EDMONTON, June 4 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") (TSX Venture: SRW; Frankfurt: A0BLQQ) is pleased to announce that is has entered into a binding option agreement with an arm's length third party (the "Optionor") pursuant to which it acquired the option to purchase a metallic mining license, covering an area of 1,000 hectares, located in Northwest Peru. Under the terms of the option agreement, Solid has the right to purchase the license, during the three year term, by paying the Optionor a total of US$500,000, to be paid in tranches over the course of the period ending on December 2012. The first cash payment of US$4,000 has already been paid to the Optionor. In connection with the option agreement, Solid has agreed to pay 1,000,000 common shares of Solid to a third party finder, subject to approval of the TSX Venture Exchange. Solid intends to conduct a drilling campaign on the property during the summer of 2010. The exercise of the option will be subject to acceptance by the TSX Venture Exchange.
Mr. Joerg Schuetz, CEO states, "I am pleased to report another step to achieve our plans. It is the goal of Solid to diversify and add other prospective properties to our portfolio. Additional information with respect to the property, including test results, will be disclosed in the near future."
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.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are 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 Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Solid Resources Ltd.
For further information: For further information: Mr. Joerg Schuetz, Chief Executive Officer, Tel: +49 170 1866 103