A two page summary showing a map locations of the
Sumitomo and Southern Silver JV properties can be found at: http://www.soltoro.com/pdf/fall07.pdf
FOR IMMEDIATE RELEASE:
November 9, 2007
SOLTORO REPORTS FIRST DRILL HOLE COMPLETED AT QUILA &
INDUCED POLARIZATION STUDY AT LA TORTUGA NEAR COMPLETION
Soltoro Ltd. (SOL:TSX.V) 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,
Phone: (416) 987-0722 or visit www.soltoro.com
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.