Silex Ventures Inc.
TSX VENTURE : SXX.P

July 08, 2009 15:30 ET

Silex Ventures Inc. Announces Details on Quia Resources Inc.'s Current Drilling Program in Colombia, New Acquisition and Other Developments

TORONTO, ONTARIO--(Marketwire - July 8, 2009) - Silex Ventures Inc. (TSX VENTURE:SXX.P) ("Silex" or the "Company"), a capital pool company, is pleased to provide a comprehensive update on Quia Resources Inc. ("Quia"), further to the press release dated June 30(th), 2009 announcing that Silex entered into a binding letter of intent with Quia:

1. An update on Quia's current drill program;

2. The acquisition of an additional seventeen concessions totalling 15,856 hectares in the San Lucas mountain region of Colombia;

3. Preliminary commitment by the military to station a battalion on Quia's San Lucas property.

Update on Current Drilling Program

Quia commenced an initial 2,500 metre scout drill program at the Federacion Property in the Bolivar Department, Colombia, to test the Brecha, Cueva de Lobo, San Luquitas, and Vietnam vein systems and surrounding wallrock - currently the most accessible of several targets identified.

To date, Quia has completed 780 metres in seven holes - three from each of the first two platforms and one from a third platform. The drilling completed defines the Brecha system along 350 metres of strike length. Quia is completing shipment of the core from the first six holes for assaying this week and expects to be in a position to release its first results in August. The next platform will be located on the Cueva de Lobo vein system.

Acquisition of 15,856 Hectare Property

Quia has signed an agreement with Gersson Mejia to acquire a 100% interest in seventeen concessions totalling 15,856 hectares in the San Lucas mountain region of Colombia. The acquisition is subject to Quia completing due diligence on the property to its satisfaction. The seventeen concessions consist of eight concessions totalling 6,060 hectares that have been awarded renewable 30 year contracts from the Ministry of Mines and another nine concessions totalling 9,796 which are pending approval of such renewable 30 year contracts.

The concessions are semi-contiguous with the eastern block of Quia's 50% owned Federacion Property. The area of most immediate interest are the two contiguous concessions that appear to cover the northeastern extension of the fault structure that hosts the Caribe system on the central block of the Federacion Property where Quia is currently drilling.

Robert Manning, President of Quia commented: "We are very pleased with this acquisition as it expands our land base in the San Lucas mountain region, which we think is one of the most prospective and underexplored gold districts in Colombia. We have been looking at a number of acquisitions over the past several months, and expect to conclude additional agreements over the coming months significantly expanding our portfolio of 100% owned properties in the San Lucas region."

The acquisition increases Quia's total 100% land holdings in the San Lucas region to 22,856 hectares with a 50% interest in an additional 10,430 hectares. Quia now holds an interest in over 33,000 hectares in the San Lucas region of Colombia.

Mr. Manning further added: "We know that the San Lucas mountain region has historically been home to thousands of artisanal miners which continues today in certain parts, and all of our exploration results to date indicate the potential for large, high grade mesothermal systems, while at the same time little modern exploration has taken place. Our goal is to be a leading gold explorer and emerging producer in Colombia with continual project generation underpinned by one of the largest property positions in the country."

Preliminary Commitment from Colombian Military

Quia has received a preliminary commitment from the Colombian military that they will station a battalion on Quia's San Lucas Property. Robert Manning, President of Quia stated: "We are pleased with these developments and they underscore the mutual commitment by Quia and the Colombian authorities to the development of the area and economy."

About Quia Resources Inc.

Quia is focused on exploring and developing gold deposits in Colombia. The company's strategy is to focus on Colombia since it believes the country is geologically favourable for hosting significant gold deposits and presents a unique opportunity in being underexplored combined with a rapidly improving political climate. Quia's management has extensive experience working in the mining industry in Colombia and more broadly in South America.

Quia holds a 100% interest in certain mining claims located in Bolivar and Antioquia Departments of Colombia consisting of 18 mining licenses covering approximately 7,000 hectares in the San Lucas mountain range (the "San Lucas Property"). Quia also holds a 50% title interest in 14 mining claims covering approximately 10,000 hectares in the Department of Bolivar, Colombia (the "Federacion Property") pursuant to an option agreement with Federacion Agrominiera of the South of Bolivar ("Fedeagromisbol").

