EDMONTON, Oct. 17 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company")
announced today that Lara Exploration Ltd. ("Lara") has delivered to Solid
correspondence pursuant to which Lara has purported to terminate the parties'
binding letter agreement dated November 1, 2005 (the "Option Agreement") for
failing to reach certain milestones relating to drilling expenditures. Under
the Option Agreement, Solid could acquire majority ownership of a
1,800 hectare (4,447 acres) copper property in Peru known as the Lara
Solid has advised Lara that it is not in breach of the Option Agreement
and therefore Lara has no grounds to terminate. Solid has further advised Lara
that it will take all steps necessary to enforce the Option Agreement.
Garnet Harter, interim President and CEO of Solid, said, "Since 2005 when
we entered into this agreement to further explore the potential of the Lara
property, we have paid Lara over $590,000 and the price of copper has almost
doubled. Our position is that we expended the required funds in accordance
with the terms of the agreement and we intend to vigorously challenge any
attempt by Lara to terminate."
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: Garnet Harter, Interim President, (780)
416-7525, firstname.lastname@example.org; Harry McKinders, Director of Investor
Relations, (780) 940-1030, email@example.com