Solid Resources Enters Final Phase in Attaining Mining Permit for Tin/Tantalum Project, Spain
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2012) - Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW)(OTCQX:SLDRF)(FRANKFURT:YRS) announced today that a new modified Work Program has received official approval by Spanish Ministry of Industry, Tourism and Trade in Galicia, Spain. The NI 43-101 modified program will expedite the Work Program by reducing the required drilling from 6,000 meters to 3,000 meters in the northernmost region of the concession - Presqueiras. The 2012 Drill Program, which was initiated on September 5, 2012, is designed to upgrade a large portion of the existing inferred and indicated NI 43-101 resource estimates into the measured category to the satisfaction of the Spanish Mining Authority in preparation for the granting of a mining permit for the Alberta-1 concession.
The 2012 Work/Drill Program will also include:
- Taking a large bulk sample (100 tons) for concentration tests in a pilot plant.
- Design and construction of a transportable pilot plant, following the indications of the SGS metallurgical report. The Company has confirmed suitable facilities of a nearby mining company near Santiago de Compostela, for the installation of the planned pilot plant to treat the bulk samples. This facility has space for temporary installations, energy, water, landfills and effluent treatment plant, diggers and a mini-flotation plant, appropriate to float the lithium mineral concentrates.
The 2012 metallurgy report compiled by SGS in the UK confirmed:
- A minimum overall tantalum recovery of 60-65%
- A minimum overall tin recovery of 80%.
At the conclusion of this program in early 2013, it is anticipated that the application for a mining exploitation permit will be granted by the Spanish Mining Authorities for the entire Alberta-1 (Doade-Presqueiras) 3,690 hectare concession.
Upon the granting of an exploitation permit, the Company will undertake the construction of an initial expandable production facility of up to 1,500 tons per day in the Presqueiras (northern) region of the concession. There is no certainty the proposed operation will be economically viable until the feasibility study is complete.
Six members of council including the mayor of the nearby municipality of Furcate in Galicia, province of Pontevedra, joined Solid's geology team, headed by Dr. Alfonso Gracia, at the Alberta-1 concession last week. The council, upon being briefed on the progress of the project, offered to facilitate any activities necessary for the on-going work and future development of the project.
"We are very proud of our accomplishments in collaborating with the local towns and the Spanish Mining Authorities to modify and expedite our late stage exploration program," stated CEO and President Greg Pendura. "The Spanish Mining Authorities have shown the commitment and recognition of the economic potential of the concession by granting the Company to enter near term production in 2013."
Dr. Alfonso S. Gracia Plaza, Doctor of Science in Economic Geology, is the Director of the ALBERTA-1 Project and supervises the Company's exploration program on the project. He is responsible for the technical reporting in this news release and is the Company's "Qualified Person" for the purpose of NI 43-101.
About Solid Resources:
Solid Resources is a Canadian junior mining company focusing on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently in late stage of quantifying the presence of tantalum, tin, lithium and other rare minerals on its Alberta-1 property in north-western Spain. In addition, further exploratory work is being conducted on its gold, copper concession in the Province of Ayabaca in northwest Perú.
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, 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.