EDMONTON, Nov. 3 /CNW/ - Solid Resources Ltd. (Solid) is very pleased to announce the signing of a letter of intent with Lara Explorations Ltd. (Lara) to acquire a 55% interest in the Lara Copper project in southwestern Peru. Under the agreement, Solid will earn 55% by making cash payments to Lara totaling $500 thousand CAD and undertaking exploration expenditures totaling $2 million CAD, including 8,000 metres of drilling, over a three year period. Solid also has the option to acquire a further 20%, bringing its interest to 75%, by completing a bankable feasibility study and making a cash payment of $1.5 million CAD to Lara within an additional two years. To date, the property hosts 18.6 million tonnes of inferred resources grading 0.53%, including higher grade blocks of 6.5 million tonnes grading 0.91% Copper and 4.8 million tonnes grading 1.04% Copper. This information is contained in a technical report filed by Lara on April, 12, 2005 which can be viewed on SEDAR. Solid is in the process of reviewing the existing geological reports in detail and will be visiting the property during the next week -- further information will be provided as warranted. Solid's management plans to commence further exploration, identify additional resources, and bring the project to a bankable feasibility stage as soon as possible. Lara is responsible for obtaining the drilling permit and has commenced this process. Alvin Harter, Solid's President, comments that "This is a very positive development for the company and we look forward to moving the project forward in advance of the time lines specified by the agreement. Solid will also continue diligently moving its other projects forward, including plans to commence a drilling program on the Sacrificio property (Mexico) in November, 2005, sampling and drilling on the Bear Property (NWT) in 2006, further drilling on the Doade-Presqueira (Spain) in early 2006, and surface sampling and mapping of the Piemonte project (Italy) in 2006." Flow Through Placement Solid Resources Ltd., has received final approval from the TSX Venture Exchange for a flow through private placement of 320,000 units at a price of $1.25 per unit for aggregate gross proceeds of $400,000. This private placement was announced in an earlier news release dated October 7, 2005, in which the Company entered into an agreement with the Mineral Fields Group. Each unit will contain one flow through common share of Solid and one warrant. Each warrant will entitle the holder thereof to acquire one non flow through common share of Solid for a period of two years. The warrants bear an exercise price of $1.75 during the first year and $2.50 during the second year. The shares are subject to a four month hold period. Proceeds from this private placement will be utilized in further exploration of Solid's Bear property in the Northwest Territories. ------------------------------------------------------------------------- The President of Solid Resources, Alvin Harter, has had a life-time of experience in the mining and exploration industry and has been instrumental in the establishment of several mines in Canada and Mexico. Solid's Vice-President of Exploration, Tony Spat, has also had a remarkable career in exploration. He has worked for many senior as well as junior mining companies throughout the world and has been instrumental in a number of important discoveries in different parts of the world. In view of the extensive experience of Solid's management team, the expertise of its exploration team, and the increasing demand for the rare, precious, and base metals in its properties, the Company's management believes that Solid Resources has a very bright future. Solid Resources Ltd. is committed to exploration for Rare, Precious, and Base Metals. Its current properties are located in Canada, Spain, Peru, Mexico, Italy. The Company's website is at www.solidresources.com. The Company's Common Stock trades on the TSX Venture Exchange under the symbol SRW and on the Frankfurt Stock Exchange under the symbol A0BLQQ. ------------------------------------------------------------------------- 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. The TSX Venture Exchange has not reviewed this release and does not accept responsibility for the adequacy or the accuracy of this release.