Soltoro Ltd.

Soltoro Ltd.

April 30, 2007 14:18 ET

Soltoro Releases 2006 Audited Financial Statements and MD&A

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) - Soltoro Ltd. (TSX VENTURE:SOL) (the "Company") is pleased to announce the release of its audited financial statements for the year ended December 31, 2006 and accompanying Management Discussion and Analysis. These can be accessed on SEDAR at

Operational Highlights:

- Completion of a reverse takeover of Blue Fyre One Inc. and commencement of trading as a public company

- Aggressive expansion of the Company's property holdings, with approximately 100,000 hectares either titled or under application at December 31, 2006.

- Exploration work at La Tortuga, El Rayo and Bacanora.

- Completion of four private placement financings generating net cash proceeds of $2.9 million.

Financial Highlights:

The Company ended the year in a strong financial position, with $2,749,924 in cash and short term investments and working capital of $2,740,338 as at December 31, 2006. This compares with cash and term deposits of $20,258 and working capital of $91,448 at December 31, 2005. The stronger cash position is due to four private placements in 2006 which generated $2,899,824 in net proceeds during the year and $576,777 in cash acquired pursuant to the reverse takeover of Blue Fyre, offset by exploration expenditures of $568,226 and operations-related cash outflows of $132,108. The Company's net loss for the year ended December 31, 2006 was $320,503 (or $0.03 per share), compared to a loss of $27,958 (or $0.01 per share) for the period from September 12, 2005 to December 31, 2005.

This summary of financial highlights should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2006 and the related Management Discussion and Analysis, both of which are available on

Soltoro is a junior exploration company active in Mexico with 19,263,600 shares outstanding. The Company is exploring for gold, silver and copper deposits in Mexico with a management team that has been active in Mexico since 1993. Shares trade on the TSX Venture Exchange under the symbol SOL.

On behalf of the board,

Andrew Thomson, President

Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

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
    (416) 987-0722