Soltoro Receives $150,000 Option Payment from Gold Reserve
June 12 2014 - 10:25AM
Marketwired
Soltoro Receives $150,000 Option Payment from Gold Reserve
TORONTO, ONTARIO--(Marketwired - Jun 12, 2014) - Soltoro Ltd.
(TSX-VENTURE:SOL) has received the second anniversary payment of US
$150,000 from Gold Reserve Inc. (TSX-VENTURE:GRZ)(OTCQB:GDRZF) who
hold the right to earn an undivided 51% interest in Soltoro's 100%
owned La Tortuga property located in Jalisco State, Mexico. Soltoro
granted a 45 day extension to Gold Reserve to make the payment
which was originally due on April 26, 2014.
Gold Reserve has
entered the third year of exploration at La Tortuga. To date Gold
Reserve has conducted ground-based mapping, sampling, geochemical
studies, upgraded roughly 22 km of access roads and completed an
airborne geophysical survey at La Tortuga. Gold Reserve has also
initiated environmental baseline and social impact studies, which
forms the basis of a comprehensive social impact and mitigation
plan for any future development. Gold Reserve is in the process of
revising its drill permit application in order to carry out a 7,000
to 12,000 metre drill program.
The La Tortuga
Property is an 11,562 hectare property being investigated for its
base and precious metal potential with occurrences of copper and
gold mineralization over 49 square kilometers. Potential targets
include iron-oxide-copper-gold, porphyry copper and epithermal gold
and/or base metal veins. Previous work includes 151 line-kilometers
of induced polarization, 20 drill holes (both core and reverse
circulation), geological mapping and sampling (approximately 1,000
soil, rock chip and stream sediment samples) and a ground magnetic
survey.
The Option Agreement
allows Gold Reserve to acquire an undivided 51% interest by making
an aggregate US$650,000 in option payments to Soltoro and by making
US$3 million in expenditures on the property over 3 years. Gold
Reserve has made $425,000 in option payments to Soltoro to date. At
completion of the earn-in a joint venture agreement will be
formalized. Upon exercise of the option, Gold Reserve may acquire
an additional 9% for US$2,000,000.
ABOUT SOLTORO
Soltoro is engaged
in exploration for gold and silver deposits in Mexico. Soltoro
holds in excess of 30,000 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 69,533,037 common share issued and
outstanding and trades on the TSX Venture Exchange under the symbol
"SOL".
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. 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.
Soltoro Ltd.Andrew ThomsonPresident(416)
987-0722www.soltoro.com
(TSXV:SOL)
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