Soltoro Ltd.

Soltoro Ltd.

November 09, 2007 09:00 ET

Soltoro Reports First Drill Hole Completed at Quila & Induced Polarization Study at La Tortuga Near Completion

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2007) - Soltoro Ltd. (TSX VENTURE:SOL) is pleased to provide an update on both of its joint ventures in Jalisco State, Mexico. Soltoro's Quila and La Tortuga properties are 3 kilometres apart and drill programs are expected to be underway prior to year end. At Quila, Southern Silver Exploration Corporation ('Southern Silver') is earning into the property and acting as operator while at La Tortuga, Soltoro is the operator with SMM Exploration Corporation ('Sumitomo') acting as the funding partner. Both properties are in south-western central Mexico and fall within a geological window of Sierra Madre rock that is prospective for large tonnage porphyry copper-gold deposits. Induced Polarization studies have been underway on both properties with a view to drilling the most significant anomalies.

Quila is a 22,760 hectare property that makes up roughly two thirds of the Minas de Ameca property grouping being explored by Southern Silver. The property is being explored for its porphyry copper-gold potential and gold-silver potential along a 25 kilometre mineralized corridor. Directors and management of Southern Silver discovered Penasquito, the largest bulk-mineable silver-gold deposit found in Mexico to date. Surface sampling, an induced polarization study and one drill hole have been completed to date on the Quila portion of the property. Select results from surface sampling on Quila were returned as follows:

Sample Interval Gold Silver Copper
number in metres gpt gpt %
07Q-279 0.7 8.98 11.1 0.96
07Q-340 0.9 7.53 42.8 1.37
07Q-332 3.8 7.12 1.8 0.08
07Q-278 0.7 6.96 36.8 0.4
07Q-326 Grab 4.29 7.1 1.21
07Q-276 Grab 2.94 42.1 0.32
07Q-277 Grab 1.21 65.9 3.38

Following completion of the surface sampling program Southern Silver acquired the Altavista del Ramos gold property which has been folded into the joint venture with Soltoro. Subsequent to the acquisition, an I.P. survey covering a portion of the Quila claim was completed, identifying a 1.5 by 0.5 kilometre chargeability anomaly. Southern Silver completed drill hole 07Qu-01 to test the anomaly with assay results pending. Under the terms of the earn-in arrangement Southern Silver may acquire a 51% interest in Soltoro's Quila property by issuing a total of 500,000 shares and spending US$3 million on exploration over five years with $150,000 as a firm commitment in year one. A further 19% can be earned by Southern Silver by completion of a bankable feasibility study after which time Soltoro shall participate as a 30% working interest partner.

La Tortuga is a 11,526 hectare property which has been optioned to Sumitomo with Soltoro acting as the operator for the first phase. The property is being investigated for the presence of a porphyry copper-gold deposit. Soltoro is conducting a third round of I.P. consisting of a 10 line pole-dipole survey within a 4 kilometre by 0.6 kilometre chargeability anomaly identified previously by Soltoro. The purpose of this survey is to more accurately define the depth of the known chargeability anomalies. A total of 8 lines have been completed to date with 2 remaining following which a diamond drill program is planned. Drilling is expected to commence in 2007. Soltoro has retained Sumiko Consultants of Japan to complete 2D inversions on the I.P. data.

Under the terms of the letter of intent, Sumitomo may earn a 51% interest in the property by contributing US$4,000,000 in expenditures over the next five years. Sumitomo may earn an additional 19% for a total of 70% by making additional expenditures of US$16,000,000 or by delivering a bankable feasibility study. Sumitomo has committed to exploration expenditures of US$500,000 in the first year of the joint venture.

Mr. William McGuinty, P.Geo, a director and a qualified person for the Company has reviewed the content of this press release. Assay results for the Quila Property have been provided by Southern Silver Exploration Corporation.

Soltoro is a junior exploration company active in Mexico. The Company has 20,115,000 shares outstanding. The Company is exploring for bulk tonnage gold, silver and copper deposits in Mexico. 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