Soltoro Provides Gold Reserve with 6 Month Work Extension at the La Tortuga Copper Gold Project
30 Abril 2014 - 8:00AM
Marketwired
Soltoro Provides Gold Reserve with 6 Month Work Extension at the La
Tortuga Copper Gold Project
TORONTO, ONTARIO--(Marketwired - Apr 30, 2014) - Soltoro Ltd.
(TSX-VENTURE:SOL) has provided Gold Reserve Inc.
(TSX-VENTURE:GRZ)(OTCQB:GDRZF) a six month work extension to
complete required expenditures due in the second year of the three
year option at Soltoro's 100% owned La Tortuga project. Gold
Reserve has provided Soltoro with a promissory note for US$150,000
payable on June 10, 2014 as consideration for the anniversary
payment due on April 26, 2014.
The Option Agreement signed on April 26 of 2012, provides Gold
Reserve the right to acquire an undivided 51% interest in the La
Tortuga project by making an aggregate US$650,000 in option
payments to Soltoro and by incurring US$3,000,000 in expenditures
on the property over a 3 year period. During the first two years of
the option agreement, Gold Reserve has made cash payments to
Soltoro of US$275,000 and provided Soltoro with a US$150,000
promissory hole. 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.
In December of 2013, Gold Reserve submitted an application for
an environmental permit (Manifestación de Impacto Ambiental or MIA)
in order to commence drilling at La Tortuga. The MIA was submitted
to SEMARNAT, the Mexican Environmental permitting agency that
issues drill permits. This application was turned back with
comments and remains unapproved until such time Gold Reserve
completes additional work on the property to include further
environmental base line studies. Gold Reserve requested the
extension with a view to meeting the expenditure requirement
primarily through drilling.
Andrew Thomson, President and C.E.O. of Soltoro Ltd. stated:
"Soltoro has provided Gold Reserve a work extension in order that
they may obtain a drill permit and carry out a significant drill
program."
During the first year of the option, Gold Reserve conducted
ground-based mapping, sampling and geochemical studies on the
Property. In the second year of the option, Gold Reserve upgraded
roughly 22 km of access roads and completed an airborne geophysical
survey. 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. A
7,000 to 12,000 metre drill program is proposed and planned once
permitting has been obtained.
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.
QUALIFIED PERSONS
Mr. Steven T. Priesmeyer, C.P.G., is Vice President Exploration
for Soltoro Ltd. He is a qualified person as defined by NI 43-101
and he has reviewed the geological contents of this press
release.
ABOUT SOLTORO
Soltoro is engaged in exploration for gold and silver deposits
in Mexico. Soltoro holds in excess of 41,000 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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