Solid Resources Ltd.

Solid Resources Ltd.

February 15, 2013 09:00 ET

Solid Resources Reports Historical Data on Spanish Iron Ore Concessions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2013) - Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW)(OTCQX:SLDRF)(FRANKFURT:YRS) is pleased to report on the historical data regarding the Cehegín iron ore concessions located the province of Murcia, south eastern Spain.

On October 22, 2012, the Company announced that its 100% wholly owned subsidiary, Solid Mines España, S.A.U.("SME") had entered into a binding option agreement pursuant to which it acquired the option to purchase 100% of the sixty-two (62) iron ore concessions and metallic mining licenses, covering an area of 1,030 hectares.

The concessions were formally owned by the Spanish ironworks company, Altos Hornos de Vizcaya, ("A.H.V.") which was the largest industrial company in Spain for much of the twentieth century. In 1975, all 62 concessions were grouped together into one single subsidiary of Altos Hornos de Vizcaya called Agrupacion Minera, SA., who exploited one of the open pit mines - Mina Maria, for its own needs until 1989.

The 62 separate concessions, which were mined for iron ore during the 20th century, offer excellent infrastructure, including hydro, water and a railway, approximately 12 km away, connecting at the rail station in the municipality of Calasparra, to the deep sea port of Cartagena, 100 km away.

Production can commence on the existing permitted concessions upon the Company updating the viability and environmental studies to the satisfaction of the local mining and environmental authorities.

The Company has obtained all of the detailed historical mining and exploration data compiled by Altos Hornos de Vizcaya. This historical data includes all of the work carried out during the operational phase from 1960 until 1989, first by the Association of Mines of Cehegín, then by A.H.V. The historical data includes:

  • extensive aerial magnetic surveys
  • 1,245 boreholes through rotary percussive drilling, totaling 38,043 metres
  • recovery of the detritus and testing by Davis Tube.
  • 23,528 magnetometry stations
  • 23,697 magnetic concentration tests

The findings of A.H.V. illustrate the existence of various economical sized deposits with grades of 38% to 60% magnetite, with no relevant impurities in the mineral. Only one of the 62 concessions, Mina Maria, was exploited using current methods of operation, which included a concentration plant, which consisted of crushing, grinding and magnetic separation to achieve concentrations of 65% to 70% Fe. The historic records show Mina Maria was mined for approximately 4 million tons of iron ore.

The tables listed below were prepared by José Manuel Romera Cantó, Ph.D, a Professional Geologist in his capacity as a Qualified Person and is based on the geological and geophysical data and analysis contained in the files issued by AGRUMINSA (Altos Hornos de Vizcaya Group) and aeromagnetic surveys prepared for IGME (Geological Survey of Spain) by CGG (General Geophysical Company) from 1973 until 1988.

Cehegin Iron Ore Resource Estimate
Million Tonnes Fe % DTWR % DT %
Measured 7.63 39 41.5 64.6
Indicated 5.93 31 42.1 63.4
Measured & Indicated 13.56 35.5 41.8 64.1
Inferred 62.50 40 41.7 65.3

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Solid Resources is not treating the historical estimate as current mineral resources or mineral reserves, although they are believed to be of historical importance by the Company.

The Cehegin magnetite ore is associated closely with the Ophites (subvolcanic rocks) to which they are genetically linked with strike zones in excess of 1,000 metres and with thicknesses of 15 to 50 metres.

From the analysis of the aerial magnetometric information, taken from the archives of IGME, the Company has an exploration target of in excess of 100 million tons. This potential quantity is conceptual in nature; there has been insufficient exploration to define a mineral resource. The Company is uncertain if further exploration will result in the target being delineated as a mineral resource.

The analytical data from A.H.V. refers to magnetic concentration from tests performed with a Davis Tube Test on the ore samples from the mine or drill core, by grinding smaller than 0.15 mm. The mineralogical treatment plant of Mina Maria has obtained grades of the final concentration as follows:


Concentrate %
Iron 65.19
Manganese 0.05
Silica 3.99
Alumina 1.73
Calcium Oxide 0.28
Magnesium Oxide 1.80
Potassium Oxide 0.06
Sodium Oxide 0.016
Sulfur 0.01
Phosphorus 0.04
Zinc 0.004

The chemical analysis was made by the Geological and Mining Institute of Spain

During the next 2-3 months Solid will undertake work programs to begin upgrading the historical resource estimate to NI 43-101 compliant reserves.

"This is a tremendous opportunity for Solid Resources," stated Greg Pendura, president and CEO. "We are very excited to be able to commence various NI 43-101 compliant work programs to verify the historic estimate. We feel confident that the due diligence that we are undertaking on the Cehegin concession will support the historical data on file and result in excellent value for our shareholders."

Dr. Alfonso S. Gracia Plaza, Doctor of Science in Economic Geology is responsible for the technical reporting in this news release and is the Company's "Qualified Person" for the purpose of NI 43-101.

The Company intends to release additional technical information on the property's potential in the very near future.

About Solid Resources:

Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently in the late stage of quantifying the presence of tantalum, tin, lithium and other rare minerals on its Alberta-1 property in north-western Spain and reinstating the production of 62 iron ore concessions in south-eastern Spain.

Certain statements contained in this press release, including statements which are related to exploration activity and future prospects and profitability and which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances and/or achievements of Solid to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market conditions and prices of tantalum, lithium, tin, iron ore and other metals and related products and services; competition; political and economic conditions in countries in which Solid does business; changes in laws and regulations, including environmental regulations, to which Solid is subject, and other factors which are described in further detail in Solid's filings with the Canadian Securities Regulators.

Neither the 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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