A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Solid Resources is not treating the historical estimate as current mineral resources or mineral reserves, although they are believed to be of historical importance by the Company.
The Cehegin magnetite ore is associated closely with the Ophites (subvolcanic rocks) to which they are genetically linked with strike zones in excess of 1,000 metres and with thicknesses of 15 to 50 metres.
From the analysis of the aerial magnetometric information, taken from the archives of IGME, the Company has an exploration target of in excess of 100 million tons. This potential quantity is conceptual in nature; there has been insufficient exploration to define a mineral resource. The Company is uncertain if further exploration will result in the target being delineated as a mineral resource.
The analytical data from A.H.V. refers to magnetic concentration from tests performed with a Davis Tube Test on the ore samples from the mine or drill core, by grinding smaller than 0.15 mm. The mineralogical treatment plant of Mina Maria has obtained grades of the final concentration as follows:
----------------------------------------Category Concentrate %----------------------------------------Iron 65.19----------------------------------------Manganese 0.05----------------------------------------Silica 3.99----------------------------------------Alumina 1.73----------------------------------------Calcium Oxide 0.28----------------------------------------Magnesium Oxide 1.80----------------------------------------Potassium Oxide 0.06----------------------------------------Sodium Oxide 0.016----------------------------------------Sulfur 0.01----------------------------------------Phosphorus 0.04----------------------------------------Zinc 0.004----------------------------------------
The chemical analysis was made by the Geological and Mining Institute of Spain
During the next 2-3 months Solid will undertake work programs to begin upgrading the historical resource estimate to NI 43-101 compliant reserves.
"This is a tremendous opportunity for Solid Resources," stated Greg Pendura, president and CEO. "We are very excited to be able to commence various NI 43-101 compliant work programs to verify the historic estimate. We feel confident that the due diligence that we are undertaking on the Cehegin concession will support the historical data on file and result in excellent value for our shareholders."
Dr. Alfonso S. Gracia Plaza, Doctor of Science in Economic Geology is responsible for the technical reporting in this news release and is the Company's "Qualified Person" for the purpose of NI 43-101.
The Company intends to release additional technical information on the property's potential in the very near future.
About Solid Resources:
Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently in the late stage of quantifying the presence of tantalum, tin, lithium and other rare minerals on its Alberta-1 property in north-western Spain and reinstating the production of 62 iron ore concessions in south-eastern Spain.
Certain statements contained in this press release, including statements which are related to exploration activity and future prospects and profitability and which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances and/or achievements of Solid to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market conditions and prices of tantalum, lithium, tin, iron ore and other metals and related products and services; competition; political and economic conditions in countries in which Solid does business; changes in laws and regulations, including environmental regulations, to which Solid is subject, and other factors which are described in further detail in Solid's filings with the Canadian Securities Regulators.
Neither the 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.
Contacts:
Solid Resources Ltd.
Greg Pendura
President & CEO
(780) 800-0726
www.solidresources.com
