CARSON CITY, Nev., Sept. 22, 2016 (GLOBE NEWSWIRE) --
Del Toro Silver Corp. (OTCBB: DTOR ) (“Del Toro” or the “Company”) is pleased to announce that on September 14, 2016 it renewed the November 14, 2011 asset sale agreement with Bowerman Holdings LLC to acquire up to 75% of the historic Discovery Day gold property in Siskiyou County, California. As compensation for the renewal, the Company paid one million restricted shares of common stock to Trinity Alps Resources, Inc., the parent company of Bowerman Holdings LLC. The agreement extends the closing of the transaction until March 17, 2017 and provides for as many as three additional 90 day extension periods.
The Discovery Day Gold Property is located near the town of Forks of Salmon, approximately 65 miles southwest of Yreka, California. The claim block consists of 48 unpatented BLM mining claims, controlling the prolific Knownothing Mining District and approximately 950 acres of USFS land. Historical records of the Knownothing district state the presence of high-grade gold ore deposits in at least 6 major, well-defined, quartz veins. Gold ore has been produced over a vertical distance of 1500 ft. Potential exists for 40 to 50 ore shoots per vein system (with ore grading 1+ opt Au and local high-grade pockets containing 10 to 30+ opt Au).
According to Del Toro CFO Patrick Fagen “The Company has performed extensive due diligence on the Discovery Day Mine and believes it to be a unique asset. In addition to outstanding ore grades, it has an approved Plan of Operations and an operational 100 tpd mill on site facilitating near term production. The Company is very pleased to once again have it under contract.”
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the possibility of any future production at the Discovery Day property.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
For further information, please contact Patrick Fagen at 530-416-0266.
