|By Marketwired .||
|December 24, 2013 02:25 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/24/13 -- Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE: SRW)(FRANKFURT: YRS) announced today that as a result of a review by the British Columbia Securities Commission, the Company is issuing this news release to clarify its technical disclosure with respect to the Alberta 1 Tin/Tantalum and Lithium Project and the Cehegin Iron Project.
Solid hereby retracts and has removed certain information from its website, including the corporate presentation and the video of the October 4, 2013, interview on Commodity-TV. Accordingly, any persons that still have copies of the corporate presentation or the video should not rely upon them. The preliminary assessments and resource/reserve estimates in those documents are not supported by a technical report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Project ("NI 43-101"), which is not in compliance with NI 43-101. In addition, the reference to the scoping study results and resource or reserve estimates for Alberta 1 should not be relied upon until Solid has made the appropriate disclosure in accordance with NI 43-101, supported where required by a NI 43-101 compliant technical report.
Any information disclosed by Solid with respect to the Alberta 1 Project, other than as disclosed in the technical report dated December 8, 2011 entitled "Technical Report on the Alberta 1 Property - Rare Element Pegmatites", filed on SEDAR at www.sedar.com on December 14, 2011, and the news release of Solid dated January 23, 2013 regarding the 2012 drill program, is retracted and should not be relied upon. In addition the Company clarifies that even the previously disclosed resources have no demonstrated economic viability and no reserves have yet been established on the Alberta 1 properties. The retracted information, while having been prepared by a qualified person in accordance with NI 43-101, was not the subject of a complete report, and such report cannot be completed without significant additional work which must be completed by an independent qualified person under NI 43-101.
In addition, the documents contained information with respect to the historical estimates and exploration targets without the required cautionary language. The Company wishes to retract both the historical estimates and exploration targets which should not be relied upon. While such information was prepared by a qualified person, such information used NI 43-101 resource categories that do not represent the original terminology used in public records for the property and does not contain the additional disclosure and cautionary language required by NI 43-101.
The Company is not currently able to restate this retracted information but has undertaken to complete a NI 43-101 technical report, prepared by an independent qualified person, in early 2014 in respect of the Alberta 1 Project, including an updated mineral resource estimate as a result of the 2012 drill program announced on January 23, 2013 and, if appropriate, a preliminary economic assessment in respect of the project. In addition, Solid intends to review the significant amounts of historical information available in respect of the Cehegin project and has undertaken to provide disclosure of historical estimates in early 2014, provided such information can be disclosed in compliance with NI 43-101.
The website, including the corporate presentation and Commodity-TV video, had a number of disclosure issues that were not in compliance with the requirements of NI 43-101 as follows:
(a) the documents referred to results from a preliminary economic assessment (scoping study) for the Alberta 1 Project that did not include the proximate cautionary language and certain other details required, the Company wishes to retract the results of the preliminary economic assessment (scoping study);
(b) the presentation disclosed a mineral resource without providing all required information and added inferred mineral resources to other categories, which is not allowed, for information about the Alberta-1 Project, including mineral resources, please refer to the technical report dated December 8, 2011 entitled "Technical Report on the Alberta 1 Property - Rare Element Pegmatites", filed on SEDAR at www.sedar.com on December 14, 2011 and the news release dated January 23, 2013 regarding the 2012 drill program;
(c) the website and the documents contained a statement that NI 43-101 is a "procedure that needs to be followed to say what kind of reserves we have", which statement may be misleading because it is inconsistent with the stated application and requirements of NI 43-101;
(d) Solid did not identify or disclose the relationship to the Company of the qualified person who prepared, supervised the preparation of, or approved the technical information that is disclosed on Alberta 1, which is required for all written disclosure of technical information. The Company is proposing to immediately have a qualified person review and approve of all its website content and add their name to the corporate website.
Mr. John R. Goodwin, MSc, P. Geol, is an independent Qualified Person as defined by NI 43-101 that has reviewed and verified the scientific and technical mining disclosure contained in this news release.
About Solid Resources Ltd.
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.
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.
President & CEO