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Southern Andes Energy Inc.

Publié le 02 mars 2009

Correction: Solex Resources Signs Letter of Intent with Eldorado Gold

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An error appeared in the email version of the following press release, sent earlier today.

Correction: Pay to Eldorado a total of C$2 million in two equal tranches within 12 (should not say 2) & 24 months of closing. Under certain circumstances, each payment could be deferred for a further six months;

The corrected version in its entirety appears below. The Equicom Group apologizes for any confusion this may have caused.

Solex Resources Signs Letter of Intent with Eldorado Gold

To Acquire 100% Interest in the Macusani East Uranium Project

 

 

 

    VANCOUVER, March 2 - Solex Resources Corp. (TSX-V: SOX) ("Solex" or the "Company") today announced it has entered into a letter of intent with Eldorado Gold Corporation ("Eldorado") to acquire 100% of the Macusani East uranium project in southeastern Peru. Solex currently owns 50% of the project through a joint venture with Eldorado.

 

    "With this transaction Solex has met its objective of bringing operatorship and ownership of the majority of the Macusani district back under its direct control," said Jonathan Challis, President and CEO of Solex. "Macusani has long been regarded as the most prospective region for uranium exploration in South America. Over the past four years our understanding of the structural controls to mineralization and the types of mineralization has increased significantly. With the development of strong local uranium expertise, we have built a strong platform to accelerate our exploration efforts."

 

    Solex's land position at the Macusani East property is currently comprised of 26,160 hectares. Upon closing of this agreement, Solex will acquire an additional 21,660 hectares increasing the land position to a total of 47,820 hectares. To date, approximately US$11 million has been spent on the property, including drilling on five targets. More than 45 uranium anomalies still require additional exploration. In addition, Solex will conduct bulk sampling of material from Macusani East utilizing its mobile leach test laboratory.

 

    Terms of the Proposed Agreement

 

    Under the terms of the Letter of Intent, Solex will:

 

    -   Issue a total of 11.8 million shares of Solex to Eldorado, increasing Eldorado's interest in Solex to 19.9% on closing whereby making Eldorado the largest shareholder in Solex;

    -   Pay to Eldorado a total of C$2 million in two equal tranches within 12 & 24 months of closing. Under certain circumstances, each payment could be deferred for a further six months;

    -   Pay a royalty to Eldorado on future uranium production from the Macusani East property of US$0.50/lb on the first 20 million lbs of uranium produced; and

    -   Become the sole operator of the property.

 

    The completion of the transaction is subject to the execution of a definitive agreement, technical and legal due diligence, and satisfaction of all necessary regulatory conditions. The closing of the acquisition is expected to occur within 60 days.

 

    About the Macusani East Project

 

    The Macusani East 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 Carabaya, Department of Puno, in southeastern 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, refer to Solex's website at www.solexresources.com.

 

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: Deborah Thiel, V.P., Corporate Development, Cell: (604) 512-9691, Toll Free: (877) 646-4488, Email: dthiel@solexresources.com, Website: www.solexresources.com

 

 

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Southern Andes Energy Inc.

EXPLORATEUR
CODE : SUR.V
ISIN : CA8421991016
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Southern Andes est une société d’exploration minière d'argent et de plomb basée au Canada.

Southern Andes détient divers projets d'exploration au Perou.

Ses principaux projets en exploration sont MACUSANI WEST, PICOTANI, PILUNANI, CULLQUIMAYO, MACUSANI SOUTH, MACUSANI EAST, PRINCESA et ACCOCUCHO SUR au Perou.

Southern Andes est cotée au Canada. Sa capitalisation boursière aujourd'hui est 11,5 millions CA$ (9,3 millions US$, 7,7 millions €).

La valeur de son action a atteint son plus haut niveau récent le 09 février 2007 à 4,80 CA$, et son plus bas niveau récent le 22 mai 2020 à 0,01 CA$.

Southern Andes possède 74 468 000 actions en circulation.

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Rapports annuels de Southern Andes Energy Inc.
2007 Annual report
Financements de Southern Andes Energy Inc.
16/03/2010announces closing of private placement
22/09/2009Withdraws Private Placement Offering
20/08/2009Further Extension to Non-brokered Private Placement Closing
21/07/2009 Further Extension to Non-Brokered Private Placement Closing
06/07/2009Announces Extension of Non-Brokered Private Placement
22/06/2009Announces Non-Brokered Private Placement
Attributions d'options de Southern Andes Energy Inc.
01/03/2011Grant of 2,175,000 Stock Options
28/09/2009 Granting of Options
28/05/2008Announces stock options grant to directors and employees
Projets de Southern Andes Energy Inc.
12/01/2011(Macusani South)New Uranium Discovery at Alpi-1 Project in Peru
15/05/2009(Macusani East)Receives Very Positive Metallurgical Test Results From Large...
02/03/2009(Macusani East)Signs Letter of Intent with Eldorado Gold
17/11/2008(Macusani East)Reports Complete Drill Results at the Sayana Central Target,...
13/11/2008(Macusani South)completes initial drilling program and continues metallurgic...
14/08/2008(Macusani South)Solex Resources Corp. announces delivery of metallurgical te...
12/08/2008(Macusani South)Solex Resources Corp. announces drilling on Macusani South P...
02/06/2008Completes NI 43-101 Technical Report at Princesa
25/02/2008(Macusani East)Frontier Pacific & Solex Joint Venture Reports Drill Results...
14/01/2008(Macusani East) and Frontier Pacific Confirm Earn-In and Proposes 2008 Expl...
Communiqués de Presse de Southern Andes Energy Inc.
01/06/2011and Ansue Capital Corp. Announce the Closing of the Ansue Ca...
20/05/2011and Ansue Capital Corp. Announce That Southern Andes Energy ...
14/04/2011and Ansue Capital Corp.
28/04/2010shareholders approve Homeland Uranium asset acquisition
02/03/2010Announces Proposed Transaction to Acquire Cash and Shares Fr...
15/10/2009$100 million Equity Financing By Subsidiary Orion Oil & Gas ...
16/07/2009Completes Previously Announced Transaction with Eldorado Gol...
26/05/2009Finalises Agreement With Eldorado Gold Corporation to Acquir...
02/03/2009Correction: Solex Resources Signs Letter of Intent with Eldo...
12/12/2008Reports Complete Drill Results at the Puncopata Prospect, In...
11/09/2008receives Macusani East project data from Eldorado Gold Corpo...
27/05/2008adopts shareholder rights plan
27/05/2008retains leading investor relations firm
27/03/2008Confirms New Uranium Mineralization on Its 100% Owned Macusa...
12/12/2007 Provides Exploration Update on Wholly Owned Uranium Project...
19/11/2007 Responds to Dissident Circular
23/04/2007Resources Corp. Change Of Address
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