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Soltoro Ltd.: Soltoro Partner Ends Joint Venture Citing Global Downturn

^{Published on 2009-02-10 12:33:37, Last Modified on 2009-02-10 12:34:34 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2009) - Soltoro Ltd (TSX VENTURE:SOL) has been advised by SMM Exploration Corporation, a subsidiary of Sumitomo Metal Mining Co., Ltd, ("Sumitomo") that it intends to terminate its option to earn an interest in the La Tortuga project subject to receiving the results from the first two drill holes of a planned 2,000 metre drill program that commenced in December 2008. The first two diamond drill holes of the program totaled 1,005 metres and tested a significant chargeability anomaly located north-east of the Las Garochas mine. On February 5, 2009, all assay results for these holes were submitted to Sumitomo. Upon review of the results and due to current economic conditions, Sumitomo has elected to withdraw from its option.

Under the terms of the letter of intent signed on August 21, 2007, Sumitomo had the right to earn a 51% interest in the property by contributing US$ 4,000,000. In excess of US$ 1,000,000 was spent on La Tortuga during the term of the option and use of these funds was primarily focused on identifying I.P. chargeability anomalies then drill testing these in search of a porphyry source for the widespread copper mineralization on the property. 123 km lines of I.P. were completed along with numerous mapping and sampling programs and 7 diamond drill holes.

Soltoro would like to thank Sumitomo for its interest in the La Tortuga project and regrets that market conditions were such that the option was terminated mid-drill program. Soltoro has elected to complete an additional 4 drill holes to test below the historic Macuchi mine at depth and along strike. Results from these 4 drill holes were pending as of writing of this release. Soltoro currently holds a 100% interest in the La Tortuga property.

Soltoro is a junior exploration company active in Mexico. The Company is exploring for bulk tonnage gold, silver and copper deposits in Mexico. The Company has a significant joint-venture partner working on its Quila project and in 2008 conducted a resource definition drill program on its El Rayo silver-gold-lead project. Soltoro has 20,215,000 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact here-in, including, without limitation, statements regarding exploration results and plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.

On behalf of the board,

Andrew Thomson, President

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.