Solex Resources Corp. Announces Fiscal 2008 Year End Results



    VANCOUVER, Oct. 17 /CNW/ - Solex Resources Corp. (TSX-V: SOX) ("Solex" or
the "Company") today announced that it has filed its fourth quarter and year
end financial and operating results for the 12 months ended June 30, 2008.

    
    Highlights for the quarter include:

    -   Drilled 24,000 metres with its partner on its Macusani East joint
        ventured properties;
    -   Completed a regional exploration program over the broader Macusani
        district;
    -   Drilled its first targets on its wholly owned uranium projects in
        Macusani;
    -   Completed its first resource estimate on its Princesa lead- zinc-
        silver property;
    -   Contracted SGS Group to design, build and operate a moveable
        metallurgical test laboratory capable of processing samples of up to
        six tonnes of material.

    Highlights subsequent to year end include:

    -   Obtained the necessary permitting and commenced drilling program at
        Macusani South; Pichuni and Socclla targets will consist of a maximum
        of 80 diamond drill core holes (HQ diameter), from 20 drill pads, to
        a depth of at least 30 metres, or to a depth determined by downhole
        probing;
    -   Delivered metallurgical test laboratory to its operating location,
        where five tonnes of samples recovered on Macusani South will be
        tested;
    -   Announced Eldorado Gold as New Operator and JV Partner at Macusani
        East Joint Venture.
    

    "Over the past fiscal year, we have made significant progress in
advancing our Macusani West and South Projects with the successful launch of
regional and detailed exploration programs, and the completion of advanced
geological mapping," said Jonathan Challis, President and CEO of Solex
Resources. "With our drill program underway and test facility now in place, we
are on target to deliver metallurgical data in early 2009."

    Financial Review:

    For the year ended June 30, 2008, the Company incurred a net loss of
$3,070,655 or $0.05 per share compared to a net loss of $4,353,039 or $0.09
per share for the previous year. The change in net loss is mainly attributable
to the decrease in the stock option expense from $2,331,485 to $1,178,683 as a
consequence of significantly fewer stock options being granted. An increase in
interest income of $104,546 and reductions in administrative expenditures also
contributed to the reduction in net loss.
    During the year, the Company invested $6,152,356 into deferred
exploration expenditures, a 46% increase compared to the last year. Following
the completion of Frontier Pacific's earn-in obligations, the Company, from
July 1, 2007 started contributing equally to the Macusani East joint venture
project, with $2,856,662 being contributed during the year. Meanwhile, the
Company spent $3,295,694 on its wholly owned properties.
    As of June 30, 2008, the Company had $3,506,776 in cash and cash
equivalents.
    Details of the Company's financial results are described in the audited
consolidated financial statements and Management's Discussion and Analysis for
the period ended June 30, 2008 and available on SEDAR at www.sedar.com, or
from the Company's website at www.solexresources.com.

    AGM Announcement

    Solex Resources' Annual General Meeting will be held on Wednesday,
November 19, 2008 at 11:00 a.m. at 20 Toronto Street, 5th Floor, Toronto,
Ontario.

    About Solex Resources Corp.

    Solex Resources Corp. is the dominant landholder in southern Peru's
Macusani Uranium District with concessions covering over 904 km2. 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 shortly.

    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:
dthiel@solexresources.com, Website: www.solexresources.com; Joanna Longo,
Investor Relations, The Equicom Group, Phone: (416) 815-0700 ext. 233, Email:
jlongo@equicomgroup.com

Organization Profile

SOLEX RESOURCES CORP.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890