Solex Resources Corp.
TSX VENTURE : SOX
CNQ : SOLX

Solex Resources Corp.

August 04, 2005 13:54 ET

Solex Resources Corp. Stakes Princesa Property in Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 4, 2005) - Solex Resources Corp. (TSX VENTURE:SOX)(CNQ:SOLX) ("Solex") is pleased to announce the addition of 600 hectares to Solex's holdings in the Pilunani area acquired as part of Solex's staking program. The area, known as Princesa, is northwest of the main Pilunani property. The high-grade mineralization at Princesa occurs in sub-horizontal, cross-bedded, sandstones and conglomerates. Exposed veins are breccia textured and consist primarily of zinc-lead-silver mineralization. Evidence of previous mining activity is visible over a considerable area, with open stopes and adits.

Previous exploration reports from 1974 show mined average grades of 4.6 oz silver, 5.2% lead and 2.88% zinc for the Princesa vein over an average eight meter width and a strike length of 200 metres.

A future exploration program consisting of rock chip and channel sampling, geological mapping and angle hole diamond drilling will be undertaken as funds and manpower are available.

A picture highlighting the Princesa property is accessible on Solex's website or at www.solexresources.com/i/photos/Princesa1.jpg.

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 which includes the recently acquired Asnune, Carcuta and now Princesa properties. 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 in the nearby Tintaya mine. 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 (approximately 311 square kilometres) 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

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.


The CNQ exchange, nor the TSX-V exchange, neither approves nor disapproves of the contents of this news release.

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