VANCOUVER, July 16 /CNW/ - Solex Resources Corp. (TSX-V: SOX) ("Solex" or
the "Company") today announced that, following the takeover of Frontier
Pacific Mining Corporation ("Frontier"), Eldorado Gold Corporation
("Eldorado") has become the Company's new joint venture partner at Macusani
Under the terms of the original Option and Joint Venture Agreement signed
with Frontier in 2005, Solex has the right of first refusal and the right to
match any offer received on the Macusani East property in the event that
Eldorado concludes that the project is not a core project.
"In the event that Eldorado decides to divest its interest in Macusani
East, Solex has a strong interest in negotiating with Eldorado for the
acquisition of their 50% interest thereby enable the Company to gain back 100%
ownership," said Jonathan Challis, President and CEO of Solex Resource Corp.
"With encouraging drill results to date on this project, we are focused on
delivering an initial National Instrument 43-101 compliant resource to
complement the numerous resource delineation and metallurgical activities on
our 100% owned surrounding projects."
The Company also announces it has appointed Haywood Securities as their
Financial Advisor to review various strategic alternatives for the Company
designed to maximise shareholder value.
About the Macusani East Project
The Macusani East project contains 53 known uranium anomalies discovered
in the 1970s by the Peruvian Institute of Nuclear Energy (IPEN). The Macusani
East project consists of 72 concessions covering 47,820 hectares.
On April 21, 2005, Solex entered into a joint venture agreement with Frontier
Pacific Mining Corporation in which Frontier Pacific had the right to earn a
50% interest in the project by spending US$4-million over five years as the
operator. Frontier Pacific fulfilled its obligations in just over two years
and subsequent to the change of control of Frontier, Eldorado is now a 50/50
partner on the project with Solex.
About Solex Resources Corp.
Solex Resources Corp. is the dominant landholder in southern Peru's
Macusani Uranium District with concessions covering over 904 km(2). In 2008, a
$5.5-million exploration program is being carried out on the Company's
Macusani East joint ventured uranium project. The Company is also aggressively
exploring its three 100% owned Macusani uranium projects. A NI 43-101 report
has recently been filed on the Princesa silver, lead and zinc property and
further field work has been completed on the Pilunani lead and zinc project
with a report due in early August.
The TSX Venture Exchange (the "Exchange") has not reviewed and does not
accept responsibility for the accuracy or adequacy of this news release. The
Exchange has in no way passed upon the merits of the proposed transaction and
has neither approved nor disapproved the contents of this press release.
This news release may contain forward-looking statements that are based
on Solex's expectations, estimates and projections regarding its business and
the economic environment in which it operates. These statements are not
guarantees of future performance and involve risks and uncertainties that are
difficult to control or predict. Therefore, actual outcomes and results may
differ materially from those expressed in these forward-looking statements and
readers should not place undue reliance on such statements. Statements speak
only as of the date on which they are made, and the Company undertakes no
obligation to update them publicly to reflect new information or the
occurrence of future events or circumstances, unless otherwise required to do
so by law.
For further information:
For further information: Deborah Thiel, V.P., Corporate Development,
Cell: (604) 512-9691, Toll Free: (877) 646-4488, Email:
email@example.com, Website: www.solexresources.com