Sola Resource Corp.
TSX VENTURE : SL

Sola Resource Corp.

October 12, 2006 14:40 ET

Sola Resource Corp.: News Release

CALGARY, ALBERTA--(CCNMatthews - Oct. 12, 2006) -

Not for distribution in the United States of America

October 2006 Exploration and Corporate Update

- New discovery of diamonds on Sola's property in NW Brazil

- Canadian operator appointed for exploration and development

- Continuing progress of regional exploration program

- Ground geophysical surveys of kimberlite areas to commence

- Jig plant tuned for kimberlite bulk-sample treatment

- Revised Joint Venture agreement signed with Brazilian partner

Sola Resource Corp. (the "Company" or "Sola") (TSX VENTURE:SL) is pleased to announce that considerable progress and success has been recorded with respect to its diamond exploration operations in the Pimenta Bueno region of Rondonia, Brazil.

Sola's geological exploration team has recently discovered a new diamond-bearing anomaly during its regional survey for kimberlite indicator minerals. On one of Sola's claims, two adjacent localities have yielded significant macro-diamonds. One locality yielded a 0.35 carat, pure white, clean, euhedral diamond. Another nearby locality produced a 0.12 carat white dodecahedral diamond, a 0.04 carat yellow diamond, a 0.03 carat white diamond and a 0.02 carat white diamond. These diamonds were found in association with abundant garnets which signifies the presence of another, new diamondiferous kimberlite body, in addition to the discoveries previously announced by the Company. In the regional kimberlite indicator mineral survey, the sampling crew personnel has been considerably augmented and its efficiency improved by the introduction of new techniques. To date more than 300 surface samples have been collected. Of these, 253 samples have been processed and 94 of these have proven anomalous.

During recent land-clearing activities, associated with the preparation for the bulk-sampling and further investigation of the Carolina kimberlite, Sola's geological team performed a limited shallow auger drill program. This program has resulted in the discovery of kimberlite in lateral extensions of the Carolina pipe system. Thus, there is an inferred increase in the pipe's previously announced area and in its potential tonnage.

Ground-based geophysical surveys (Magnetic and Max-Min) of the Carolina kimberlite pipe and its environs will soon commence. The data from these surveys will be employed to define the limits of the pipe and to identify any other pipes or offshoots in the immediate surrounding area. Following this survey of the Carolina site the ground geophysical equipment will be deployed to other priority areas where the company believes that recent indicator mineral surveys have revealed potential for the discovery of new diamond-bearing kimberlite bodies.

The large jig plant has now been tuned using old waste materials to enable bulk sampling of the upper sector of the main part of the Carolina kimberlite pipe. This sampling program will commence when the National Department of Mineral Production (Departamento Nacional de Producao Mineral - DNPM) of the Brazilian Ministry of Mines and Energy issues a permit for the extraction of this bulk sample. A team from the DNPM, including geologists, mining engineers and environmental experts was on-site meeting with Sola's personnel and inspecting the plant facilities and the site of the planned test mining operation. Issuance of the permit is anticipated in the near future.

A revised Joint Venture agreement with Bantu Mineracao Ltda. was signed on October 4, 2006 under which Canamera Geoscience Corp. of Calgary, Alberta, through a newly formed JV corporation, replaces Bantu Mineracao Ltda. as the operator of all the Brazilian field exploration activities of Sola Resource Corp. This new arrangement will facilitate an acceleration of the current geological and geophysical exploration programs oriented towards the discovery and development of diamondiferous kimberlites on Sola's J.V. properties in the State of Rondonia.

Dr. 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.

ON BEHALF OF THE BOARD OF DIRECTORS OF SOLA RESOURCE CORP.

Thomas Kovacs, President

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

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