Soltoro Ltd.
TSX VENTURE : SOL

Soltoro Ltd.

May 02, 2008 14:36 ET

Soltoro Releases Year Ended December 31, 2007 Results

TORONTO, ONTARIO--(Marketwire - May 2, 2008) - Soltoro Ltd. (TSX VENTURE:SOL) is pleased to announce the release of its results for the year ended December 31, 2007. The Company's audited financial statements and Management Discussion and Analysis can be found at www.soltoro.com or on SEDAR at www.sedar.com.

Operational Highlights:

- Drill program completed on the Bacanora gold property in Sonora.

- Topographic survey complete on the Las Bolas structure at El Rayo with a view to further drilling to expand the historical silver-gold-lead resource.

- Induced Polarization chargeability targets at La Tortuga chosen for drilling in January of 2008. La Tortuga currently optioned to Sumitomo Metal Mining Exploration Corp.

- A drill hole completed at Quila by our JV partner Southern Silver Exploration Corporation.

Financial Highlights:

The Company ended the period with $1,443,791 in cash and short term investments and working capital of $1,661,254 as at December 31, 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 year ended December 31, 2007 was $737,146 (or $0.04 per share), compared to a loss of $320,503 (or $0.03 per share) in 2006.

This summary of financial highlights should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2007 and the related Management Discussion and Analysis, both of which are available at www.soltoro.com or at www.sedar.com.

On May 1, 2008, Douglas Reeson, a director of Soltoro, was appointed CFO of the Company. We would like to thank James Kirke for his service as former CFO for Soltoro and wish him well in his endeavours.

Outlook for 2008:

Soltoro completed 2,000 metres of drilling at La Tortuga in 2008 (currently optioned to Sumitomo) with an additional 2,500 planned to test I.P. targets in the Lauralito area before year end. Southern Silver plans to drill an additional 1,500 metres at Quila to further test I.P. targets. Resource drilling to commence at El Rayo to define a gold-silver resource. Additional silver-gold projects are being groomed for joint-venture.

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