EDMONTON, Sept. 29 /CNW/ - Solid Resources Ltd. ("Solid" or the
"Company") announces that it has advanced a loan in the principal amount of
$75,000 (the "Loan") to Bearing Gold Resources Corp ("Bearing Gold"). As
security for the Loan, Bearing Gold has issued: (a) a non-convertible
promissory note with a term of one year and with an interest rate of 10% per
annum; and (b) a general security agreement charging all of Bearing Gold's
present and after acquired personal property.
The Loan is a "related party transaction" as certain directors, officers
and insiders of Solid are also shareholders of Bearing Gold. The TSX Venture
Exchange has, pursuant to correspondence dated September 26, 2008, accepted
for filing the Loan agreements between the two companies.
The principal amount of the Loan will be used to fund start up operations
at the El Cerro Mine represented by two concessions in the Frontino area of
Columbia. Bearing Gold has an option to acquire a 90% interest in such
On July 22, 2008 Solid announced that it had entered into a non-binding
letter of intent with Bearing Gold relating to the proposed combination of the
companies' respective businesses (the "Transaction"). The special committee of
Independent Directors consisting of Gary Kissack, Derek Frost and Leonard
Trump approved the Loan and continue to investigate and negotiate the proposed
transaction with Bearing Gold.
Certain statements contained in this press release, including statements
which are related to exploration activity and future prospects and
profitability and which may contain words such as "could", "should", "expect",
"believe", "will" and similar expressions and statements relating to matters
that are not historical facts are forward-looking statements. Such
forward-looking statements involve known and unknown risks and uncertainties
which may cause the actual results, performances and/or achievements of Solid
to be materially different from any future results, performances or
achievements expressed or implied by such forward-looking statements. Such
factors include fluctuations in the market conditions and prices of tantalum,
lithium, tin, silver and other metals and related products and services;
competition; political and economic conditions in countries in which Solid
does business; changes in laws and regulations, including environmental
regulations, to which Solid is subject, and other factors which are described
in further detail in Solid's filings with the Canadian Securities Regulators.
The TSX Venture Exchange has not reviewed this release and does not
accept responsibility for the adequacy or the accuracy of this release.
For further information:
For further information: Trent Sullivan, President, (780) 416-7525,
(780) 983-9154 (cell); Garnet Harter, Director, (780) 416-7525,