|By Marketwired .||
|May 20, 2014 03:12 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/20/14 -- Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW) is pleased to announce it has completed its National Instrument 43-101 Technical Report on the Cehegin magnetite iron ore property located in south-eastern Spain. The report entitled "Solid Resources Ltd., Cehegin Magnetite Project, Murcia, Spain, NI 43-101 Technical Report", is dated April 28, 2014 and is prepared by Mr. Stanley C. Bartlett, M.Sc., PGeo., of Micon International Co Limited, in the United Kingdom.
There are no mineral resources to be declared for the deposit in accordance with the requirements of CIM standards. However, the historical data and consideration of reasonable possible extensions of the deposit do provide an indication of the available quantity of the mineralization, which is has an estimated potential of between 25 Mt and 30 Mt. It should be noted that the potential quantity and grade is conceptual in nature and that there has been insufficient exploration to define a mineral resource. It is uncertain whether further exploration will result in the targets zones being delineated as a mineral resource.
Highlights of the report include:
-- The Cehegin Magnetite Project is supported by some 38,000 m of historical drilling data that could be validated by a limited drilling and metallurgical test work programme. Cehegin is a past producer and the historical data available indicates that the operation produced high-quality magnetite concentrate. -- High Quality Product - At an anticipated product grade in excess of the standard 62% iron, Cehegin concentrates will attract a price premium in the market. Concentrates produced in the past contained impurity elements well below penalty levels, which will render the product attractive to wider markets including (nearby) Europe. -- Logistics - The Cehegin project lies within a region of well-developed infrastructure and offers excellent logistics options. Access to the deposit is via a network of paved, toll-free highways; the project is located only 6 km north of the main Murcia to Cehegin highway. Additionally, the project is 12 km away from a rail head connecting to the Port of Cartagena and into other European countries. The distance from the operation to the port is 115 km. -- Deep Water Port - The Port of Cartagena is a deep water port capable of receiving Capesize class vessels. The port is equipped with high capacity bulk-loading equipment, capable of loading vessels up to 400,000 DWT, with two cranes of 40 t and 60 t per lift. -- Presence of Experienced Contractors - Spain offers local contractors of international dimensions with capacity to execute any task. -- Economic Climate - The current poor economic climate affords Solid the opportunity to lock in contracts at competitive rates. On a higher level, national and local governments are strongly supporting significant investments that would create jobs and tax revenues.
The detailed project execution plan developed by management of the Company will include an initial exploration and concept phase, feasibility studies leading to construction, commissioning and production.
The Company plans to make an immediate application for an exploration permit for the purpose of a 2,200 m (15 to 18 boreholes) drill program, which will target the best of the regional magnetite anomalies as well as selective near-mine magnetic anomalies that might improve the understanding of the historical deposits. It is important to understand that the historical drilling was limited to only four of the sixty-two concessions.
Technical information in this release has been reviewed and approved by Mr. Stanley C. Bartlett, M.Sc., PGeo., as the Company's "Qualified Person".
About Solid Resources
Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and industrial metals. The Company is currently studying the re-opening of the Cehegin iron ore concessions in south-eastern Spain and is applying for an exploitation permit on its Alberta-1 tantalum/tin and lithium property in north-western Spain.
Neither the TSX Venture Exchange or 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.