Solex Resources Corp.

Solex Resources Corp.

January 23, 2007 10:05 ET

Solex Resources Corp. Announces Initial Drill Results Show Grade Continuity of Uranium Mineralization on Calvario III at Macusani

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2007) - Solex Resources Corp. (TSX VENTURE:SOX) ("Solex" or the "Company"), and Frontier Pacific Mining Corporation (TSX VENTURE:FRP) ("Frontier"), the operator, (collectively the "Venture Participants") are pleased to announce initial results from the first five holes on the Calvario III target anomaly that were completed before Christmas 2006 as the start to its planned US$2.5 million, 20,000 metre, 500 hole drill program to test up to eight widely separated targets on the extensive Macusani Uranium Project in Southern Peru.

Resource identification drilling was initiated on the previously untested Calvario III surface, anomalous radiometric uranium target because it was the first permit received from the Ministry of Mines. The first five drill holes, of a planned 60 hole program on the Calvario III target intercepted a flat lying ignimbrite volcanic flow containing an average grade of 0.013% or 0.26 pounds per ton uranium over a stratigraphic thickness of 33 feet (10 metres). The Calvario III surface radiometric anomaly measures 1,000 metres by 250 metres and outlines an ignimbrite flow containing uranium mineralization exposed in trenching and outcrop within a northeasterly trending shallow valley. Geologic mapping suggests that the uraniferous ignimbrite flow continues under capping ignimbrite flows on the plateau above the valley exposure. The objective of the planned 60 hole program of shallow drilling is to obtain a measure of the average grade and continuity of the uranium mineralization within the host ignimbrite flow. Although the uranium grade is low in these first holes, the average insitu value of uranium, at current metal prices of US$72 per pound, is US$20 per ton.

As stated in a previous News Release dated August 28, 2006, typical large scale Open Pit Heap Leach operations have mining and processing costs averaging between US$5 to US$7 per ton. The Venture Participants are very encouraged by the continuity of uranium mineralization between the holes, the stratigraphic thickness of the uraniferous ignimbrite and it is anticipated that the overall grade will improve as the anomaly is drilled off.

Initial Drill Results for Calvario III Target:

1 10-22 12 0.004 0.043 0.086
2 10-24 14 0.012 0.121 0.243
3 12-21 9 0.014 0.313 0.285
4 9-21 12 0.015 0.33 0.3
5 13-22 9 0.021 0.469 0.426

The uranium found in the drilling at Calvario III occurs as several mineralogic types, disseminated between tuffaceous fragments and within congealing fracture fillings related to cooling of the near surface flows. At Calvario III, only the near surface flow is being tested by drilling at this time. In several locations, the favourable uraniferous ignimbrite flows appear stacked one on top of the other and separated in most cases by barren or low grade ignimbrites. The better grades of uranium are related to coarse fragmental tuffs suggesting proximity to a volcanic neck. However, several volcanic necks have been found on other targets within the Macusani concession area and detailed radiometric surveys are currently underway to define these targets for future drilling.

The additional seven drill permits applied for have been commented on by the Peruvian Ministry of Mines and receipt of the permits is scheduled to be issued in the next few weeks. Two additional drill rigs are ready to commence work on the other seven targets (Sayana, Sayana West, Agaton, Calvario I, Calvario II, Puncopata and Tantamaco) as soon as the permits are issued. Future reports on drilling progress will be limited to completion of drilling on any one target in order to allow the technical team and management to complete a better understanding of the target results before dissemination to our shareholders.

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 and Director of Solex, is the person responsible for initiating and guiding the work programs. Jonathan Challis, C.Eng., FIMMM., President and Director of Solex, is responsible for the contents of this press release. Mr. Vulimiri and Mr. Challis are qualified persons in accordance with National Instrument 43-101 guidelines.

The Macusani project is more fully described on the Company's website


Solex is a development stage mineral exploration company engaged in the acquisition and exploration of uranium and base metals properties in Peru. Solex is the largest concession holder in the Macusani Uranium District in SE Peru. The Macusani project is a joint venture with Frontier which has the right to earn a 50% interest in the Macusani project after spending $4 million over a 5 year period. Solex is also exploring its 100% owned Pilunani (lead-zinc), Princesa (silver-lead-zinc), Macusani West (uranium) and Cullquimayo (copper-silver-uranium) properties. The Company is well funded with working capital of approximately CDN$2.5 million.

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.

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

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