Soltoro Ltd.

Soltoro Ltd.

November 29, 2006 14:10 ET

Soltoro Releases Q3 Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - Soltoro Ltd (TSX VENTURE:SOL) (the "Company") is pleased to announce the release of results for the third quarter of 2006. The Company's financial statements and Management Discussion and Analysis can be found 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 land package, with 44,468 hectares either titled or under application at September 30, 2006.

- Commencement of exploration work at La Tortuga and El Rayo

- Completion of three private placement financings generating net cash proceeds of $2.4 million.

Financial Highlights:

The Company's financial condition remained strong in the third quarter of 2006 with $2,464,509 in cash and short term investments and working capital of $2,485,248 as at September 30, 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 three private placements in the period which generated $2,390,592 in net proceeds during the first three quarters of 2006 and $576,777 in cash acquired in the course of the reverse takeover of Blue Fyre, offset largely by exploration expenditures of $334,498 and operations-related cash outflows of $150,716. The Company's net loss for the quarter ended September 30, 2006 was $63,501 (or $0.004 per share) and for the nine months ended September 30, 2006 the loss was $173,354 (or $0.016 per share). There was no loss in the comparative reporting period in 2005.

This summary of financial highlights should be read in conjunction with the Company's unaudited interim financial statements for the three and nine months ended September 30, 2006 and the related Management Discussion and Analysis, both of which are available on


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.

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