Previous Work by Quia

San Lucas

In December 2007, Iain Kelso, then acting as the independent Qualified Person for the purpose of completing an independent technical report compliant with National Instrument 43-101 ("43-101 Report"), visited the San Lucas property and collected a total of 24 grab samples from five artisanal mines, and local miners collected an additional ten grab samples from more distal artisanal mine sites which could not be visited by Mr. Kelso during the visit. Samples were submitted to Accurassay Laboratories in Thunder Bay, Ontario for analysis by fire assay and ICP. Accurassay's 30 gram fire assay method uses lead collection with AAS finish. The results of all the samples are summarized in the following table:




----------------------------------------------------------------------------
----------------------------------------------------------------------------
Location Sample g Au/t g Ag/t Location Sample g Au/t g Ag/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Q001 10.66 4 Q021 4.09 2
------------------------------- ---------------------
Q002 7.46 3 Oro Lindo Q021 4.2 3
-----------------------------------------------------------------
Q003 4.57 6 Q022 2,342.92 greater
than 100
------------------------------- ---------------------
Q004 1.93 less Q023 326.81 69
than 1
------------------------------- ---------------------
Q005 1.52 less Mina Rico Q024 208.76 44
than 1
-----------------------------------------------------------------
Q006 1.83 less Q025 10.24 100
than 1
------------------------------- ---------------------
Q007 19 26 Q026 6.64 greater
than 100
------------------------------- ---------------------
Q008 17.43 31 Q027 15.45 12
------------------------------- ---------------------
Oro Blanco Q009 39.76 greater Chicago Q028 5.49 greater
than 100 than 100
----------------------------------------------------------------------------
Mina Los
Q011 691.39 70 Micos Q029 7.45 21
-----------------------------------------------------------------
Q011 835.33 73 Q030 5.84 18
------------------------------- ---------------------
Q012 40.05 53 Q031 5.6 17
------------------------------- ---------------------
Q013 137.18 24 Q032 54.53 80
------------------------------- ---------------------
Mina
Q014 162.8 greater Yamball Q033 191.56 greater
than 100 than 100
-----------------------------------------------------------------
Q015 83.32 greater Q034 147.02 58
than 100
------------------------------- ---------------------
Mina
Q016 405.45 greater Mojella Q035 169.55 44
than 100
-----------------------------------------------------------------
Q017 462.21 greater Q036 1.19 4
than 100
------------------------------- ---------------------
Mina
Nueva Q018 86.53 greater Q037 3.82 4
than 100
------------------------------------------ ---------------------
Mina
Oro Lindo Q019 1.63 less Danta Q038 14.75 4
than 1
----------------------------------------------------------------------------
----------------------------------------------------------------------------



In June, 2008, Quia contracted MPX Geophysics Ltd. to carry out a heliborne magnetic and radiometric geophysical survey over the San Lucas Property. The survey mapped magnetic lineaments extending from southwest to northeast in what Quia interprets to be three parallel structures between 1.7 and 3.5 kilometres in length. The Oro Blanco, Mina Nuevo, Oro Lindo and Mina Rico artisanal mine sites are hosted within these lineaments. The area of these structures is the initial target where Quia plans to conduct further exploration and drilling at San Lucas. The geophysical survey also highlighted several other structural features including the regional Palestina fault's transect of Quia's property, which will also be targeted for additional exploration and drilling.

Federacion

In July 2008, Iain Kelso, then acting as the independent Qualified Person for the purpose of completing an independent technical report compliant with National Instrument 43-101 ("43-101 Report"), visited the Federacion property and collected a total of 25 grab samples. Samples were submitted to Acme Analytical Laboratories Ltd. in Bogota, Colombia. Following preparation in Bogota, samples were sent by ACME to Santiago, Chile for analysis by fire assay and ICP. The results are summarized as follows:



