Sola Resource Corp.
TSX VENTURE : SL

Sola Resource Corp.

January 22, 2007 16:36 ET

Sola Passes All Resolutions at AGM

CALGARY, ALBERTA--(CCNMatthews - Jan. 22, 2007) - Sola Resource Corp. (TSX VENTURE:SL) -

The Company wishes to announce that, at its 2006 Annual General Meeting (the "AGM"), which was held on January 9, 2007, all proposed items of business received shareholder approval. Those items included the approval and adoption of the Company's January 31, 2006 Audited Financial Statements, the approval and adoption of the Company's 2006 Incentive Stock Option Plan and the election of the Company's Board of Directors, consisting of Thomas Kovacs, Roger Morton, Warren Boyd and Andrew Male.

The Company is also pleased to report that it has received executed copies of the re-negotiated Carolina Option Agreement and will now submit same to the Exchange for acceptance. Under the terms of the new Agreement (the "Agreement"), the remaining payment, which was due March 6, 2007 pursuant to the terms of the previous agreement between the parties, has been tied to the issuance of the bulk sample permit (the "Permit"). The Permit will allow the Company's on-site 400 tonne/day plant to process the weathered upper sector of the Caroline Kimberlite Pipe for diamonds. Ten days after receipt of the Permit, an initial payment will be made to the Optionor. Once the Permit is issued, the Agreement calls for the pay-down of the remaining option payment monies to be made from the sale of any production from the Carolina over a six month potential production scenario. After the six month period, any payment remaining outstanding will be due within 30 days.

Ground geophysics has progressed on both the Caroline pipe and the immediately surrounding area. The Company expects to report preliminary results from the survey in the near future. The ground geophysics program is expected to augment the geochemical sampling that is ongoing.

ON BEHALF OF THE BOARD OF DIRECTORS OF SOLA RESOURCE CORP.

Thomas Kovacs, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Sola Resource Corp.
    Thomas Kovacs
    President
    (403) 236-0339
    (403) 203-3584 (FAX)