Solex Resources Corp.

Solex Resources Corp.

December 12, 2006 14:09 ET

Solex Resources Corp. Announces Commencement of Diamond Drill Program on Macusani Uranium Project, Southern Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 12, 2006) - Solex Resources Corp., (TSX VENTURE:SOX) ("Solex" or the "Company"), and Frontier Pacific Mining Corporation (TSX VENTURE:FRP) ("Frontier"), the operator, (collectively the "Venture Participants") are pleased to announce the commencement of a major 20,000 metre (US$2.5 million) diamond drill program on their extensive Macusani Uranium Project in Southern Peru.

The Venture Participants applied to the Peruvian Ministry of Mines in September, 2006 for approval to diamond drill up to 20,000 meters on eight (8) widely separated surface uranium targets on the 46,000 hectare mineral concession property. Drill permits have been received initially for Calvario III and drilling has begun on that target. The additional permits for the other seven targets (Sayana, Sayana West, Agaton, Calvario I, Calvario II, Puncopata and Tantamaco) are expected to be received over the next few weeks. The drill program commenced initially with one drill operating during December and two more drills to be added in the New Year.

In August 2006, the Venture Participants completed a successful 1,780 metre trial drilling program on the Sayana, Agaton, Calvario I and Puncopata targets. The trial drill program consisted of 44 holes on four targets, as outlined in previous news releases, and confirmed that the near surface uranium (U3O8) was contiguous between drill holes over thicknesses that varied between 2.4 metres and 10 metres as outlined in the chart below. The trial drilling was carried out over surface areas measuring approximately 30 metres by 80 metres located within scintillometer and radon cup radiometric survey anomalies that measure greater than a half square kilometer in size. The trial drilling results provided confidence to the geologic team that the large radiometric anomalies could contain significant resources of uranium (U3O8). Based on this conclusion, the Venture Participants made the decision to launch an extensive diamond drilling resource evaluation to measure the uranium content over the extent of the very large radiometric anomalies with a series of up to 600 drill holes.

Trial Drill Results - August, 2006:

Sayana 7 0.92 - 12.52 4.7 0.095% 1.90
Calvario1 10 1.52 - 12.52 2.4 0.082% 1.65
Puncopata 5 23.22 - 42.52 7.2 0.037% 0.75
Agaton Hole ID:
AG-06-06 5.52 - 15.52 10 0.102% 2.40

Regional geologic work and detailed uranium occurrence mapping over the last three months has provided confirmation that the uranium (U3O8) occurs within particular siliceous-aluminous young ignimbrite flows, at several horizons, as disseminations between tuffaceous fragments and within congealing fracture fillings related to cooling of the near surface flows. At several locations, the favorable flows appear stacked one on top of the other and separated by barren or low grade ignimbrites. Better grades of uranium appear to be related to coarse fragmental tuffs suggesting proximity to volcanic necks. This work is continuing and is expected to yield many additional targets in addition to those selected for drilling.

The Venture Participants have engaged the services of Scott Wilson Roscoe Postle Associates Inc. to assist in preparing the protocol field procedures, review of the exploration results and technical data and prepare an estimate of the mineral resources identified during this program.

Mohan R. Vulimiri, M.Sc., P.Geo., Chairman of Frontier and Director of Solex, is the person responsible for initiating and guiding the work programs. Jonathan Challis, C.Eng., FIMMM., President and Director of Solex is responsible for the contents of this press release. Mr. Vulimiri and Mr. Challis are qualified persons in accordance with National Instrument 43-101 guidelines.

The analyses from Macusani drilling are being performed by Activation Laboratories Ltd. ("Actlabs"), Ancaster, Ontario, Canada. Actlabs has a preparation laboratory in Lima, Peru.

The project is more fully described on the Company's website


Solex is a development stage mineral exploration company engaged in the acquisition and exploration of uranium and base metals properties in Peru. Solex is the largest concession holder in the Macusani Uranium District in SE Peru. The Macusani project is a joint venture with Frontier which has the right to earn a 50% interest in the Macusani project after spending $4 million over a 5 year period. Solex is also exploring its 100% owned Pilunani (lead-zinc), Princesa (silver-lead-zinc), Macusani West (uranium) and Cullquimayo (copper-silver-uranium) properties. The Company is well funded with working capital of approximately CDN$3.0 million.

On Behalf of the Board of Directors of


Jonathan Challis, President & Director

This news release has been prepared by management of the company who takes full responsibility for its contents.

This news release may include forward-looking statements within the meaning of Section 27a of the United States Securities Act of 1933, as amended, and Section 21e of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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

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