Soltoro Ltd.
TSX VENTURE : SOL

Soltoro Ltd.

August 21, 2007 17:29 ET

Soltoro Releases 2007 Q2 Results

TORONTO, ONTARIO--(Marketwire - Aug. 21, 2007) - Soltoro Ltd. (TSX VENTURE:SOL) is pleased to announce the release of its results for the six months ended June 30, 2007. The Company's interim financial statements and Management Discussion and Analysis can be found on SEDAR at www.sedar.com.

Operational Highlights:

- Completion of a private placement financing yielding gross proceeds of $650,000.

- Completion of a 102 kilometre Induced Polarization study at La Tortuga, an orientation drill program commenced at El Rayo and sampling, mapping and trenching initiated at Bacanora.

- Completion of an earn-in agreement over the Company's Quila property with Southern Silver Exploration Company.

Financial Highlights:

The Company ended the period with $1,912,016 in cash and short term investments and working capital of $2,159,498 as at June 30, 2007. This compares with cash and term deposits of $2,749,924 and working capital of $2,740,338 at December 31, 2006. The change in the Company's cash position reflects a private placement of units in the proceeds which raised gross proceeds of $650,000, offset by spending on operations and exploration on the Company's mining properties. The Company's net loss for the six months ended June 30, 2007 was $415,969 (or $0.02 per share), compared to a loss of $109,853 (or $0.01 per share) in the corresponding period in 2006.

This summary of financial highlights should be read in conjunction with the Company's unaudited consolidated financial statements for the period ended June 30, 2007 and the related Management Discussion and Analysis, both of which are available on www.sedar.com.

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