CARSON CITY, Nev., Nov. 20, 2017 (GLOBE NEWSWIRE) -- Del Toro Silver Corp. (OTCBB:DTOR) (“Del Toro” or the “Company”) provides this corporate update on its recent activities.
Del Toro has been unable to stay current with its SEC filings due to lack of funding. On August 9, 2017 the Company executed a settlement agreement with the United States Securities and Exchange Commission for failing to comply with its ongoing reporting obligations under the United States Securities and Exchange Act of 1934. As a result, the settlement stipulated that the registration of our shares of common stock under the Exchange Act was revoked. The revocation was effective as of August 11, 2017. While all shareholders still own their respective shares of stock in the Company, the revocation resulted in the suspension of all trading of Del Toro stock until the Company completes the re-registration of its shares of common stock.
Despite this unexpected setback, the Company’s management has continued to work diligently on building a successful company and increasing shareholder value. Del Toro is pleased to announce that on November 6, 2017 the Company executed a Letter of Intent (the “LOI”) with Telegraph LLC and Kable Graham Pty. Ltd. for a joint venture to further explore and develop the Telegraph Mine property located in Sierra County, California. The Telegraph property consists of over 2800 acres of unpatented BLM mining claims and includes 6 historical mines –Telegraph, Spaletto, Crystal Quartz, Monte Cristo, Sol Wood and Excelsior. Extensive mineralization on the claims includes both underground Tertiary river channels and several large, high grade quartz veins. Drill data and other geological information (not Canadian National Instrument 43-101 compliant) indicate the potential for one of the highest-grade gold deposits in all of North America.
Terms of the LOI include the Company acquiring an option to secure a 55% interest in the Telegraph property and a follow on option agreement for the transfer of a 50% interest in the property in consideration for funding allocated for the purpose of compiling all financial and legal documents required to re-register the Company and enable it to commence its periodic reporting again. The Company will also use this funding to execute a complete re-branding of Del Toro. This re-branding will include a new company name, ticker symbol, logo, presentation materials, website and an associated investor relations campaign. It will be designed to best align the Company’s business strategy and vision with a new market image. The Company received the first tranche of funding in accordance with the LOI on November 10, 2017 and has already started the re-listing and re-branding process.
Additional terms of the LOI include the staged funding of $5,000,000 over a three year period allocated towards exploration and development of the Telegraph Mine, and further funding based upon drilling results. “Obtaining capital for junior mining companies has been very difficult over the past few years,” explains CFO Patrick Fagen. “We are extremely pleased that we have been able to secure a deal that provides us the funding necessary to not only become current in our SEC filings, but also totally re-brand the company and facilitate our participation in a property that has the potential of the Telegraph Mine. I believe this is a milestone event for the Company and we are looking forward to making the most out of this outstanding opportunity.”
About Del Toro Silver Corp.
Del Toro Silver Corp. is a precious metals exploration and development company based in Carson City, Nevada. Under new management since September 2011, 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 mining companies.
For further information, please contact Patrick Fagen at 530-416-0266
On behalf of the Board of directors,
“Patrick A. Fagen”
Director
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, “bring all SEC filings current in order to re-list the Company”, “execute a complete rebranding”, “the re-branding will include”, “will be designed”, “facilitate our participation” and “build the company and add value for our shareholders.” 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 2012 fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.