Solana Resources Limited ("Solana" or the "Company") - Corporate Update

About this update from Kutcho Copper Corp

[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, UK, June 10 /CNW/ - Solana Resources Limited (TSX-V:\nSOR; AIM: SORL) announces that the Topocho-1 well, testing a structure\nidentified on 3-D seismic and located on the Garibay block in the Llanos\nBasin, Colombia, has been plugged and abandoned.\n\n\nIn November 2007, Solana farmed out 50% and operatorship of the Garibay\nblock to CEPSA Colombia SA ("CEPCOLSA"). Under the farmout terms, Solana\nretains a 50% working interest in the Garibay block and CEPCOLSA is\nresponsible for 100% of the drilling, completing and testing costs associated\nwith the Topocho-1 well.\n\n\nCEPCOLSA is a wholly owned subsidiary of Compania Espanola de Petróleos,\nS.A. ("CEPSA"), the Spanish based diversified energy company. The Garibay\nblock is subject to a fiscally attractive Agencia Nacional de Hidrocarburos\ncontract.\n\n\nThe well reached a total depth of 8,920 feet on May 8, 2008, and\nfollowing logging and pressure gradient tests, was cased. Cased hole drill\nstem tests were subsequently conducted in the Gacheta, Guadalupe and Mirador\nformations but failed to yield oil. Drilling and testing was performed with\nthe Pioneer Rig 52 that is under long term contract to Solana.\n\n\nOver the coming months, Solana will evaluate its continued involvement in\nthe Garibay block.\n\n\nMr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum\nGeologist, is the qualified person who has reviewed the technical information\ncontained in this news release.\n\n\nFurther to the announcement released on May 30, 2008, by Solana\nconcerning a change to the board of directors, the Company now provides\nadditional information on Mr. Morelli to be disclosed pursuant to Rule 17 and\nSchedule Two paragraph (g) of the AIM Rules for Companies as follows:\n\n\nFull Name: Luis Miguel Morelli Age: 48\n\n\nThere are no other matters to be disclosed pursuant to Rule 17 and\nSchedule Two paragraph (g) of the AIM Rules for Companies for this director.\n\n\nSolana is pleased to announce that its Annual Report, containing its\naudited financial statements and management's discussion and analysis for the\nyear ended December 31, 2007, was mailed to shareholders on April 10, 2008.\n\n\nForward-Looking Statements\n\n\nCertain information regarding the Company, including management's\nassessment of future plans and o...

More updates from Kutcho Copper Corp