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Solid Resources Enters Co-operation Agreement with Glencore

 TSXV:SRW  FRANKFURT:YRS  VANCOUVER, Oct. 21, 2013 /CNW Telbec/ -Solid Resources Ltd.("Solid" or the  "Company") (TSXV:SRW) (Frankfurt:YRS) is pleased to announce it has signed  a definitive and exclusive Co-operation Agreement ("the Agreement") with a  wholly owned subsidiary of Glencore Xstrata plc ("Glencore"), for joint due  diligence of the Cehegin Project. The Agreement also provides for the  potential formation of a joint venture company to progress development of the  formerly producing Cehegin Iron Ore Mine located in the Province of Murcia,  south-eastern Spain.  Under the terms of the Joint Venture Agreement ("the JVA"), Glencore would be  granted a 20% interest in the Cehegin Project, with Solid retaining an 80%  interest. The joint venture would progress exploration and phased  development studies with the objective of identifying and constructing a new  iron ore mine.  Greg Pendura, CEO of Solid Resources commented: "A strategic partnership with  Glencore is a major step towards putting the Cehegin Project into production.  Glencore gives Solid access to world renowned expertise in mining development,  worldwide marketing and logistics. The strength of Glencore combined with the  historical drilling and production data available on the Cehegin Iron Ore Mine  will greatly facilitate the advancement of this project."  Significant terms of the potential JVA are:        --  Glencore to hold a 20% interest, with Solid maintaining an 80%         interest.     --  Glencore to exclusively purchase all production.     --  Agreement to jointly pursue third party financing when         required.     --  Dilution of non-financing partner(s) at fair market value.  In addition, upon execution of the Agreement, Solid has alsoissued to  Glencoretwelve million (12,000,000) purchase warrants to purchase an  equivalent number of common shares in the capital of Solid, at an exercise  price of $0.19 during the period from the date of issuance until October 18,  2014 and $0.26 during the period from October 19, 2014 until the expiry date  of October 18, 2015. The warrants will only vest and be exercisable as to 50%  on the signing of the Agreement and as to 50% on Glencore contributing its  share of costs for the initial exploration and study phase of the development  programme. The warrants, and any common shares issuable on exercise, are  subject to a hold period that expires on February 18, 2014.  About Solid Resources  Solid Resourcesis a Canadian junior mining company focused in Spain on the  exploration and development of rare and industrial metals. TheCompanyis  currently in the late stages of re-opening the Cehegin iron ore mine in  south-eastern Spain and is applying for an exploitation permit on its  Alberta-1 tantalum/tin and lithium property in north-western Spain.  About Glencore Xstrata plc  Glencore is one of the world's largest global diversified natural resource  companies. As a leading integrated producer and marketer of commodities with a  well-balanced portfolio of diverse industrial assets, they are strongly  positioned to capture value at every stage of the supply chain, from sourcing  materials deep underground to delivering products to an international customer  base. The Group's industrial and marketing activities are supported by a  global network of more than 90 offices located in over 50 countries. Their  diversified operations comprise over 150 mining and metallurgical sites,  offshore oil production assets, farms and agricultural facilities. They employ  approximately 190,000 people, including contractors.  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    SOURCE  Solid Resources Ltd.  Solid Resources Ltd. Greg Pendura President & CEO Solid Resources Ltd. Ph:  (780) 800-0726  Renmark Communications Inc. Robert Bary Media - Lynn Ph: 416-644-2020 or 514-939-3989  To view this news release in HTML formatting, please use the following URL:  CO: Glencore Xstrata plc ST: British Columbia NI: PCS MNG VNT  
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