TSX-V:              SRW   

VANCOUVER, Feb. 15 /CNW/ - Solid Resources Ltd. ("Solid" or the "Corporation") (TSX-V: SRW) (Frankfurt: A0BLQQ) announced today that, further to the letter of intent announced on April 30, 2010, it has entered into a definitive agreement to sell its 49% interest in the Bear mineral property located in the Northwest Territories (the "Bear Property") to Silver Bear Mines Inc. ("Silver Bear"), subject to TSX Venture Exchange approval.  The Corporation received the requisite shareholder approval for the sale of the Bear Property at the annual general and special meeting held on December 13, 2010.  For a further description of the proposed transaction, see the related Management Information Circular dated November 8, 2010 and filed on SEDAR at on November 18, 2010.

The purchase price for the 49% interest in the Bear Property is $3,000,000, and shall be payable: (i) by the assumption of debt (the "Assumed Debt") owing by the Corporation to certain lenders in the aggregate amount of $1,944,191; and (ii) by the issuance and delivery of 1,250,000 common shares in the capital of Silver Bear ("Silver Bear Shares") having an aggregate value of $1,055,809.  On April 30, 2010, the Corporation entered into a debt assumption agreement, pursuant to which Silver Bear assumed the Assumed Debt effective as of April 30, 2010 and the lenders released the Corporation from any further obligations under the Assumed Debt. 

Mr. Randy Hayward, a director of the Corporation is a director, officer and shareholder of Silver Bear.  The Corporation has determined that there is an exemption available from the formal valuation requirement of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the Proposed Transaction (Formal Valuation - Issuer Not Listed on Specified Markets).

About Solid Resources:

Solid Resources is a Canadian junior mining company focusing on the exploration and development of rare and precious metals and industrial commodities worldwide. The Corporation is currently quantifying the presence of tantalum, tin, lithium and other rare minerals on its property in north-western Spain. In addition, further exploratory work is being conducted on its gold, copper concession in the Province of Ayabaca in northwest Perú.

This news release may contain certain forward-looking information.  All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties.  There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information.  A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at  The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Solid Resources Ltd.

For further information:

Solid Resources Ltd   The Howard Group Inc.
Greg Pendura
President & CEO
Solid Resources Ltd.
Ph: (780) 800-0726
  Investor Relations
Dave Burwell
Toll Free: 1-888-221-0915
Ph: (403) 410-7907

Profil de l'entreprise

Solid Resources Ltd.

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