TSXV: SRW
Frankfurt: A0BLQQ
EDMONTON, Oct. 17 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") announced today that Lara Exploration Ltd. ("Lara") has delivered to Solid correspondence pursuant to which Lara has purported to terminate the parties' binding letter agreement dated November 1, 2005 (the "Option Agreement") for failing to reach certain milestones relating to drilling expenditures. Under the Option Agreement, Solid could acquire majority ownership of a 1,800 hectare (4,447 acres) copper property in Peru known as the Lara property.
Solid has advised Lara that it is not in breach of the Option Agreement and therefore Lara has no grounds to terminate. Solid has further advised Lara that it will take all steps necessary to enforce the Option Agreement.
Garnet Harter, interim President and CEO of Solid, said, "Since 2005 when we entered into this agreement to further explore the potential of the Lara property, we have paid Lara over $590,000 and the price of copper has almost doubled. Our position is that we expended the required funds in accordance with the terms of the agreement and we intend to vigorously challenge any attempt by Lara to terminate."
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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, silver 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.
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