FOR
IMMEDIATE RELEASE:
January 21, 2008
SUMITOMO AND
SOLTORO COMMENCE DRILLING ON
LA TORTUGA COPPER GOLD PORPHYRY PROJECT
Toronto,
Ontario:
Soltoro Ltd (SOL:TSX.V) has commenced a Diamond drill program on its 100% owned
La Tortuga porphyry copper gold project. La Tortuga is
currently under option to SMM Exploration Corporation, a subsidiary of Sumitomo
Metal Mining Co., Ltd, (?Sumitomo?) one of Japan?s leading copper mining and
manufacturing companies. Soltoro will act as 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.
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 associated with the Papagayo Ridge where
porphyry rock outcrops at surface. In the last quarter of 2007, Soltoro
completed a potassic alteration mapping program and a ten line pole-dipole I.P.
study which has served to better outline and define the depth of the
chargeability anomalies within the main porphyry zone. Six areas have been
chosen for drilling with each hole planned to a depth of 200 to 350 metres for a
total initial program of 2,000 metres. Additional secondary targets will be
considered as results are returned.
Reconaissance mapping and sampling of the Lauralito Area, on
the south-east extension of the La Tortuga claim (10 km to the east of the
Papagayo Ridge), has identified a 10 square kilometre copper-gold zone with
porphyry potential. Six samples
collected returned over 1% copper from four channel samples and two surface dump
material samples. A 3.7% copper value was returned from a historic dump pile at
the El Macho Prospect, while a channel sample of 2.73% copper over 2 metres was
returned from the Natividad Prospect. A 1.2 metre chip sample taken from Labor
del Cerro returned 12.6 gpt gold, 1.32 % copper and 18.4 gpt silver. These
prospects occur over 4.5 kilometres and straddle a large magnetic high
associated with outcropping granodiorite and diorite intrusions. Mapping and
sampling is planned with a view to outlining an area for I.P coverage pursuant
to which a drill program will be conducted if warranted to test for the
intrusive source for this copper mineralization.
Quality Control: Drilling on the La Tortuga property is
supervised by Vice-President of Exploration in Mexico, Chris
Lloyd, M.Sc. and Mr. Philip Walford, P.Geo. Mr. Philip Walford is the Company's
qualified person as defined by National Instrument 43-101 and has reviewed the
contents of this press release.
Soltoro is a junior exploration company active in
Mexico. The Company has 20,215,000
shares outstanding. The Company is exploring for bulk tonnage gold, silver and
copper deposits in Mexico. Soltoro?s 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.