SOLTORO LTD. (SOL:TSX-V) is an exploration company active in Mexico focused on adding value through discovery in known historic mining districts. Soltoro has acquired, mainly through staking, 7 significant district scale land positions in Jalisco State, Mexico. Two of these are under option to other mining companies while we focus on our El Rayo flagship property.

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It’s Better In Mexico
Soltoro Has 58 Million Ounces Silver and Counting
~ By Ted Niles - June 22, 2011
Andrew Thomson believes he has a distinct advantage over rivals else- play in addition to a high-grade play, and it’s very consistent mineraliza-
where. “What the majors want,” the President and CEO of Soltoro Ltd tion.”
declares, “are primary silver plays, and they want them in either Mexico
or Peru.” Soltoro has a substantial silver play in Mexico, and it also Given the potential, Thomson expects suitors to come calling. He re-
enjoys the considerable benefits of a more stable jurisdiction. ports, “We’re going to try to grow the resource to something that’s more
in the two-million-ounce gold-equivalent range. At that point we’ll have to
“Peru had a little bit of a knock of late,” Thomson explains. The knock to make a decision. I think there’s going to be a mergers-and-acquisitions
which he refers is the June 5 election of Ollanta Humala, former military period coming up where the majors are finally going to really start look-
rebel and leader of the Peruvian Nationalist Party. Humala’s election ing down the ladder and acquiring juniors, and I suspect if we get to that
raises the possibility not only of higher royalties but also of quasi-nation- level, we’ll probably be taken out.”
alization. “Mexico, as a result, has become more attractive,” Thomson
argues. He adds, “But I’m not ruling out trying to put it into production ourselves.
In fact, we have an acquisition that we’ve been looking at that would
take us there very quickly. So there is some thought being given to it, but
I would feel more comfortable at a slightly higher market cap.”
Between the promise of the deposit, infrastructure which “couldn’t be
better,” and its location—with the cities of Puerto Vallarta and Guada-
lajara on either side of it (“Guadalajara is hosting the Pan Am Games
this year, so it’s quite safe”)—Thomson is confident. “It’s one of those
good-looking-girl-at-the-dance situations,” he muses, “you can pick and
choose who you want to dance with. We’ve got a lot of majors looking at
us right now, and we’re becoming more attractive by the day. I think it’s
still a really great time to be a silver explorer in Mexico, and we happen
to have a project that’s far more advanced than a lot of the projects out
there.”
At $43.5 million, Thomson considers Soltoro undervalued. “People are
Soltoro’s 10,000-hectare El Rayo silver-gold project is located on the really only valuing us on this one property when there are all sorts of
Trans-Mexican Volcanic Belt in Jalisco State. Soltoro acquired the other things going on in the company that are pretty exciting.” Among
property in 2005 and has focused mostly on the Las Bolas structure those is Soltoro’s Chinipas gold project in southwest Chihuahua State,
and the Highway Zone, for which the company released an NI 43-101 14 kilometres from Coeur d’Alene’s currently producing Palmarejo Mine,
in-pit resource estimate June 14 of 58.3 million ounces silver measured for which a 2,000-metre drill program was announced June 5. “It’s a
and indicated and 300,000 ounces inferred, both at a 20 g/t cut-off. This separate gold property that we’re not seeing too much about,” explains
more than doubles the initial resource, released May 2010, and Thom- Thomson. “We staked the ground four or five years ago, and there’s
son expects it to get even bigger. been $1.5 billion put into the local infrastructure. So we’re really trying to
get our secondary project on stream.”
“We’re continuing with expansion drilling,” he says, referring to the work
currently being done on the Soledad structure—an area of the property At press time, Soltoro trades at $0.88 per share with 49.4 million shares
not included in the new resource estimate. “In the very short term, I’m outstanding. Thomson concludes, “I think we’re in the middle of a fairly
really trying to reach the 100-million-ounce silver target. The company intense bull market, and we’re seeing a lot more interest from the US.
announced a 15,000-metre drill program, and there’s serious consider- The US contingent—whether it’s retail or institutional—is expecting a
“
ation being given to increasing that.” 20% drop in their currency. There’s a lot of cash looking for homes, and
they want to get into hard assets.”
June 21 Soledad assays include 300 grams per tonne silver over 43.7
metres, 222 g/t over 43.7 metres, 115 g/t over 53.7 metres and 198
g/t over 33.5 metres. May 30 assays included 388 g/t silver over 21.6 We’ve got a lot of majors looking at
metres (including 1,010 g/t over 7 metres) and 527 g/t over 6.9 metres us right now, and we’re becoming
(including 1,070 g/t over 1.6 metres). Thomson comments, “These are
just the initial holes going into the structure; we have yet to step back more attractive by the day
on these holes to really start building tonnage. So we’re pretty excited.
We’re getting into high-grade zones. We’re basically now a bulk-tonnage – Andrew Thomson
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