Solex Completes Previously Announced Transaction
with Eldorado Gold
VANCOUVER,
July 16 - Solex Resources Corp. (TSX-V: SOX)
("Solex" or the "Company") today announced that further to
its press release dated May 26, 2009, it has completed the acquisition of 100%
of the shares in Minera Frontera Pacifica S.A. ("MFP") from a wholly
owned subsidiary of Eldorado Gold Corporation ("Eldorado"). As a
result of the acquisition, Solex now controls 100% of the operations on over
904 km(2) of uranium concessions on the Macusani Plateau in south-eastern Peru
(the "project").
In consideration for the MFP shares, Solex issued
11,820,487 common shares to Eldorado and a promissory note in the amount of
$2,000,000 payable on the first and second anniversary of the closing date, and
Minera Macusani S.A.C. granted Eldorado a royalty on the future production of uranium
from the project.
Solex negotiated the acquisition from Eldorado of
27,555,244 common shares in MFP representing 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 regarding the exploration and development of the project dated June
11th 2006 ("JV") with Solex, which holds the other 50% interest. By
acquiring MFP, Solex now holds 100% of the interest in the JV. Solex, through
its wholly owned subsidiary, Minera Macusani S.A.C. is the sole registered
holder of the concessions subject to the JV.
To date, approximately US$11 million has been spent on
the project, with drilling having taken place on five properties. In excess of
45 identified uranium anomalies remain to be investigated by surface sampling
and drilling.
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) where in
excess of 55 uraniferous anomalies have been identified on Solex properties. Solex
is exploring three properties in the Macusani region (Macusani East, Macusani
West and Macusani South), in addition to the 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.
Neither 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
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:
Deborah
Thiel, Corporate Development
Cell: (604)
512-9691
Toll Free:
(877) 646-4488
Email: dthiel@solexresources.com
Website: www.solexresources.com