SOLEX RESOURCES
CORP. PROVIDES EXPLORATION UPDATE ON THREE WHOLLY OWNED URANIUM PROJECTS IN PERU
December 12, 2007 ��� Vancouver B.C.: Solex
Resources Corp.
(TSX-V: SOX) (���Solex��� or the ���Company���) provides an initial exploration update on its
100% owned uranium projects in the Macusani Uranium
District of Southern Peru.�� Regional exploration consisting of geological mapping and
geophysical prospecting is currently ongoing with the objective of increasing
the Company���s geological knowledge of the area
and to pinpoint anomalous areas for future drilling.
Solex holds three wholly owned projects
in the Macusani region totalling over 42,600 hectares. Originally
held in one project called the Macusani West uranium
project, the projects have been separated due to their distinct locations and
logistical/geological considerations and are as follows:
- Macusani
West (34,100
hectares);
- Macusani
South Central (4,000
hectares); and
- Macusani
South (4,500
hectares).
Exploration Strategy
In the first six months of
2007, Solex completed a preliminary evaluation of the
geological, environmental and social aspects pertaining to its wholly owned Macusani projects.�� This
work included the compilation of a 1:100,000 geological map of the greater Macusani district with accompanying satellite imagery as
well as updated claims, logistical and surface ownership maps.
Based on its findings, Solex developed a comprehensive exploration program for its
Macusani projects and retained the requisite human
resources to execute this program.�� The exploration program consists of three stages:
- Stage One: ��Regional exploration consisting of
geological mapping (scale of 1:25,000), rock chip sampling and geophysical
���prospecting��� using hand-held scintillometers.
- Stage Two:�� ��Anomalous target areas identified in Stage
One undergo systematic exploration including geological mapping on a
1:2,500 to 1:1,000 scale. Geophysical surveys to be conducted down to
40-metre line spacing to identify drill targets.
- Stage Three:��
��Drilling
commences.
Exploration Context
and Work Completed to Date
Macusani West
The concessions, which
total 34,100
hectares, are contiguous to Solex���s
Macusani East joint ventured properties and to Bear
Creek Mining Corporation���s Corani silver deposit to the southeast.��
��
Stage one of exploration commenced at this project in September 2007 and has
been ongoing. As of mid���November, three teams have exceeded
expectations for progress by completing regional geological mapping and scintillometer prospecting over approximately 11,000 hectares.�� Data collection and
compilation is ongoing until the Christmas break in mid-December and will
resume in mid-January.
��
Macusani South
Covering 4,500 hectares, this
project is the most accessible of Solex���s 100% owned uranium properties.�� In 2006, the Company completed initial prospecting work to identify
areas of possible interest and had identified an anomalous area with a
potential drill target.��
Stage one of exploration
commenced in September 2007 with one dedicated geological mapping team.�� Progress has been swift and a
1:25,000 scale geological map has now been completed.�� Currently, four geophysics
crews (Val d���Or) are completing an initial
100-metre-spaced geophysical survey to produce a radiometric map of the area
and to better define the anomaly.
Macusani South Central
Covering 4,000 hectares and
located between the Macusani South and Macusani West projects, this project was also subject to
preliminary prospecting work by Solex in 2006.�� In September 2007, the first
stage of regional exploration commenced with three field crews. To date, a
1:25,000 scale geology map and regional geophysics have been completed.
Work Summary
In total, over 600 rocks
samples have been taken on all three projects and have been sent to SGS
Laboratories in Lima
for analysis.�� Results are pending.�� Currently,
there is an estimated 10-day turnaround time for rock chip samples with less
than 1% uranium and a 20-day turnaround time for samples with over 1% uranium.
An updated concession map
is attached at the end of this press release and is available with area views
on the Company���s website www.solexresources.com.
Next Stage Work
Program
Solex is targeting mid-February 2008 for
the completion of a basic regional geological map (1:25,000) of the entire area
under the Company���s control.�� In addition, a detailed 1:1,000 scale geological map
and geophysical map of Macusani South will be completed
to prepare for an initial drill campaign to start during the first quarter of
2008.
Technical Teams
- Mr. Alfredo Gamarra (Solex
Chief Field Geologist): P.Geo., B.Sc. Geology, San Agustin Nacional
University, Arequipa.
With 23 years experience in exploration geology, Mr. Gamarra
has been involved in the discovery and development of a number of projects
for the Hochschild group and the Pallancata project (now belonging to International
Mining Corporation). Much of his experience and expertise relates to work
at high altitudes;
- Mr. Juan La Cruz (General Manager, SAMSAC):
B.Sc. Geology, San Marcos University of Lima, and post graduate studies in
mineralogy, geochemistry of mineral deposits, project evaluation and
Financial Administration.��
Mr. La Cruz has more than 30 years experience working internationally
with senior and junior companies such as Noranda,
Battle Mountain Gold, Normandy, Newmont, Placer Dome and Goldmarca Ltd.;
- Mr. Andres Rivera Zeballos (SAMSAC): B.Sc. Geology, San
Agustin De Arequipa
University. Mr. Zeballos has over 36 years experience in exploration
and mining geology in South America; and=
- Mr. Cesar Munoz (ExploAndes):
Ph.D. Geology, University of Heidelberg, with 30 years of experience
working internationally for Newmont, North Limited, BHP Billiton, Barrick Gold and Placer Dome.
Community Relations
In addition to conducting
exploration work, Solex has been implementing a
carefully designed community relations program to ensure that local communities
are being fully respected and supported by the work conducted by the Company.�� With few exceptions, all
services including personnel, food supply and car rentals are sourced locally.�� To date, all work has
proceeded with success and support from local neighbours.
Jonathan Challis FIMMM, is
a Qualified Person under Canadian Securities Administrators National Instrument
43-101 policies, and is responsible for the contents of this news release.
FURTHER
INFORMATION:
Deborah Thiel
VP Corporate Development
Cell: 604-512-9691
Toll Free:�� 1 (877)
646-4488
Email:�� dthiel@solexresources.com
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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