CARSON CITY, Nev., March 13, 2017 (GLOBE NEWSWIRE) -- Del Toro Silver Corp. (OTCPink:DTOR) (“Del Toro” or the “Company”) is pleased to announce that, on February 28, 2017, the Company executed a Purchase and Sale Agreement with Comstock Resources Development LLC (“Comstock”) to acquire 100% interest in four unpatented mining claims located in Storey County, Nevada (the “Claims”).
The Claims, two placer and two lode, are located atop the famous Gold Hill. They are positioned on the Eastern portion of the historic Yellow Jacket claim block, which is situated at the end of the "Divide", a geographic/ geologic feature which separates Gold Hill from Virginia City. Encompassed by the Claims are approximately 150,000 tons of mine dumps and tailings (Forbes 1980), and the remnants of the mill site which serviced the ore. Also located on the Claims, is the capped New Yellow Jacket shaft (third line shaft of the Yellow Jacket Claim Block) which was sunk to a depth of over three thousand feet. The Claims contain unexplored quartz structures adjacent to, and at the hanging wall of the Comstock Lode.
As consideration for the purchase, DTOR shall pay Comstock 1 million (1,000,000) restricted common shares in capital stock of the Company and a 5% NSR Royalty on all precious metals produced from the Claims until such time as the Claims may be sold. DTOR will pay Comstock 25% of the future gross sales proceeds on a sale of the Claims, less any third party commissions, as a buyout in full of the NSR Royalty.
Del Toro president Patrick Fagen commented, “We are excited about completing the acquisition of these historic Claims located on the prolific Comstock Lode. At today's prices, the Comstock produced over $4 billion in silver and $10 billion in gold. Our initial focus will be on testing the massive dumps and tailings piles left from previous operations. Preliminary evaluations indicate the potential for recovering substantial gold by reprocessing these stock piles using today’s modern extraction techniques.”
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. The Company’s leadership team has experience acquiring and permitting projects in California and Nevada. Near term opportunities and priorities include advancing the Discovery Day and Mt. Vernon gold mines, two high-grade past producers located in Northern California. The Company also holds a royalty on the Natchez Pass Gold Property located in Imlay, NV.
For further information, please contact Patrick Fagen at 530-416-0266.
On behalf of the Board of directors,
“Patrick A. Fagen”
President and CEO
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, a future sale of the Claims, the existence of commercially viable deposits on the Claims, or the potential for recovering any precious metals.
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 2011 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.