April 18, 2012 – Soltoro Ltd. (TSX.V – SOL) has commenced a reverse circulation (RC) drill program in the Piedras Amarillas mineralized zone at its 100% owned El Rayo silver project. Currently two diamond drill rigs and one RC rig are drilling at El Rayo to expand the existing measured and indicated 77.4 million ounce silver resource. The Piedras Amarillas mineralized area has never been mined or drill tested and is similar in size and orientation to that of the Las Bolas deposit area. To date Soltoro has completed soil sampling, trenching, a ground magnetics survey and an Induced Polarization (IP) study in order to define drill targets at Piedras Amarillas.
The Piedras Amarillas area is 1.5 kilometres east of the Las Bolas silver deposit.To date three silver soil anomalies ranging from 300 metres to 800 metres in strike length and 50 metres to 150 metres in width have been identified and are scheduled for drilling. These silver anomalies straddle a northeast trending magnetic anomaly similar in orientation to the Las Bolas deposit structure.
Soltoro has planned 19 RC drill holes at Piedras Amarillas and thereafter the RC drill will be moved to Mesa Colorada where 3 RC drill holes are planned. The RC drill rig is being utilized as a roving exploration drill designed to quickly drill test new areas that have previously seen no drilling. A series of ground magnetic anomalies east of the La Soledad deposit are being followed up with mapping and sampling with a view to RC drilling.
The main focus at El Rayo remains on drill testing extensions to the known deposit areas in order to increase the resource base while using inexpensive exploration tools to develop additional drill targets on the property. These include a recently completed 25.6 line-kilometer IP survey covering the La Soledad, Piedras Amarillas and Las Bolas North areas, a recently completed property-wide ground magnetic survey and ongoing soil geochemical programs. The final results of both geophysical surveys are pending. Once the final reports for both surveys are received and reviewed, Soltoro geological staff will ground truth the anomalies and plan appropriate follow-up. At the present time the RC drill rig is investigating the potential of Piedras Amarillas while the two diamond drill rigs are testing the extensions of the La Soledad deposit to the north and west.
On December 20, 2011, Soltoro released an in-pit mineral resource estimate for the Las Bolas, Highway Zone and La Soledad mineral deposits at its 100% owned El Rayo silver-gold project in Jalisco, Mexico (NR117-December 20, 2011). At the cut-off grade of 20 g/t Ag the Measured and Indicated Mineral Resources are 42,200,000 tonnes at an average grade of 57.11 g/t Ag containing approximately 77.4 million ounces of silver, and 580,000 tonnes of Inferred Mineral Resources at an average grade of 65.51 g/t silver, containing approximately 1,180,000 ounces of silver. The mineral resource estimate was prepared by Hrayr Agnerian, M.Sc. (Applied), P.Geo., Associate Principal Consulting Geologist with Roscoe Postle Associates Inc. and is compliant with National Instrument (NI) 43-101. Mr Agnerian is the Qualified Person for the purposes of National Instrument 43- 101.
Mr. Steven T. Priesmeyer, C.P.G., Vice President of Exploration for Soltoro Ltd. and a qualified person as defined by NI 43-101 has reviewed and approved the contents of this press release. Field supervision of the El Rayo project is provided by Mr. Patrick Toth, P. Geo., Vice President of Operations, Soltoro Mexico.
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. The Company has two diamond drill rigs and one reverse circulation drill rig operating at the El Rayo silver project with the objective of expanding the existing 77.4 million ounce NI 43-101 silver resource. Soltoro has optioned several of its properties in Jalisco State. The Company is seeking partners to advance its Chinipas, La Tortuga, El Santuario and Peña Grande projects. Soltoro has 58,948,037 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL. Coeur dAlene Mines Corp. holds 4.5 million shares of Soltoro Ltd.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416) 987-0722 or visit www.soltoro.com.
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.