July 16, 2009 Solex Completes Previously Announced Transaction With Eldorado Gold
July 16, 2009 - Vancouver B.C.: 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 km2 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 km2 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.
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