Sola Resource Corp.

Sola Resource Corp.

July 13, 2010 08:30 ET

Sola Provides Positive Notice to Move Forward With Potential Partner in Brazil

VICTORIA, BRITISH COLUMBIA--(Marketwire - July 13, 2010) - Sola Resource Corp. (TSX VENTURE:SL) (PINK SHEETS:SORSF) (the "Company" or "Sola") reports that it has provided a Positive Notice under its Memorandum of Understanding ("MoU"), with Rio Madeira Comercio Importacao E Exportacao De Minerios, ("Rio Madeira").

Sola is pleased to announce that upon review of certain due diligence materials and verification actions and duties executed by Sola, Sola has issued Rio Madeira a "Positive Notice" to move forward as provided for under the terms and conditions of its MoU with Rio Madeira.

Under the MoU, Rio Madeira was to provide access to, and work with Sola, in regards to enabling Sola to review due diligence materials and have access to any and all aspects of Rio Madeira's business. Such access was provided, and Sola was satisfied with information and materials presented to date. Further due diligence will continue, but under the terms of the MoU, Sola has been satisfied with its initial reviews.

This Positive Notice leads the way to enable Sola to commence the next stage of execution which will be the completion of definitive agreements, and the negotiation of such agreements, as well as the financing of the acquisition.

Bill Pfaffenberger, CEO and Director of Sola, says; "We have been excited about the clarity and level of disclosure that we have seen from Rio Madeira; it has given Sola a level of comfort that we see will provide the foundation for an exceptional partnership in the years to come. While due diligence will be an ongoing aspect of any joint venture and partnership, this has started out in a very positive manner."

Sola is a junior exploration company with assets in Canada and Brazil. The Company has primarily focused on diamond, gold and base metal resource properties since inception. All available resource reports and information on the Company's properties are located on the Company website.

Rio Madeira is a Brazilian company with which Sola has a Memorandum of Understanding to purchase 50% of its share capital and is presently producing 2,000 tons per month of 52% grade Manganese. 

Issued on behalf of the Board of Directors of Sola Resource Corp.

William (Bill) Pfaffenberger, Director

The information in this news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expressions are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change. We seek safe harbor.

Neither the TSX Venture Exchange nor its Regulation Service 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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