Solex Resources Corp.
TSX VENTURE : SOX
CNQ : SOLX

Solex Resources Corp.

November 16, 2005 09:30 ET

Solex Resources Corp. Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2005) - Solex Resources Corp. (TSX VENTURE:SOX)(CNQ:SOLX) ("Solex" or the "Company") announced today that it has finalized discussions with investors for a proposed $1,120,000 private placement to fund the Company's exploration programs in Peru and for general working capital.

In terms of the proposed private placement, the Company would issue up to 4,000,000 units at a purchase price of $0.28 per unit. Each unit would comprise one common share and one-half of one non-transferable share purchase warrant. Each whole warrant would entitle the holder to purchase an additional common share of the Company for $0.40 for a period of 18 months from the date of the closing of the proposed private placement.

If the Company's shares trade at $0.55 or higher for 21 consecutive days, the expiry date of the warrants will be accelerated. The Company's common shares closed on the TSX Venture Exchange at $0.28 on November 15, 2005.

The completion of the proposed private placement is subject to compliance with all applicable securities laws and receipt of all necessary regulatory approvals. Finder's fees may be payable by the Company upon the successful completion of the proposed private placement.

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 four principal properties: Pilunani (lead-zinc-silver); Macusani (uranium); Cullquimayo (copper-silver-uranium) and Princesa (silver).

On Behalf of the Board of Directors,

SOLEX RESOURCES CORP.

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 Inc. does not accept responsibility for the adequacy or accuracy of this news release.

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