Frontier
Pacific Completes its Earn-In to Solex���s Macusani
Uranium Project; Proposes 2008 Exploration Budget
January 14th,
2008 ��� Vancouver, B.C.: Frontier Pacific Mining
Corporation (TSX-V: FRP) (���Frontier Pacific���) and Solex Resources Corp. (TSX-V: SOX) (���Solex���) (collectively the ���joint venture partners���) are pleased to confirm that
Frontier Pacific has earned a 50% interest in Solex���s
Macusani uranium project ahead of schedule.�� The joint venture estimates
that the 2008 exploration expenditures on the project will be approximately
$5.5-million.
The Macusani
joint ventured project will now be held in a Peruvian joint venture
management company in which share ownership will be held 50% by each of the
joint venture partners.�� Both ownership interests will be equally represented at the Board
level of the new company, with the Board governing all of the company���s business activities.�� Frontier Pacific will
continue as the operator of the new company.��
The joint venture
partners are currently completing the first National Instrument
43-101-compliant resource calculation on the results from a completed
24,000-metre drill program on an initial seven targets at the Macusani project.�� Additionally, metallurgical
column testing is underway at Lakefield Research in Ontario on a 450 kilogram sample
of drill core from the Calvario I, Calvario III and Sayana Central
uranium resource targets. The national Instrument 43-101 report is due in the
first quarter of 2008.
For the first six months
of 2008, the joint venture partners are projecting an exploration budget of
$4-million with two drills to be active on the project.�� The first drill will be
dedicated to expanding the initial targets drilled in 2007 and the second
drill will be used to test 10 new targets generated during the same period.�� Since July 2007, the Macusani Joint Venture has been funded equally by both
companies.
Both companies are
confident that 2008 will be the year in which the Macusani
project will be advanced from an exploration stage to a
resource definition stage.�� Additional
exploration objectives will include expanding the exploration horizon
within the joint venture concession area with a view to defining new target
areas.
The Macusani
joint ventured project consists of a total of 67 claims, covering 45,000 hectares
in the Macusani Uranium District located in the
Puno Department of southeastern Peru.�� This project represents the
largest landholdings in the developing Macusani
Uranium district.
On
Behalf of the Board of Directors of
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FRONTIER PACIFIC
MINING CORPORATION
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Per: ���Peter F. Tegart���
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Peter
F. Tegart, P. Geo., President & CEO
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On
Behalf of the Board of Directors of
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SOLEX RESOURCES CORP.
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Per: ���Jonathan Challis���
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Jonathan
Challis, President & Director
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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 Frontier Pacific or Solex 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:
Shirley Zhou
Investor Relations
Tel:�� (604) 646-7210 Ext. 103
Cell: 778-899-8031
Toll Free:�� 1 (877) 646-4488
Email:�� shirley@solexresources.com
Website:�� www.solexresources.com
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