Mr. Andrew Thomson reports

SOLTORO REPORTS REVISED NI 43-101 COMPLIANT SILVER RESOURCE AT THE EL RAYO PRIMARY SILVER DEPOSIT IN JALISCO

Soltoro Ltd. has received a revised independent resource estimate on its 100-per-cent-owned El Rayo silver project in the state of Jalisco, Mexico. The National Instrument 43-101-compliant resources were estimated by Agnerian Consulting Ltd., and includes an updated estimate of the Las Bolas deposit, the La Soledad deposit and a first time disclosure of the mineral resources of the historic Catarina mine. The revision considers a smaller tonnage, higher-grade resource that could be exploited through a combination of small open-pit and underground operations.

The mineral resources were prepared in compliance with NI 43-101 and CIM standards by AC by constructing block models, and applying a conceptual open-pit and underground model on each of the deposits. The estimates of open-pit and underground resources are shown in the attached tables.

                                     
                      UPDATE OF MINERAL RESOURCES 
                                                                            
                                               Contained Contained Equivalent
                                       Average        Ag        Pb         Ag
                       Tonnes            grade  (million  (million   (million
Deposit     Category   ('000s) Ag g/t     Pb %        oz)       lb)        oz)
                             Open-pit resources                             
Las Bolas  Indicated    1,560     139     0.47       7.0      16.1        7.4
Matachines Indicated      270      25     1.71       0.2      10.2        0.5
La Soledad Indicated    3,400     121     0.28      13.2      20.9       13.8
Total      Indicated    5,230     121     0.41      20.4      47.2       21.7
Las Bolas   Inferred      220     122     0.34       0.9       1.6        0.9
Matachines  Inferred       70      52     1.15       0.1       1.8        0.2
La Soledad  Inferred      370     104     0.34       1.2       2.8        1.3
Subtotal    Inferred      660     104     0.43       2.2       6.2        2.4
                            Underground resources                           
Las Bolas   Inferred      680     305     2.74       6.7      41.0        7.8
Matachines  Inferred       60      91    16.70       0.2      22.0        0.8
La Soledad  Inferred      120     215     1.04       0.8       2.7        0.9
Catarina    Inferred      420     228     1.70       3.1      15.7        3.5
Subtotal    Inferred    1,280     261     2.89      10.8      81.4       13.0
Total       Inferred    1,940     208     2.05      13.0      87.6       15.4

Notes:
(1) CIM standards were used to estimate mineral resources.            
Mineral resources which are not mineral reserves do not have      
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental permitting, legal,    
title, taxation, socio-economic, political, marketing, or other   
relevant issues.                                                  
(2) The quality and grade of the inferred mineral resources are       
conceptual in nature, and there has been insufficient exploration  
to define them as measured mineral resources or indicated mineral 
resources. It is uncertain if further exploration will result in  
upgrading the inferred mineral resource to an indicated or        
measured category.                                                
(3) Silver mineral resources were estimated using the price of        
$20 (U.S.) per ounce of silver. Only credits for the contained lead were
assigned for the Las Bolas and Catarina deposits at a price of 90 U.S. cents
per pound.
(4) Metallurgical recovery is assumed to be ranging from 15 per cent to 65
per cent of the contained silver for the Las Bolas, 75 per cent of the contained      
silver for the La Soledad and 60 per cent of the constrained silver for  
the Catarina deposits. Metallurgical recovery for lead is assumed 
to be 69 per cent for all of the deposits.                                
(5) A minimum of five-metre vertical thickness of mineralization was used for 
the zones of the open-pit deposits.                               
(6) The bulk density of mineralized rock is considered as 2.32 tons per cubic
metre (Las Bolas open pit), 2.57 t/m3 (Las Bolas underground), 2.45 t/m3
(Matachines open pit), 2.39 t/m3 (Matachines underground), 3.89 t/m3
(La Soledad open pit), 2.39 t/m3 (La Soledad underground) and
2.42 t/m3 (Catarina underground).                                 
(7) Mineral resources of conceptual open pits are estimated at a net  
smelter return cut-off value of $13 (U.S.) per tonne. Underground mineral
resources are estimated at a horizontal thickness of two metres and an NSR
cut-off value of $65 (U.S.) per tonne.          
(8) Tonnage and average grade numbers are rounded. Catarina mineral resources
include tonnage from past underground mining. Actual numbers will be different
than the above estimates.
(9) The calculation of the equivalent silver is based on metal prices 
above, the silver-to-lead ratio and the recovery of lead in the  
mineralized material.                                             

Soltoro president and chief executive officer, Andrew Thomson, comments: "The updated silver resources are in line with the lower silver pricing of the last two years and include lead along with revised metallurgical recoveries. This higher-grade silver resource will allow Soltoro to move forward with completing a preliminary economic assessment at current commodity pricings. Soltoro has only scratched the surface of the exploration potential in the Guachinango district. Agnico Eagle Corp. recently announced its plan to invest $15-million on the nearby El Barqueno project, which is contiguous to the El Rayo property to the northwest."

Qualified persons

A copy of the NI 43-101 technical report will be available on SEDAR within 45 days of this news release. The mineral resources were estimated by Michael Waldegger, PGeo, of MFW Geoscience Inc., on behalf of Agnerian Consulting. Both Hrayr Agnerian, MSc (applied), PGeo, president of Agnerian, and Mr. Waldegger are qualified persons for the purposes of NI 43-101 standards of disclosure for mineral projects of the Canadian Securities Administrators. Mr. Agnerian has reviewed and verified the information disclosed in this news release.