Mohan R. Vulimiri

November 17, 2007 19:30 ET

Letter to the Solex Shareholders From Mohan R. Vulimiri, Concerned Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2007) -

To the Shareholders of Solex Resources Corp.:

I, Mohan R. Vulimiri, am a concerned Director of Solex and have sent proxy materials to certain shareholders of Solex with the aim of electing myself, Jason Birmingham and Etienne Walter, existing directors of Solex, along with Victor Bradley, the Chairman of Yamana Gold Inc., and Brett Kagetsu, a securities partner with the law firm of Gowling Lafleur Henderson LLP, at Solex's annual and special meeting of shareholders scheduled to be held in Toronto at 9:30am on November 21, 2007. Please refer to my proxy circular and form of proxy filed on SEDAR.

I am particularly concerned with the operation of Solex by its current management, including, among other things, approving significant unwarranted increases in executive compensation and severance packages over the past year, which I did not approve in my capacity as a member of Solex's board of directors, and which Solex's Compensation Committee did not properly approve. My other concerns include several actions taken without Board approval, including finalizing management's proxy materials for the Meeting (including the decision to reduce the size of the Board from seven to five so management could remove both myself and another board member from management's slate of directors). They also removed one of Solex's independent directors from the Board of Directors' Compensation Committee. In addition, Solex's management amended Solex's Articles to change the place of its registered office from Vancouver, British Columbia to Toronto, Ontario without obtaining proper shareholder approval to such amendment.

It is unacceptable that management has taken these actions without proper approvals, both at the board and at the shareholder level, and it is my objective to remove current management if we are successful in having my proposed slate of directors elected at the Meeting. I have consistently acted in Solex's best interest as a director of Solex and, as a result of challenging management's actions, I was left off management's slate of directors to be elected at the Meeting. In fact, I and one of my co-directors were asked by management not to stand for re-election to the Board just before the proxy materials were scheduled to be printed. When we refused, management proceeded with drafting a resolution to reduce the size of the Board to five and leaving both of us off of management's slate of directors.

I and my proposed slate of directors for Solex collectively have a significant amount of experience in the junior mining sector. I also have been in discussions with a senior executive in the mining sector who is willing to assume the position of President on an interim basis if we are successful in electing our slate.


Mohan R. Vulimiri


If you require assistance in revoking your vote, please call Allen Nelson & Co. at 1-206-938-5783.

Contact Information

  • Mohan R. Vulimiri
    (604) 765-6778