Solex Resources Corp.
TSX VENTURE : SOX
CNQ : SOLX

Solex Resources Corp.

August 02, 2005 13:18 ET

Solex Resources Corp. Acquires Additional Properties Adjoining Pilunani in Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 2, 2005) - Solex Resources Corp. (TSX VENTURE:SOX)(CNQ:SOLX) ("Solex") is pleased to announce the acquisition of a 100% interest in the Asnune and Carcuta properties in the Puno District of southern Peru. Both properties are approximately 1,000 hectares in size, the Asnune property directly adjoins Solex's Pilunani property to the northeast, while the Carcuta property is adjacent to the southwest of the Pilunani property. During a recent regional reconnaissance exploration programme, both properties were found to exhibit similar mineralisation to Pilunani and it is now believed that the lead-zinc-silver target in the area is considerably larger than was originally thought. These three properties (see map) in the highly prospective Central Mineral Belts of southern Peru could potentially host large Mississippi Valley-style deposits for lead-zinc-silver.

Note: To view the map, please click the following link: http://www2.ccnmatthews.com/database/fax/2000/sox0802.gif

In consideration, Solex will pay US$65,000 over a four year term and issue 1,000,000 common shares for the Asnune property, and will pay US$130,000 over a four-year term and issue 2,000,000 common shares for the Carcuta property. These acquisitions are subject to the approval of the TSX Venture Exchange. Reports to NI 43-101 standard are currently being prepared.

Solex's total base metal properties in the Pilunani area now approximate 3,600 hectares. Staking and surface exploration activities are continuing. During a previous exploration programme, channel sampling returned values averaging 9.2% zinc and 3% lead over 42 meters in one trench, and a second trench 25 meters away returned values of 8.9% zinc and 1.6% lead over 9 meters, and on the same line, about 50 meters away, 4.2% zinc and 3.1% lead over 17 meters.

ABOUT SOLEX RESOURCES CORP.

Solex is an exploration development stage company engaged in the acquisition and exploration of mineral properties, focussing on southern Peru. Solex has three main property packages: Pilunani (lead-zinc-silver); Macusani (uranium) and Vilcabamba (copper-uranium). The most advanced property is the high-grade Pilunani zinc-silver-lead project. Pilunani, long recognized for its high-grade zinc anomalies at surface, remains largely unexplored by modern methods and a limited drill programme is being formulated for later this year.

The Vilcabamba property consists of five properties totalling 1,900 hectares located within the Cordillera Oriental of the Peruvian Andes. Mineralization consists of narrow copper-uranium-nickel-cobalt and gold-silver-lead-zinc veins, which are emplaced in a skarn type formation, similar to that hosting Tintaya. This area had previously been explored by a German geological mission, working with the Peruvian Atomic Commission (GMAPC) during the period 1957 to 1967. This work had defined grades of up to 3.9% lead, 8.9% nickel, 67 g/t silver and 17% uranium in the subject area. Artisanal activities discovered uranium in the early 1950's and the district was intensively explored resulting in a small-scale production (2,500 tonnes of uranium ore).

The Macusani property is the subject of an option and joint venture agreement with Frontier Pacific Mining Corporation (TSX VENTURE:FRP) ("Frontier Pacific") whereby Frontier Pacific can earn a 50% undivided interest in 35 uranium mineral concessions by spending US$4 million on exploration over five years (of which US$400,000 is to be spent in the first year). In addition, Frontier Pacific will issue 1.5 million shares to Solex over a four year term, of which 200,000 shares have been issued to date. These concessions total 31,100 hectares (311 square kilometers) and are located in the Macusani District, Puno, southern Peru. The concessions cover over 60 uranium showings and anomalies identified by the Peruvian Institute of Nuclear Energy (IPEN). Staking is still continuing in the area.

On Behalf of the Board of Directors

SOLEX RESOURCES CORP.

Jonathan Challis, President & Director

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