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CARSON CITY, Nev., April 1, 2013 (GLOBE NEWSWIRE) -- Del Toro Silver Corp. (OTCBB:DTOR) ("Del Toro" or the "Company") is pleased to announce that, on March 8, 2013, Del Toro Silver Corp. signed a Joint Venture Partnership Terms Agreement with Noble Mining Inc. with respect to the development of a prospective toll milling facility in the western United States.
Pursuant to the terms agreement, Noble Mining will provide financing of up to $6,000,000 for the acquisition, development, permitting and operating capital for the toll milling partnership. Del Toro will be responsible for (1) securing and delivering the toll milling facility and obtaining the necessary permitting in order to process ore, (2) locating and contracting customers to process ore through the toll mill, and (3) managing day to day operations of the toll mill.
The initial capital investment will have preference payback features and Noble Mining and Del Toro will waterfall into a 50/50 profit split once the initial capital is repaid. The parties will mutually determine the terms of the preference payback in due course. Noble Mining and Del Toro will also partner together with respect to the acquisition of mines that they may encounter through servicing the toll mill customers.
"This JV is a major achievement in progressing Del Toro's business model of acquiring high-grade, near term production gold properties in the western US. The most onerous issue for the development of these mines is the permitting of an on-site mill. We are confident that an accessible toll milling facility will facilitate the process for additional mines to obtain operating permits and provide the Company with many new JV and/or acquisition opportunities." states Del Toro president Greg Painter. "We are especially pleased to partner with Noble Mining (
www.noblemining.com ) on what we believe will be the first of many promising mining ventures."
The Joint Venture Partnership Terms Agreement will terminate 180 days from March 8, 2013.