CARSON CITY, Nev., Oct. 21, 2016 (GLOBE NEWSWIRE) -- Del Toro Silver Corp. (OTCPink:DTOR) (“Del Toro” or the “Company”), California’s next high-grade gold miner, is providing this update on the Mt. Vernon gold mine. The Company signed an option agreement effective October 4, 2016 to acquire 100% of the Mt. Vernon Gold Mine. This past-producing mine is located near Downieville, in one of the richest districts in California’s Mother Lode Belt. Situated on the east edge of the Melones Fault, Mt. Vernon is on trend, adjacent to, and upstream from numerous historical high-grade gold mines.
Del Toro is pleased to announce that a Plan of Operations (POO) for the mine has been approved by the United States Forest Service and a reclamation bond posted. River Resources LLC originally submitted the POO application in October 2015 and, with the guidance of Del Toro, has been overseeing the permitting process for the mine over the last year. The POO permits underground rehabilitation and bulk sampling, including an on-site processing facility, to assess the feasibility of production mining at the site. River Resources has also been installed as the Operator for the project. As part of the October 4, 2016 option agreement Del Toro has the right to purchase the operating company which will include the POO.
Commenting on the POO approval and planned acquisition of the Mt. Vernon Gold Mine, Patrick Fagen, CFO, said, “We are pleased to receive news of the approval of the Plan of Operations on the Mt. Vernon during the option period. This is a major step in advancing the property and completes our due diligence. The Company has been providing our expertise in permitting in California, working closely with Lazarus Mining LLC and River Resources to achieve this important milestone. We are committed to the Company vision of becoming California’s mining leader.”
About Del Toro Silver Corp.
Del Toro Silver Corp. (OTCPink:DTOR) is an exploration and development company focused on high-grade, past producing gold mines in the Western US. 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.
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, California’s next high-grade gold miner, planned acquisition, feasibility of production mining, becoming California’s mining leader and advancing the property or properties. 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.