SOL

Soltoro Ltd. (TSX VENTURE:SOL) is reviewing the silver resource estimates
contained in its National Instrument 43-101 compliant Technical Report on the El
Rayo Project dated January 31, 2012 and intends to prepare a new resource
estimate which will incorporate results of new metallurgical work and drill and
underground exploration completed to date. Soltoro's 100% owned El Rayo primary
silver project is located in Jalisco State, Mexico.


Over 40,200 metres of drilling has been completed to date within three deposit
areas of the El Rayo Property: (i) the Las Bolas deposit ("Las Bolas"), (ii) the
Highway Zone deposit (the "Highway Zone"), and (iii) the La Soledad deposit ("La
Soledad"). At El Rayo more than 19,000 metres of drilling has been completed
since the 2012 resource calculation including deep drilling on the Las Bolas and
La Soledad structures. The Company has also completed underground sampling in
the historic Catarina silver mine area (the "Catarina Mine"). In addition,
Soltoro has concluded extensive metallurgical testing on the Las Bolas deposit
and detected recoveries which Soltoro considers will have a negative impact on
the resources established in 2012. As a result, the new technical report will
take into account relevant recovery factors as well as all new exploration
programs completed since the 2012 Resource Estimate Report. It will update the
silver resource estimates for Las Bolas, the Highway Zone, and La Soledad, as
well as establish an initial resource estimate for the Catarina Mine. Given the
amount of work done on the El Rayo Property since issuing the 2012 Resource
Estimate Report, a summary of the work completed for each area is provided
below. 


LAS BOLAS DEPOSIT 

Las Bolas is a multi-event, low sulfidation epithermal system consisting of two
main components: (i) a northeast-trending moderately northwest dipping zone of
structurally controlled vein-breccia (the "Vein-Breccia Zone"); and (ii) a
hanging wall zone of hematized stockwork (the "Hanging Wall Zone"). Silver
mineralization is related to quartz-specularite and specularite veinlets with
only trace amounts of galena, chalcopyrite and sphalerite. Silver occurs as
acanthite, mckinstryite and aguilarite. Gangue minerals include hematite,
quartz, calcite, barite, vanadinite (lead vanadate) and mimetite (lead
arsenate). Silver grades and ore mineral grain sizes in the Vein-Breccia Zone
are consistently higher than those in the Hanging Wall Zone. Las Bolas extends
for over 1,200 metres along strike and for over 300 metres down dip.


In 2010, initial metallurgical testing on material from Las Bolas was carried
out by Kappes Cassiday & Associates ("KCA") which is based in Reno, Nevada. KCA
carried out extraction of silver by whole rock grinding and cyanide leaching.
With grind size at P80 of greater than 45 microns, the extraction for a
representative sample averaging 66 g/t silver was in the range 18 to 30%.
Ultrafine grinding at P80 of 1.5 microns increased recoveries up to 74%. A
description of the results is provided in the 2012 Resource Estimate Report. 


In 2011, Hazen Research, Inc. ("Hazen") was engaged to generate a concentrate
from Las Bolas samples in order to optimize silver extraction. Mineralogical and
quantitative metallographic analysis of the Las Bolas samples showed that the
material consists of about 78% gangue minerals, 8% quartz and 5% hematite with
the bulk of the silver occurring in quartz primarily as acanthite with lesser
amounts of mckinstryite. Hazen also confirmed the results of cyanide leaching by
KCA (those being - low recoveries at coarse grind and recoveries in excess of
70% with ultrafine grinding). A high grade sample averaging 150 g/t silver was
also tested by Hazen. It yielded silver extraction of up to 79% by ultrafine
grinding followed by cyanide leaching. Beneficiation of the Las Bolas samples by
flotation, gravity separation or magnetic separation was not successful.


Based on the energy requirements for ultrafine grinding of mineralization to
achieve the recoveries as determined by KCA and Hazen tests, Soltoro initiated
an investigation of various available beneficiation methods. In October of 2012,
Soltoro contracted Selfrag AG, a company based in Switzerland, to carry out
testing to pre-treat the Las Bolas mineralization in order to achieve better
recoveries. In the first half of 2013, Soltoro elected not to proceed with
additional work at Selfrag and initiated variability testing of deposit
metallurgy to determine which areas of the Las Bolas deposit might be accessible
to conventional grinding and treatment. 


In the first quarter of 2013, Soltoro retained Transmin Metallurgical
Consultants ("Transmin") based in Peru, who recommended variability testing of
the Las Bolas deposit to determine the metallurgical characteristics throughout
the deposit (including identifying potential areas of high recovery).
Accordingly, Soltoro completed rigorous sample selection for variability
testing. 


