FOR IMMEDIATE RELEASE:
May 27, 2008
SOLTORO ACQUIRES COYOTE SILVER-GOLD PROJECT IN JALISCO, MEXICO
Toronto, Ontario: Soltoro Ltd. (SOL: TSX.V) received title to the 852 hectare Coyote concession on January 25, 2008. On May 12, 2008 an option agreement was signed to acquire additional internal concessions totaling 200 hectares. Under the terms of the option agreement, US$20,000 was paid on signing with a further cash payment of US$20,000 due within 6 months to effect transfer of the internal concessions. Soltoro is obliged to pay an additional US$200,000 in advance royalty payments over 4 years from the date of transfer to retain the internal concessions. The vendor will hold a 2% NSR whereby Soltoro retains the right to purchase 1% for US$400,000.
Andrew Thomson, the president of Soltoro reports: "Coyote is a drill-ready silver-gold project where a series of vein systems extend cumulatively for over 5 kilometres. Soltoro continues to build on its silver-gold project base with a view to defining further silver-gold resources."
Initial sampling by Soltoro returned the following values:
Sample # | Channel Length (m) | Au-gpt | Ag-gpt |
755005 | 1.65 | 1.020 | 110 |
755010 | 1.4 | 0.238 | 216 |
755011 | 0.9 | 0.190 | 188 |
755012 | 1.0 | 0.095 | 71 |
755013 | 1.1 | 0.123 | 656 |
755014 | 1.0 | 0.055 | 108 |
755015 | 1.2 | 0.232 | 327 |
755016 | 1.7 | 0.135 | 406 |
755017 | 2.2 | 0.125 | 102 |
755018 | 1.6 | 0.022 | 107 |
755019 | 1.15 | 0.044 | 250 |
755020 | 0.8 | 0.017 | 133 |
755021 | 1.6 | 0.171 | 268 |
755022 | 1.9 | 0.045 | 294 |
755023 | 1.0 | 0.049 | 189 |
755024 | 1.85 | 0.127 | 142 |
755025 | 1.75 | 0.056 | 346 |
755026 | 1.9 | 0.465 | 189 |
755027 | 1.9 | 0.016 | 89 |
755037 | 2.0 | 0.070 | 101 |
755038 | 2.8 | 0.431 | 124 |
At Coyote, the El Tajo mine was the largest former silver producer in the area. El Tajo was mined from around 1890 through to the Mexican revolution. Two other underground mines are known on the property in addition to numerous smaller surface workings. In the 1970's the area was placed in a Mexican National Mineral Reserve.
Mineralization at the Coyote Project is predominantly silver with lesser gold values hosted in banded and brecciated quartz veins. The mineralized zone extends roughly over a 2.5 km by 2 km area. Five principal veins systems, with a cumulative strike length of at least 5 km, are known. These vein systems appear to be related to a set of strike slip faults and their subsidiary dilation zones. Mineralization exists over at least a 100 m vertical distance. A mapping, trenching and channel sampling program over the vein systems is planned pursuant to which the best drill targets will be selected. Further information is available on Soltoro's website at: www.soltoro.com
Quality Control: Exploration activities are supervised by Vice-President of Exploration, Chris Lloyd, M.Sc. and Mr. William McGuinty, P.Geo. William McGuinty is the Company's qualified person as defined by National Instrument 43-101 and has reviewed the contents of this press release. Samples from the Coyote property were prepared in Guadaljara, Mexico by ALS Chemex and analysed in their laboratories in Vancouver Canada. Gold analyses were completed with the Au-AA23 method using a 30 gram sample under fire assay with an AA finish. Gold overlimits were re-analysed with the Au-GRA21 method using a 30 gram sample under fire assay with gravimetric finish. Silver analyses are initially obtained using the ME-ICP61a method, using four acid digestion with ICP finish. Silver overlimits are re-analysed with the Ag-AA62 method using multi acid HF-HNO3-HClO4 digestion, HCl leach and AAS finish.
Soltoro is a junior exploration company active in Mexico. The Company is exploring for bulk tonnage gold, silver and copper deposits in Mexico and has two significant joint-ventures partners on two of its projects. Soltoro has 20,215,000 shares outstanding and its shares trade on the TSX Venture Exchange under the symbol SOL.
On behalf of the board,
Andrew Thomson, President
Phone: (416) 987-0722 or visit www.soltoro.com
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.