TORONTO, ONTARIO–(Marketwired – May 24, 2013) – Soltoro Ltd. (TSX VENTURE:SOL) participates in discoveries and advancements at the Coyote property through its ~15% equity holding in Argentum Silver Corp. (TSX VENTURE:ASL) and its retained 3% N.S.R. royalty interest. Soltoro announced by press release issued on May 13, 2013 certain information concerning work done by Argentum Silver on the Coyote property, by replicating Argentum Silver’s press release of the same date. Soltoro has been advised that Argentum Silver has retracted the May 13, 2013 press release, with the following information which Soltoro is also releasing:
Argentum Silver announces that, as a result of a review by the British Columbia Securities Commission (the “BCSC”), they are issuing the following news release to clarify their disclosure. Argentum Silver advises readers not to rely on such prior disclosure that is clarified in this news release as they may continue to be found in the public domain.
On May 13, 2013, Argentum Silver issued a news release (the “News Release“) containing a range of tonnage and grades for a target potential (or target deposit) of contained silver content for the El Tajo Zone on its Coyote Project in Jalisco Mexico (the “Coyote Project“). This news release references and was based upon an independent potential target study (the “Study“) conducted by GeoVector Management Inc. of Nepean, Ontario, which was completed on March 27, 2013. The potential target in the News Release and the Study are contrary to and prohibited by section 2.3.(1)(a) of National Instrument 43-101 (“NI 43-101“) because they are not conceptual estimates of the potential quantity and grade of a target for further exploration (exploration target).
Argentum Silver hereby retracts the News Release and the Study, including all references to the target potential. Although the News Release did not provide a link to the Study, the Study was made available by a link on Argentum Silver’s website on May 13, 2013. The link to the Study on Argentum Silver’s web site was removed by Argentum Silver within 48 hours.
The discussion and analysis in the Study indicates the target was based on precise calculations using specific key assumptions and parameters, all of which are not consistent with the conceptual nature of an exploration target. The Study reported the estimate at various cut-off grades to the nearest tonne and at very precise grades that are again inconsistent with a conceptual estimate of potential. The Study also referred to the target potential as a resource, a deposit and an orebody, terms synonymous with mineral resources or mineral reserves. The Study further treated the target potential as a mineral resource by suggesting, amongst other things, that it has potential to be economically mined and will be developed by Argentum. The Study further failed to include the required cautionary language required for exploration targets. Argentum Silver wishes to confirm that there is no current mineral resource for the Coyote Project.
Argentum Silver wishes to clarify that the Study is not a “Technical Report” as defined in NI 43-101. Argentum Silver retracts the Study as it is not compliant with NI 43-101 and, as such, should not be relied upon. The sole dissemination of the Study was through the link on its website. Argentum Silver removed the link to the Study from its website on May 15, 2013, and will not further disseminate the Study to the public. Argentum Silver will promptly disclose any material mineral resource estimate it receives for the Coyote Project and file a supporting technical report thereafter.
The BCSC has advised Argentum Silver that the release of the Study triggered the requirement to prepare and file a technical report on the Coyote Project under NI 43-101 within 45 days. Argentum Silver is currently proceeding to satisfy this requirement.
The disclosure of technical and scientific information in today’s news release by Argentum Silver was reviewed and approved by Ben Whiting, M.Sc., P.Geo, a director of Argentum Silver and a “qualified person” under NI 43-101.
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. Soltoro holds an interest in an excess of 55,000 hectares of ground in Jalisco State. Soltoro is focused on expanding silver resources at the El Rayo silver project while seeking partners to advance the balance of its projects. Soltoro holds 15% of the common shares of Argentum Silver Corp. with a 3% N.S.R. payable on Argentum Silver’s Victoria and Coyote properties. Soltoro’s La Tortuga project is under option to Gold Reserve Inc. Soltoro has 59,783,037 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL. Coeur d’Alene Mines Corp. holds 4.5 million shares of Soltoro Ltd.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.