In August of 2013, a total of 105 samples of coarse rejects from core and
reverse circulation cuttings were selected and shipped to SGS Laboratories in
Lima, Peru. The 105 samples were selected to represent the range of
mineralization styles, host lithologies, alteration and broadly distributed
locations in Las Bolas. Samples were ground to approximately P80 greater than 53
microns and were subjected to intensive cyanidation leach bottle roll procedures
in order to estimate the maximum industrial leaching recovery that could be
expected. No process development or reagent consumption data was collected from
this procedure. The results ranged from 3.7% to 77.9% silver recovery rates. The
average recovery from the tests was 21.6% with lowest overall recoveries from
the Hanging Wall Zone, which comprises a significant portion of the Las Bolas
resource. The best recoveries occur in the Vein-Breccia Zone. The Company will
utilize the Transmin results to determine which (if any) zones within Las Bolas
can attain a range of 40% to 77.9% silver recovery (this range representing a
higher grade of recoverable silver resource). Results obtained from the
Vein-Breccia Zone samples show a broad range of silver recovery rates from 7% to
79%. As a result, the Company will continue to investigate the higher grade
areas within the Vein-Breccia Zone. 


In addition, the Company plans to continue to explore sulphides encountered in
deep drilling (the "Deep Sulphide Zone") which were reported in early 2013 at
depth below the current resource as defined in the 2012 Resource Estimate
Report. This deep drilling was completed in late 2012 and early 2013. It
encountered 11.2 metres of sulphide mineralization grading 278 g/t silver,
11.51% lead and 0.13 g/t gold at a downhole depth of 318.8 metres in hole
Ray12-152. This hole extends mineralization 70 metres down-dip from hole
Ray10-44 (4.3 metres averaging 136 g/t silver, 0.91% lead and 0.03 g/t gold)
with a substantial increase in silver and lead grades. Subsequent drilling
intersected sulphide mineralization in four holes along strike demonstrating
continuity for 200 metres. Widths reported above are drilled widths. Based on an
average dip of the mineralized structure true width is estimated to be 75% to
85% of the drilled width. Composite samples from the Deep Sulphide Zone will be
shipped to SGS labs in Peru to undergo metallurgical testing. As both the
Vein-Breccia Zone and the Deep Sulphide Zone are moderately dipping and narrow
in width, underground mining solutions may have to be considered in the new
techincal report.


LA SOLEDAD DEPOSIT 

At La Soledad, silver mineralization is located within a very strong, broad
east-west-trending fault zone dipping steeply to the north. Mineralization
consists of an anastomosing network of small quartz and quartz-calcite veins and
veinlets along the contact between subaerial basalt and basaltic andesite flows
to the north in the hanging-wall and lithic tuff breccias of similar composition
to the south in the footwall. Silver mineralization is related to a series of
quartz-specularite-calcite veinlets. Silver occurs in freibergite and
mckinstryite with lesser amounts of acanthite, aguilarite and furutobeite.
Gangue minerals include hematite, quartz, calcite and barite with minor
adularia. 


Hazen carried out flotation tests on three samples (high, medium and low
grades). The samples were crushed and ground, and five sub-samples of the low
and medium grade samples, and seven sub-samples of the high grade samples were
treated by flotation to obtain concentrates. Results of the flotation tests by
Hazen indicate that, for the 75 microns to 150 um size grind fraction,
recoveries for silver are in the range of 80% to 82%. Hazen obtained extraction
of silver from the La Soledad sulphide concentrate by cyanide leaching. Silver
extractions from the flotation concentrate as high as 98% have been obtained by
fine grinding of the concentrate and cyanide leaching. The corresponding overall
extraction of silver from the head sample is the product of the flotation
recovery and cyanide extraction of approximately 78%. A description of the
results is provided in the 2012 Resource Estimate Report as well as Soltoro's
news release dated November 24, 2011.


The 2012 Resource Estimate Report for La Soledad is based on 37 diamond drill
holes totaling 6,168 metres. Since the 2012 Resource Estimate Report an
additional 43 holes have been completed comprised of 9,109 metres of drilling.
Highlights of drilling completed after the 2012 Resource Estimate Report include
Ray11-113, which intersected 16.75 metres averaging 567 g/t silver (including
1.5 metres of 3,510 g/t silver) and Ray12-148 which intersected 12.0 metres
averaging 161 g/t silver. Widths reported above are drilled widths. Based on the
average dip of the mineralized structure, true width is estimated to be over 90%
of the drilled width. These results will be reflected in the new technical
report.


