Sola Resource Corp.

Sola Resource Corp.

November 14, 2008 17:03 ET

Sola Resource Corp. to Complete Diamond Valuation and to Option High-Grade Manganese Occurrence

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2008) - Sola Resource Corp. (TSX VENTURE:SL) (PINK SHEETS:SOLAF) (the "Company") wishes to make the following announcements:

Carolina Bulk Sample

As previously reported (September 25, 2008) approximately 4,400 dry tonnes of material from the diamondiferous Carolina kimberlite pipe have been pre-concentrated and the remaining concentrate has been processed for diamonds.

A valuation of the parcel will be completed over the next few weeks in order that the Company will be able to publish the completed results on the bulk sample.

Letter of Intent

The Company has entered into a Letter of Intent to obtain an option to earn into a high-grade manganese occurrence. The property is within 100 kilometers of the Company's area of operations in the state of Rondonia, Brazil (the "Property").

The proposed option agreement calls for staged payments to the optionee totaling $750,000 and 10,000,000 shares in the Company. These payments will be made upon a series of milestones advancing the manganese property through a rapid scoping study through to production.

The Company is in discussions for the financing of the development of the Property. The option exercise will be contingent upon due diligence, securing finance for the project and completion of the option negotiation.

The manganese occurrence has had a preliminary trenching and sampling program conducted on it. The Property is easily accessible and is located close to the Company's existing operations. The occurrence is a wide and extensive brecciated vein system cutting a Granitoid Intrusive Suite. The predominant component of the vein is fibrous pyrolusite (manganese dioxide - MnO2) accompanied by clasts of amethystine quartz.

Two samples of the pyrolusite vein were assayed by Loring Laboratories Ltd. in Calgary, Alberta and returned values of 47.8% and 58.1% Mn, indicating potential for the mining of direct shipping ore.

Further exploratory work has begun, to quantify the lateral extent of the vein and its tonnage potentials. The program will include trenching, mapping, geophysics and drilling.

Continuing capital market volatility and illiquidity are impeding financing in the junior market. The Company continues to cut back its field exploration activities and cash burn, but remains committed to the completion of the Carolina evaluation and the opportunity of discovery and development of diamond deposits in Brazil. New projects that can yield positive cash flow, such as the manganese opportunity, will be used to enhance shareholder value and fund the ongoing commitments the Company has in its diamond exploration program.

As previously reported, the Company continues its capital raising efforts and the exploration program will continue on a scale based on available funding. The Company also continues to seek out opportunities, alternative financing arrangements and potential JV partners that will enhance future shareholder value.

Prof. Roger D. Morton B.Sc., Ph.D., P.Geol. (Alta), a qualified person for the purpose of National Instrument 43-101, has reviewed and verified the contents of this news release.

We seek safe harbor.


Thomas Kovacs, President

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

Contact Information