FOR IMMEDIATE RELEASE:
MAY 30, 2007
SOLTORO RELEASES 2007 Q1
RESULTS
Toronto,
Ontario:
Soltoro Ltd. (SOL:
TSX.V) is
pleased to announce the release of its results for the three months ended March
31, 2007. The Company�s interim
financial statements and Management Discussion and Analysis can be found on
SEDAR at www.sedar.com.
Operational
Highlights:
- Completion of a private placement financing yielding
gross proceeds of $650,000.
- Completion of a 102 kilometre Induced Polarization
study at La Tortuga, drilling commenced at El Rayo and sampling, mapping and
trenching initiated at Bacanora.
- Completion of an earn-in agreement over the Company�s
Quila property with Southern Silver Exploration
Corp.
Financial Highlights:
The Company
ended the quarter in a strong financial position, with $2,734,229 in cash and
short term investments and working capital of $2,865,407 as at March 31, 2007. This compares with cash and
term deposits of $2,749,924 and working capital of $2,740,338 at December 31,
2006. The lack of substantial
change in the Company�s cash position is due to a private placement of units in
the quarter which raised gross proceeds of $650,000, offset by spending on
operations and exploration on the Company�s mining properties. The Company�s net loss for the three
months ended March 31, 2007 was $246,644 (or $0.01 per share), compared to a
loss of $19,552 (or $0.01 per share) in the corresponding period in 2006.
This summary
of financial highlights should be read in conjunction with the Company�s
unaudited consolidated financial statements for the period ended March 31, 2007
and the related Management Discussion and Analysis, both of which are available
on www.sedar.com.
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.