FOR IMMEDIATE
RELEASE:
August 28,
2007
SUMITOMO METAL MINING
OPTIONS
SOLTORO�S
LA
TORTUGA COPPER GOLD PORPHYRY
PROJECT
Toronto, Ontario: On August
21, 2007, Soltoro Ltd. (SOL:TSX.V) 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,
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.