2007-01-22 05:45 ET - News Release
Mr. Andrew Thomson reports
SOLTORO JOINT VENTURES QUILA PROPERTY TO SOUTHERN SILVER AND COMPLETES INDUCED POLARIZATION STUDY AT LA TORTUGA
Soltoro Ltd. has entered into a joint venture agreement with Southern Silver whereby it may acquire a 70-per-cent interest in Soltoro\'s Quila property by issuing a total of 500,000 shares and spending $3-million (U.S.) on exploration over five years with $150,000 as a firm commitment in year one. Under the terms of the option agreement, 50,000 shares were issued upon signing, 75,000 shares are due at the end of each of year one and two, and 100,000 shares in years three through five, for a total of 500,000 shares. Once Southern Silver has earned its option in the property, Soltoro shall retain a carried 30-per-cent interest to delivery by Southern Silver of a bankable feasibility study and shall participate as a 30-per-cent working interest partner thereafter. Share issuances are subject to regulatory approval.
Southern Silver is a junior exploration company active in Mexico led by Lawrence Page. Soltoro acquired title to the 22,427-hectare Quila concession in December of 2006. Initial staking was carried out to cover a series of geophysical magnetic highs southeast of and contiguous to a series of claims optioned and owned by Southern Silver. Numerous bornite showings and historic silver lead mine areas are present within the Quila claim.
Soltoro\'s La Tortuga copper gold porphyry project is being investigated for a similar style deposit as the Quila claim. La Tortuga is three kilometres to the west of the Quila claim. A 62-kilometre induced polarization (IP) grid array study was completed in December, 2006. The study has defined a four- by 0.5-kilometre high chargeability anomaly primarily over the Papagayo ridge where porphyry rock outcrops at surface and a prior fluid inclusion study concluded that the Papagayo ridge should be investigated for a porphyry copper deposit. Soltoro believes this area may host such a porphyry system and is the source for numerous copper, gold and silver occurrences, and historic mines on the property. A three-dimensional image of the IP has been generated from the survey and is being used to delineate drill targets.
Phillip C. Walford, PGeo, is the company\'s qualified person as defined by National Instrument 43-101 and has reviewed the contents of this news. He has over 37 years of experience in mineral exploration.
We seek Safe Harbor.
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