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Sample Material Area Location g Au/t g Ag/t
--------------------------------------------------------------------------
1 Vein San Pedro Frio El Timbo 1.39 4
--------------------------------------------------------------------------
2 Vein San Pedro Frio El Timbo 8.87 33
--------------------------------------------------------------------------
3 Stockpile San Pedro Frio Buenos Aires 65.48 33
--------------------------------------------------------------------------
4 Stockpile San Pedro Frio Buenos Aires 17.62 22
--------------------------------------------------------------------------
5 Wallrock San Pedro Frio Buenos Aires 0.86 2
--------------------------------------------------------------------------
6 Wallrock San Pedro Frio Buenos Aires 0.21 2
--------------------------------------------------------------------------
7 Head San Pedro Frio Brecha 10.85 25
--------------------------------------------------------------------------
8 Stockpile San Pedro Frio Brecha 90.71 301
--------------------------------------------------------------------------
9 Stockpile San Pedro Frio Brecha 26.89 102
--------------------------------------------------------------------------
10 Filon San Pedro Frio Cueva de Lobo 7.48 11
--------------------------------------------------------------------------
11 Filon San Pedro Frio Cueva de Lobo 25.96 81
--------------------------------------------------------------------------
12 Vein San Pedro Frio Cemada 0.57 2
--------------------------------------------------------------------------
13 Wallrock San Pedro Frio Cemada 16.94 7
--------------------------------------------------------------------------
14 Vein San Pedro Frio Mina Javier 392.4 152
--------------------------------------------------------------------------
15 Vein San Luquitas San Luquitas 288.33 120
--------------------------------------------------------------------------
16 Vein Caribe Caribe 99.56 301
--------------------------------------------------------------------------
17 Wallrock Caribe Caribe 21.81 88
--------------------------------------------------------------------------
18 Vein Caribe Caribe 20.97 70
--------------------------------------------------------------------------
19 Wallrock Caribe Caribe 17.14 46
--------------------------------------------------------------------------
20 Vein Caribe Caribe 106.54 149
--------------------------------------------------------------------------
21 Wallrock Caribe Caribe 3.98 8
--------------------------------------------------------------------------
22 Vein Caribe Caribe 129.2 301
--------------------------------------------------------------------------
23 Wallrock Caribe Caribe 5.44 17
--------------------------------------------------------------------------
24 Alluvium Escopota Escopota 0.44 2
--------------------------------------------------------------------------
25 Alluvium Escopota Escopota 30.82 3
--------------------------------------------------------------------------


Quia's current drill program is focusing on targets in the Caribe-San Pedro Frio area which were initially sampled as above. In January 2009, Quia took a composite bulk sample from the Jorge Mora vein - located 6 kilometres west of San Pedro Frio in the Piojo area. The bulk sample was shipped to C.H. Plenge in Lima, Peru for analysis by fire assay and metallurgical testing. The results of the composite bulk sample are as follows:



----------------------------------------------------------------------------
----------------------------------------------------------------------------
Vein Width
Mine Vein Mass (kg) Type (m) Sample Type g Au/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pedro Urtada Jorge Mora 8.10 Sulphide 1.5 Grab 21.43
----------------------------------------------------------------------------
Pedro Urtada Jorge Mora 9.50 Sulphide 1.5 Grab 57.23
----------------------------------------------------------------------------
Pedro Urtada Jorge Mora 8.70 Sulphide 1.5 Channel 33.62
----------------------------------------------------------------------------
Blas Toloso Jorge Mora 8.30 Sulphide 5.0 Channel 9.07
----------------------------------------------------------------------------
Blas Toloso Jorge Mora 9.20 Sulphide 5.0 Grab 14.06
----------------------------------------------------------------------------
Mina Jorge Jorge Mora 4.50 Oxide 4.9 Channel 7.52
----------------------------------------------------------------------------
Mina Jorge Jorge Mora 8.10 Oxide 4.9 Grab 273.45
----------------------------------------------------------------------------
Mina Jorge Jorge Mora 5.10 Oxide 4.9 Grab 194.64
----------------------------------------------------------------------------
Mina Jorge Jorge Mora 8.70 Oxide 4.9 Grab 17.77
----------------------------------------------------------------------------
Mina Jorge Jorge Mora 4.90 Oxide 4.9 Grab 4.56
----------------------------------------------------------------------------
La Cachaca Jorge Mora 2.40 Oxide 1.5 Grab 51.85
----------------------------------------------------------------------------
La Cachaca Jorge Mora 4.40 Oxide 1.5 Grab 10.21
----------------------------------------------------------------------------
La Cachaca Jorge Mora 5.60 Sulphide 1.5 Grab 84.31
----------------------------------------------------------------------------
Romero Jorge Mora 9.40 Oxide 2.0 Grab 32.16
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Sulphide sample mass: 49.40 Sulphide sample average: 36.62
Oxide sample mass: 47.50 Oxide sample average: 74.02
--------------------------------- --------------------------------
Total sample mass: 96.90 Total sample average: 57.99


The Jorge Mora vein was measured in areas to have a true width of 5 metres. Given the observed widths and results of the bulk sample, Quia believes the Piojo area and the Jorge Mora vein in particular to be an excellent follow-up target for drilling. Quia also observed stockwork mineralization in the wallrock extending approximately 25 metres away from the main Jorge Mora vein, which the company also intends to test.

Further information on Quia's properties can be found at www.quiaresources.com.

The report above on the current work program on Quia's Federacion Property and the historical work carried out by Quia on the San Lucas and Federacion Properties has been prepared by Mr. Iain Kelso, a Registered Professional Geologist and Qualified Person (QP) as defined by NI 43-101 of the Canadian Securities Administrators. Mr. Kelso is the QP for the San Lucas and Federacion Property exploration programs.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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