Solid Gold Resources Corp.

Solid Gold Resources Corp.

January 30, 2013 16:33 ET

Solid Gold Resources Corp.: Court and Ontario Abandons Solid Gold

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2013) - Solid Gold Resources Corp. ("Solid Gold") (TSX VENTURE:SLD) announced today that on the motion and request of Ontario, the Divisional Court declined to hear Solid Gold's appeal against the injunction granted to the Wahgoshig First Nation in January 2012. Solid Gold obtained leave to appeal from Mr. Justice Wilton-Siegal who seriously doubted the correctness of the injunction decision. Wahgoshig First Nation was willing to proceed with the appeal.

At Ontario's urging, the Divisional Court found that the appeal was "moot" due to the new legislative regime under the Mining Act. The amendments requiring exploration plans and permits become mandatory on April 1, 2013.

Solid Gold has commenced an action against the Ontario government claiming damages of $100 million. The claim is based on the damages suffered by Solid Gold including lost opportunity costs arising from the Crown's negligent misrepresentations and other misconduct related to Solid Gold's Legacy Project.

Business of Solid Gold Resources Corp.

Solid Gold is a junior mining exploration and development company, which controls a +/-200- square-kilometer prospect hosting potential for discovery of economic mineralization at Lake Abitibi near the Porcupine Fault zone in Northern Ontario.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Solid Gold believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Solid Gold disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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