Solid Resources Granted Maximum Spanish Mining Subsidy for 2012
TSXV: SRW
OTCQX: SLDRF
FRANKFURT: YRS
VANCOUVER, Nov. 21, 2011 /CNW/ - Solid Resources Ltd. ('SOLID' or the 'Company')
(OTCQX: SLDRF) is pleased to announce that for the second year in a row, it has received official notification from the Spanish Ministry of Industry, Tourism and Trade that the Company has been granted the maximum subsidy for work committed for 2012 to be carried out on the Alberta-1 (Doade-Presqueiras) rare metals concession in northwestern Spain. The Company was initially granted the maximum subsidy of 20% for work completed on the concession during 2011.These subsidies are awarded by public tender in competition with other exploration projects in Spain. One of the essential conditions in receiving the grant was that two of the three target metals in the Alberta-1 project - tantalum and lithium, are considered strategic industrial commodities in the European Union. Solid Resources further met all of the requirements of technical and financial solvency to carry out the work of the exploration program presented and approved over one year ago by the mining authorities.
For 2012, the Company intends to substantially increase the resource estimates on the concession with an extensive 6,000 m drill program. The current information available has given the Company an exploration target of over 50 million tonnes, not including the northern zone (Presqueiras).
'There is a significant benefit in undertaking a mineral exploration project in a politically stable and motivated country such as Spain.' commented Greg Pendura, President and CEO. 'This is a country that understands the impact to their economy and job creation by expediting a world class property such as Alberta-1 into a producing mine to supply the EU with strategic metals'.
To view the Company's recently completed animated 3D Drill Tour, please visit our website at www.solidresources.com
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 programme 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 quantifying the presence of tantalum, tin, lithium and other rare minerals on its 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.
Solid Resources Ltd.
CONTACT:
Solid Resources Ltd The Howard Group Inc.
Greg Pendura Investor Relations
President & CEO Dave Burwell
Solid Resources Ltd. Toll Free: 1-888-221-0915
Ph: (780) 800-0726 Ph: (403) 410-7907
www.solidresources.com Email: info@howardgroupinc.com
www.howardgroupinc.com