Solex Resources Corp. Finalises Agreement With Eldorado Gold Corporation to Acquire 100% of Minera Frontera Pacifica

    VANCOUVER, May 26 /CNW/ - Solex Resources Corp. (TSX-V: SOX) ("Solex" or
the "Company") today announced that it has cleared the due diligence condition
and will proceed with the transaction set out in a definitive share sale
agreement to acquire 100% of the shares in Minera Frontera Pacifica S.A. (MFP)
from a wholly owned subsidiary of Eldorado Gold Corporation ("Eldorado"). On
closing of this transaction, expected towards the end of June once certain
documents are registered in Peru, Solex will control 100% of the operations on
over 904 km(2) of uranium concessions on the Macusani Plateau in south-eastern
Peru (the "project"). As disclosed in a news release dated March 2nd, Solex
has been negotiating the acquisition from Eldorado of 27,555,244 common shares
in MFP (100% of the authorised capital of MFP). MFP is a subsidiary of
Frontier Pacific Mining Corporation (Frontier) which is itself a wholly owned
subsidiary of Eldorado. MFP holds Frontier's 50% interest in a mining property
option and joint venture agreement dated June 11th 2006 (JV) with Solex which
holds the other 50% interest. By acquiring MFP, Solex will hold 100% of the
interest in the JV. Solex, through its wholly owned subsidiary, Minera
Macusani S.A.C. is already the sole registered holder of the concessions
subject to the JV and accordingly, there will be no change in title or
ownership of these concessions.
    To date, approximately US$11 million has been spent on the project, with
drilling having taken place on 5 properties. In excess of 45 identified
uranium anomalies remain to be investigated by surface sampling and drilling.

    Terms of the Agreement

    The closing of the acquisition is expected to occur during June 2009 on
satisfaction of all the necessary regulatory conditions and the registration
of documents in Peru. Solex will make the following payments to Eldorado:

    -   Issue a total of 11.8 million shares of Solex to Eldorado (increasing
        Eldorado's interest in Solex to 19.9%) on closing;
    -   Issue a promissory note to Eldorado for C$2 million; C$1 million of
        which is due no later than 18 months from closing and a further C$1
        million due no later than 30 months from closing; and
    -   To create a royalty based on future uranium production from the
        Macusani East property of US$0.50/lb on the first 20 million lbs of
        uranium produced.

    About the Macusani East Project

    The project contains 53 known uranium anomalies discovered in the 1970s
by the Peruvian Institute of Nuclear Energy ("IPEN") and consists of 72
concessions covering 47,820 hectares. It is situated within the Province of
Carabay, Department of Puno, in south-eastern Peru, and lies within the
relatively flat Altiplano of the Eastern Cordillera. The area is approximately
650 kilometres southeast of Lima. Access is by paved road on the Trans-Oceanic
highway from the City of Juliaca to the town of Macusani (approximately 200
kilometres). The Macusani East area is the most studied area in southern Peru
by IPEN. After IPEN discovered the first 60 uranium showings in 1978,
systematic radiometric prospecting and trenching were carried out over an area
of approximately 600 square kilometres, culminating in the discovery of
numerous additional uranium showings. In 1984, the OECD Nuclear Energy Agency
and the International Atomic Energy Agency sponsored an International Uranium
Resources Evaluation Project Mission to Peru. The mission estimated that the
Speculative Resources of the country fell within the range of 6,000 to 11,000
tonnes of uranium. Solex has acquired the largest interest in claims covering
the ground studied by IPEN. (For a detailed claim map, please see the 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). The
Company is also exploring its two other 100% owned Macusani uranium projects
(West and South), and proximal Picotani uranium project. NI 43-101 reports
were filed during 2008 on the Princesa silver, lead and zinc property and on
the Pilunani lead and zinc project.

    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: 1-877-646-4488, Email:, Website:

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