Solex Resources Corp.

Solex Resources Corp.

May 17, 2006 16:05 ET

Solex: Drilling Intersects 20 Metres of 0.055% Uranium, Including 6 Metres of 0.1%, 1 Metre of Greater than 0.4%, from Surface, Sayana Prospect, Macusani Uranium Project, Southeastern Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 17, 2006) - Solex Resources Corp. (TSX VENTURE:SOX) ("Solex" or the "Company") is pleased to announce that significant uranium values were obtained in diamond core from surface to depths of 50 metres in the Sayana Prospect, Macusani Uranium Project, Southeastern Peru. The results from the eight holes are tabulated below. Values include 6 metres of 0.1% and 1 metre of greater than 0.4% (see figure attached). The sample with the greater than 0.4% value is being analysed at present and the result will be released on receipt.

Frontier Pacific Mining Corporation (TSX VENTURE:FRP) ("Frontier Pacific"), the Operator, is earning a 50% interest in the 50,000 hectare Macusani project by spending US$4 million over five years.

Sayana Zone

Drill Angle per
Hole and From-to Width Uranium short
No. Section Azimuth Length metres metres (%) ton

SY06-05 8447608N 135 -48 1.52 to 51 0.023% 0.50
degrees degrees, 52.52 lbs/ton
53.34 m including
1.52 to 28 0.041% 0.91
3.52 to 20 0.055% 1.21
1.52 to 6 0.102% 2.24
3.52 to 3 0.197% 4.34
21.52 to 6 0.088% 1.93
22.52 to 1 greater 8.80
23.52 than


SY06-02 8447608N 270 -60 0.92 to 8.6 0.042% 0.93
degrees degrees, 9.52 lbs/ton
33.53 m including
0.92 to 5.6 0.075% 1.65
0.92 to 1.6 0.253% 5.53


SY06-01 8447608N 90 -48 3.52 to 4 0.031% 0.69
degrees degrees, 7.52 lbs/ton
42.52 m including
6.52 to 1 0.077% 1.69


SY06-07 8447608N 45 -48 1.7 to 15 0.020% 0.45
degrees degrees, 16.7 lbs/ton
46.19 m including
3.7 to 13 0.023% 0.51
1.7 to 7 0.035% 0.76
3.7 to 5 0.048% 1.06
5.7 to 3 0.068% 1.51


SY06-08 8447649N 45 -48 3.52 to 17 0.018% 0.40
degrees degrees, 20.52 lbs/ton
33.53 m including
3.52 to 13 0.024% 0.52
3.52 to 9 0.032% 0.71
7.52 to 5 0.048% 1.06
10.52 to 2 0.131% 2.89


SY06-06 8447649N 135 -48 5.94 to 5 0.019% 0.41
degrees degrees, 10.94 lbs/ton
35.05 m including
5.94 to 1 0.060% 1.31


SY06-03 8447649N 90 -48 4.52 to 4 0.013% 0.29
degrees degrees, 8.52 lbs/ton
28.95 m including
6.52 to 1 0.027% 0.60


SY06-04 8447649N 270 -60 No
degrees degrees, significant
33.53 m results


Drilling to date as shown above and surface geological and scintillometer surveys suggest the uranium mineralization is associated with coarser-grained ignimbrite units with very high aluminous content defined as having S-type composition. The highly anomalous coarser-grained units with the uranium mineralization appear to thicken to over 100 metres over an area of 400 metres by 300 metres to the south, indicating the presence of feeders and associated hypabyssal rocks to the south. This is confirmed by scintillometer surveys and an east-west trending AlphaTrack radon gas anomaly.

In addition, a very large and strong AlphaTrack radon anomaly, was also identified 2 kilometres west of the current Sayana drilling. This anomaly appears parallel to the mineralization trend delineated in the trenches and intersected in the drill holes and covers an area approximately 1000 metres long and 500 metres wide with over-limit values of greater than 5000 tracks/square millimetre and needs to be tested by drilling. Preliminary examination of the anomaly suggests that this anomaly may be related to another uraniferous ignimbrite eruptive unit at higher stratigraphic levels. Uranium mineralization occurs as fracture-fillings and disseminations and consists of autunite, meta-autunite, weeksite, gummite and minor pitchblende.

The mode of occurrence of Sayana surface to near-surface uranium mineralization suggests that it may be exploited by open-pittable methods and appears to be amenable to large-scale heap leaching techniques. Expanded systematic diamond drilling and extensive engineering studies are required to properly assess these concepts before making any resource estimates. Solex and Frontier Pacific intend to engage a reputable laboratory to carry out column and heap leach tests on available Macusani core samples.

Results from the core drilling completed to date on Calvario I Prospect will be released on receipt.

Other potential zones, prospects and mineralized areas identified to-date as a result of the initial regional prospecting, sampling and radiometric ground surveys conducted over the last nine months include Calvario II, Calvario III, Puncopata, Agaton, Tuturamani, Quiscopunco and Huiquisa. These results disclosed above and in the Company's previous news releases show that uranium mineralization is contained over large surface areas in several targets, and each of these targets have potential for the occurrence of significant uranium deposits in the large 50,000 hectare concessions in the Macusani area. Category B permits are also being prepared for submission to the Peruvian Ministry of Mines for expanded systematic diamond drilling to the south on the Sayana, as well as for Calvario I, Calvario II, Calvario III, Tuturamani and Agaton prospects.

In addition, the Company is implementing an extensive regional exploration program consisting of geological mapping, prospecting and radiometric surveys to locate potential similar targets over areas not previously examined in the 50,000 hectare concession.

The analyses from Macusani drilling are being performed by Activation Laboratories Ltd. ("Actlabs"), Ancaster, Ontario, Canada. Actlabs has a preparation laboratory in Lima, Peru.

Mohan R. Vulimiri, M.Sc., P.Geo., Chairman of Frontier Pacific and Director of Solex, is the person responsible for initiating and guiding the work programs. Brian Malahoff, B.Sc., P.Geo. is responsible for the direct, on-site, supervision of the drilling. Mr. Vulimiri and Mr. Malahoff are qualified persons in accordance with National Instrument 43-101 guidelines. Mr. Vulimiri, is also responsible for the contents in this press release.


Solex is an exploration development stage company engaged in the acquisition and exploration of mineral properties, focusing on southern Peru. Solex has four main properties: Pilunani (lead-zinc-silver); Macusani (uranium); Cullquimayo (copper-silver-uranium) and Princesa (silver).

On Behalf of the Board of Directors of SOLEX RESOURCES CORP.

Jonathan Challis, President & Director

This news release has been prepared by management of the company who takes full responsibility for its contents. This news release may include forward-looking statements within the meaning of section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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