Solid Resources Advances Case For Open Pit Mine On Spanish Property With Release Of Initial Reserve Report

Solid Resources
TSXV - SRW
OTCQX - SLDRF
Shares Outstanding - 93.9 million
Fully Diluted - 147.3 million
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Today’s news on the NI 43-101 reserve results for Solid’s northern most (Presqueiras) section of its Doade Presqueiras property in Spain adds weight to management’s objective of opening the first tantalum mine in Europe. A second release on NI 43-101 results for the southern most (Toboazas) area will be issued in the near future.

The data was accumulated from 29 drill holes from a 2003, 2005 and this year’s program. In total, 3,105.9 meters were drilled on a small section of the property being an area only 750 m x 350 m.

Greg Pendura, President and CEO of Solid was quoted in the release, "All drill programs to date have allowed management to conclude that the rare element pegmatites (the type of rock that hosts rare metals) are in a continuous belt approximately 300 m wide and extend the length of the 14 km property in a NNW-SSE direction."

Below is a table with the tonnage and average grades of Tantalum, tin, Lithium and Niobium.

Click on the table to enlarge.

1 ppm= 1 g/t; 1% = 22.04 lbs.

Current prices of metals: Tin - $10/lb; Tantalum (Ta2O5) - $250/lb; Lithium (Li2O)- $2-3/lb; Niobium (Nb2O5) - $24/lb

Management has publically stated that considering the near surface mineralization and its location, this area will be well suited for an open pit, low cost mining operation.

The obvious investor question is, what is the preliminary value of the rock? Simply, management is not allowed to discuss that question at this point under the regulatory environment. However, there’s nothing stopping anyone from doing their own calculations based on the above table.

To view the full news release, please click here