50 0.21 187
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30 Florida 1.70 0.29 179
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31 Florida 0.80 0.06 144
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32 Florida 0.40 0.02 140
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33 Florida 1.10 0.22 348
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34 Florida 0.90 0.05 481
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35 Florida 0.45 0.04 302
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36 Florida 0.60 0.00 175
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37 Boca Ancha 1.50 0.28 498
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38 Boca Ancha 3.00 0.07 191
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39 Boca Ancha 2.00 0.26 223
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40 Boca Ancha 2.00 0.37 172
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Mr. William McGuinty, P.Geo., a director of the Company and qualified person as defined by NI 43-101 has reviewed the contents of this news release. Field supervision of the projects is provided by Mr. Chris Lloyd, M.Sc., Vice President, Exploration.

The Company took great strides to reduce its overhead in late 2008 which includes sharing office space, staff reductions and a salary deferral program initiated by senior management. Soltoro's joint venture partner Southern Silver has indicated it will carry out a drill program at Quila however it is not a requirement. We continue to seek joint venture partners on our projects and to that effect have signed numerous confidentiality agreements and conducted many property tours. Our aim currently is to safeguard our treasury while maintaining our senior management and continuing to carry out limited exploration programs. No Soltoro drill programs are currently planned in 2009. The focus currently is on mapping and sampling programs on our Chinipas and Santuario gold projects with a view to joint venture these properties as it is our perception the market for gold properties will continue to improve in 2009.

Soltoro is a junior exploration company active in Mexico. The Company is exploring for bulk tonnage gold, silver and copper deposits in Mexico. The Company has a significant joint-venture partner working on its Quila project and in 2008 conducted a resource definition drill program on its El Rayo silver-gold-lead project. Soltoro has 20,215,000 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact here-in, including, without limitation, statements regarding exploration results and plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.

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.

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