Soltoro Ltd.

Soltoro Ltd.
SMM Exploration Corporation

August 28, 2007 11:51 ET

Sumitomo Metal Mining Options Soltoro's La Tortuga Copper Gold Porphyry Project

TORONTO, ONTARIO--(Marketwire - Aug. 28, 2007) - On August 21, 2007, Soltoro Ltd. (TSX VENTURE:SOL) signed a letter of intent with SMM Exploration Corporation optioning the La Tortuga project located in Jalisco, Mexico. SMM Exploration Corporation is a subsidiary of Sumitomo Metal Mining Co., Ltd, ("Sumitomo") one of Japan's leading copper mining and manufacturing companies. Soltoro will be the operator of the project until Sumitomo has earned a 51% interest.

Under the terms of the letter of intent, Sumitomo has committed to make US$ 500,000 in expenditures in the first year and may earn a 51% interest in the property by contributing a further US$3,500,000 in expenditures over the next four years. Sumitomo may earn an additional 19% for a total of 70% by making additional expenditures of US$ 16,000,000 or by delivering a bankable feasibility study. Soltoro was paid an operator fee of US$ 45,550 on signing.

Andrew Thomson, the President of Soltoro reports: "The Company is pleased to welcome Sumitomo as a strong new investment and exploration partner in Mexico. Sumitomo is able to provide the funding and development expertise required to advance the La Tortuga porphyry copper-gold project to production. Soltoro now has earn-in arrangements on both of its porphyry copper-gold projects in Jalisco and a discovery at either project could provide considerable value to the company as the La Tortuga and Quila projects are within the same mineralized district and share similar geology."

La Tortuga is a 11,562 hectare property being investigated for a copper-gold porphyry deposit. Widespread copper mineralization occurs over 49 square kilometers and an Induced Polarization (I.P.) program has defined a 4 kilometre by 0.6 kilometre chargeability anomaly over an area where porphyry rock outcrops at surface. A fluid inclusion study concluded the area should be investigated for the presence of a porphyry deposit. Soltoro completed potassic alteration mapping in June of 2007 and will begin a dipole-dipole I.P. study in the near future. This survey will serve to better outline and define the depth of the chargeability anomalies with a view to selecting drill targets. In conjunction with the survey, permitting and road building is expected to be completed in the next two months pursuant to which a diamond drill program is planned.

Soltoro is a junior exploration company active in Mexico with 19,638,600 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