CATARINA MINE AREA 

In addition to the work done on Las Bolas, the Highway Zone, and La Soledad, the
new Technical report for the El Rayo Property will include exploration work the
Company has completed at the Catarina Mine area. From 2007 through to early
2012, Soltoro completed surface trenching and 20 diamond drill holes totalling
3,744 metres in the Catarina Mine area to test the continuation of the Catarina
vein along strike and down dip. Most of the holes intersected sulphides to
varying degrees, confirming that deep sulphide mineralization occurs for at
least 200 metres along strike. Highlights of the drilling include Ray07-23 which
intercepted 33.0 metres averaging 142 g/t silver (incl. 7.5 metres averaging 380
g/t silver) and hole Ray11-111 which intercepted 3.0 metres drilled width
averaging 195 g/t silver. Widths reported above are drilled widths. True widths
are estimated to be 70% to 90% of drilled width depending on the inclination of
the drill hole.


Hazen also performed flotation testing on drill core from the Catarina Mine. The
head sample consisted mainly of gangue and abundant hematite along with minor to
trace amounts of sulfides. The sulfides consist primarily of liberated galena
and traces of pyrite, chalcopyrite, covellite, tetrahedrite-tennantite,
sphalerite and chalcocite which occur usually intergrown with the gangue or with
each other. The size of the sulfides varies from a few microns up to about 350
microns, averaging 100 to 150 microns. Flotation results for the Catarina Mine
lie somewhere between those of La Soledad and Las Bolas with recovery to
flotation concentrate in the range of 26% to 62%. 


In early 2013, Soltoro initiated Phase 1 of an underground sampling program at
the Catarina Mine, collecting 340 underground channel and chip-channel samples
over a 385 metre strike length on the main underground level of the mine.
Highlights of this sampling include 11.57 metres averaging 449 g/t silver, 0.13
g/t gold and 3.54% lead including 2.02 metres averaging 1,298 g/t silver, 0.10
g/t gold and 1.59% lead from the upper Tepeguaje shoot and 13.06 metres
averaging 243 g/t silver, 0.10 g/t gold and 0.64% lead from the main Tepeguaje
shoot. Phase 2 of the Catarina Mine sampling program obtained an additional 140
channel samples from the main level early in the third quarter of 2013. Results
are pending. All widths from underground sampling are true widths. A total of 93
samples were collected from a second level located 50 m below the main level.
Sampling of this level is now complete and the final batch of samples has been
submitted to the ALS Geochemistry sample preparation facility in Guadalajara.
Results are expected later in the fourth quarter. Additional drilling and
metallurgical work is planned to better understand the nature of the
mineralization at the Catarina Mine. 


NEXT STEPS 

Soltoro continues to assess the El Rayo Property for its silver and gold
potential. The Company will commission a new resource estimate for the property
that will incorporate all of the exploration and metallurgical work completed
since the 2012 Resource Estimate Report and apply silver recoveries obtained
from recent metallurgical work. Going forward, the Company will focus on
locating areas within the El Rayo Property that have the potential to contain
higher grade silver resources. 


The Company will also look to expand the knowledge of the gold deposit on the El
Rayo Property, which is located along strike to the northwest from the Catarina
Mine. Mineralization is open at depth and several drill holes are planned to
test the depth extension of mineralization. Additionally, soil sampling and
ground magnetics suggest that mineralization may continue to the northwest. A
trenching program is planned and drilling will be contingent on results.


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.  


Mr. Adam Johnston, FAusIMM (CP Metallurgy), of Transmin Metallurgical
Consultants supervised the work conducted by Transmin and has reviewed the
metallurgical information from Transmin as provided in this press release. 


Dr. Ashok Dalvi, P. Eng, supervised the work performed by Hazen Research, Inc.
with a focus on process development and strategic planning. Dr. Dalvi has
reviewed the metallurgical information from Hazen as provided in this press
release. 


All of the metallurgical consultants and laboratories used by Soltoro for the
metallurgical work described above are independent.


Assays reported for exploration results were completed by ALS Geochemistry
through their office in Guadalajara, Mexico. Analytical procedures include a 33
element ICP-AES analysis (ME-ICP61m) and a 50 g FA AA finish for gold (AA-24).
Silver assays exceeding 100 g/t are re-assayed by HCL leach with an ICP-AES or
AAS finish (OG62).


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 59,783,037 shares outstanding and trades
on the TSX Venture Exchange under the symbol SOL. Coeur Mines Inc. holds 4.5
million shares of Soltoro Ltd. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Soltoro Ltd.
Andrew Thomson
President
(416) 987-0722
www.soltoro.com

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