Solex Resources Corp.

Solex Resources Corp.

October 17, 2005 14:23 ET

Solex Resources Corp. Completes First Phase Exploration Programme at Cullquimayo-Follow up News Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2005) - Solex Resources Corp. (TSX VENTURE:SOX)(CNQ:SOLX) ("Solex" or the "Company") is pleased to provide additional information regarding the Huamanapi target, at the request of the TSX Venture Exchange, on the Cullquimayo property. The results of the first phase of an ongoing exploration programme to delineate targets on this property were released on October 11, 2005.

The Company previously disclosed that the Huamanapi target comprises a series of small scale pits and trenches over a distance of approximately 800 metres. It corresponds to the area mined in the 1950's for uranium. JCEA (Junta de Control de Energia Atomica) Peru reported assays of 16.5% to 17.5% uranium from a zone known as La Trinchera and 0.95% to 13.5% uranium from San Marcos I and II zones. The Company wishes to advise that the grades reported from the work conducted by JCEA during that period cannot be relied upon as being representative of the area as the supporting data for the programme conducted in the 1950's is not able for study. Solex has not yet taken its own samples is this area at the current time and is formulating a follow-up programme of its own and will release more information when its own sampling work is complete.

In a report prepared by Richard A. Jemelieta, Ph.D., Consulting Geologist on this region, he states:

"Mineralization in the Vilcabamba district comprises widespread, but isolated, narrow polymetallic veins containing copper, zinc, lead, silver, nickel, cobalt and uranium minerals. Mineral deposits of this type are known worldwide and have been important producers of uranium in the past (McMillan, 1996). The large Ace-Fay-Verna system produced 9 Mt of ore at an average grade of 0.21% U from numerous orebodies over a length of 4.5 km. and a depth of 1500 m. Gunnar produced 5 Mt of ore grading 0.15% U from a single orebody. The Schwartzwalder mine in Colorado was the largest "hardstock" uranium mine in the United States, producing approximately 4,300 tonnes U, and contains unmined reserves of approximately the same amount.

The above veins have metallogenic, geochemical and alteration features in common with unconformity-type uranium deposits (Marmont, 1987) and there may be potential for this latter style of mineralization in the Vilcabamba district. The unconformable contact between the Permian Copacabana formation limestones and overlying Permo-Triassic Mitu group volcanics and sediments (arkoses) would be a likely exploration target for this type of mineralization....

Uranium mineralization in the Vilcabamba district has not been explored systematically since the 1950's and would benefit from re-examination."

Jonathan Challis (FIMMM), a Qualified Person, as defined by NI43-101, prepared and reviewed the information in this News Release.


Solex is an exploration development stage company engaged in the acquisition and exploration of mineral properties, focussing 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


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.

The CNQ exchange, nor the TSX-V Exchange, neither approves nor disapproves of the contents of this news release.

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