FOR
IMMEDIATE RELEASE:
May 2, 2008
SOLTORO RELEASES YEAR ENDED DECEMBER 31, 2007
RESULTS
Toronto,
Ontario:
Soltoro Ltd. (SOL: TSX.V) 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
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.