CARSON CITY, Nev., March 30, 2015 (GLOBE NEWSWIRE) -- Del Toro Silver Corp. (OTCBB:DTOR) ("Del Toro" or the "Company") is pleased to announce that, on March 18, 2015 Natchez Pass LLC signed a Membership Interest Agreement which provides funds in the amount of $350,000 USD to re-commence operations at the Natchez Pass Gold Property (AKA the "Nick"). Pursuant to the Purchase Option Termination agreement with Natchez Pass LLC executed on June 6, 2013, Del Toro owns a 5% Net Smelter Royalty ("NSR") on gold production at the Nick mine, and will receive 5% of the net proceeds from any sale of the Nick to a third party, with a $300,000 minimum return from such sale.
This capital infusion will be used by Natchez Pass LLC to execute a placer testing program, complete mill upgrades, hire a work crew and secure the necessary earth moving equipment to enable placer production operations of the mine. The work plan has been put into action and placer mining is expected to begin within the next 60 days. Members of Del Toro's mining team will consult in the operations.
Del Toro president Greg Painter states "We are excited that Natchez Pass LLC was able to secure financing to begin operations at the Nick. With profitable production, the 5% NSR that Del Toro holds on the mine will provide the Company with a new source of revenue."
About Del Toro Silver Corp.
Del Toro Silver Corp. is a precious metals exploration and development company based in Carson City, Nevada. Del Toro's corporate strategy is to focus on the acquisition and development of high grade, near term production gold properties in California and elsewhere in the Western United States. Management believes that this promising niche market offers many opportunities that have been largely ignored or overlooked by competing junior gold companies.
For further information, please contact Greg Painter at 775-782-3999.
On behalf of the Board of directors,
"Patrick A. Fagen"
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 news 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 ability and the terms associated with raising capital, the successful completion of the mill upgrades, the hiring of a work crew, the execution of a placer testing program, the ability to secure equipment, the existence of commercially viable deposits on the Property, time frames to commence mining activities, consulting role for the Company, any future production that may be achieved or any revenue that may be generated by the Company as a result of the NSR.
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 2013 fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Source:Del Toro Silver Corp.