Soltera Mining Corp. Announces Gold Test Work Program at their El Torno Gold Property in Jujuy, Argentina
JUJUY, ARGENTINA -- (Marketwire) -- 11/17/10 -- Dr. Fabio Montanari, President and CEO of Soltera Mining Corp. (PINK SHEETS: SLTA)(FRANKFURT: SN7) (www.solteramining.com) is pleased to present the following update on company activities.
Goldlake Group Financing
In September 2010, Goldlake Italia S.p.A. (Goldlake Group) invested US$200,000 into Soltera Mining under the terms of a Financing Agreement signed June 9, 2010 in return for 2,000,000 restricted units consisting of one restricted share of common stock in the capital of Soltera Mining and one share purchase warrant. Each warrant enables Goldlake Group to purchase two additional restricted shares of common stock at a price of $0.15 per share, (ref.: 8K filed with SEC by Soltera Mining September 8, 2010 for details of Financing Agreement).
This is the second tranche of funding received from Goldlake Group, (the first was US$300,000 paid in June 2010), and is double the amount required by the Agreement. These new funds have been allocated primarily for test work, including surface sampling and processing, on the El Torno gold property in Argentina.
Test Work Program
The test work program was designed to provide information on both the easily treatable surficial gold and the larger dispersed gold and gold vein targets. As of November 12, 2010, the surface sampling was completed and several hundred samples are being prepared for analysis at an internationally recognized laboratory. Two Goldlake Group specialists from Honduras, a geologist and a mining technician who had participated in the overall planning, were present for part of the field operations.
Appointment of New Director
Subsequent to the Financing Agreement, Dr. Stefano Capaccioli was appointed to the Board of Directors of Soltera Mining on August 27, 2010. Involved with Goldlake Group since 2003, Dr. Capaccioli contributed to the founding of their companies in both the UK and Central America and is currently their Director responsible for Tax and Legal Issues. Dr. Capaccioli is a chartered accountant, auditor and Chief Executive Officer of Studio Capaccioli, a well known company of chartered accountants and tax, accounting and business consultants based in Arezzo, Italy.
Relinquished Property
Option agreements on the Eureka and Sur Eureka copper properties have been relinquished in order to concentrate on exploration and development of the El Torno gold property.
SEC/BCSC Filings
Steps are being taken to allow Soltera Mining to complete all requisite SEC and BCSC filings with a view to bringing the Company into compliance of reporting requirements as soon as possible.
Ambrian Lawsuit
In July 2010 Soltera Mining Corp. was served with a lawsuit in Nevada by Ambrian Resources AG (Ambrian) claiming damages on the alleged grounds that Ambrian had negotiated and finalized a binding funding agreement with Soltera Mining during April-June 2010 but instead Soltera Mining chose to enter a financing agreement with another company (Goldlake Group). Ambrian also claimed for unjust enrichment and misappropriation of trade secrets on the alleged grounds that Soltera Mining used a strategy developed by Ambrian and information provided by a South African mining engineer who visited the project at Ambrian's expense.
Soltera denied all the claims and moved that the lawsuit be dismissed. On 21st September 2010, the District Court of Clark County, Nevada granted the Motion to Dismiss four of the six claims; the breach of contract claims were dismissed but the claims for unjust enrichment and misappropriation of trade secrets were denied dismissal. This means that the action will continue only as it relates to the claims concerning strategy allegedly developed by Ambrian and information allegedly provided on their behalf by the mining engineer. (ref.: Clark County Courts Records Inquiry ref no. A619956 for case status.)
About El Torno
El Torno is located in northern Argentina near the international border with Bolivia. The 78 km(2) area has potential for world-class gold deposits of two types: vein gold in a very large quartz vein system that extends intermittently north-south for 14 km and has been worked underground in the past; and dispersed gold in suites of small veins and stockworks that are separate from the main system and could be major open-pit targets. Furthermore, the gold throughout El Torno seems to be commonly free gold with some in micro-plate form thereby offering the possibility of recovery by simple mechanical rather than chemical processes.
El Torno also contains a third type of gold deposit known as eluvial which is formed of weathered material derived from gold-bearing bedrock. Broad patches of this material, usually 2m to 3m deep, are distributed throughout the area, commonly centered on the large open-pit targets. (ref.: El Torno Gold Project Report 2009 for technical details.)
About Goldlake Group
Goldlake Group was formed in 2003 and is owned by Gold Holding, the holding company of the family of Franco Colaiacovo, a founder of Italy's third-largest cement company, Colacem. In July 2009, Cartier, the world-renowned jeweler, and Goldlake Group announced their collaboration in supplying 'ethical gold' to Cartier directly from Goldlake's Eurocantera mining operation in Honduras (ref.: www.goldlake.co.uk).
Safe Harbor Statement: Certain statements contained herein are 'forward-looking' statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Information or opinions in this document are presented solely for informative purposes and are not intended nor should be construed as investment advice. We encourage you to carefully review the Company with your investment advisor and verify any information that is important to your investment decision.
Contacts:
Soltera Mining Corp.
Fabio Montanari
President/CEO
1-888-768-5552
info@solteramining.com
www.solteramining.com