Solid Resources Ltd.: Glencore Exercises Option to Take 20% Equity in Cehegin

Solid Resources Ltd.: Glencore Exercises Option to Take 20% Equity in Cehegin 
NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Solid Resources Ltd. 
TSX VENTURE SYMBOL:  SRW 
MAY 6, 2014 
Solid Resources Ltd.: Glencore Exercises Option to Take 20% Equity in Cehegin 
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) - Solid Resources Ltd.
("Solid" or the "Company") (TSX VENTURE:SRW) is pleased to
announce that Glencore Xstrata plc ("Glencore") has exercised its
option to take 20% equity in the Cehegin Iron Ore Project (the
"Project") located in the Province of Murcia, south-eastern Spain.
Solid and Glencore will now proceed to finalise and sign the Joint Venture
Agreement ("the JVA"), the terms of which were announced on October
21, 2013:
(http://solidresources.com/web_documents/news_release_glencore_co-operation_agreement.pdf) 
Since October, Solid and Glencore have undertaken and finalized an internal
joint due diligence report on the formerly producing Cehegin Project, including
review of historical drilling and production data.  
Glencore elected to exercise its option based on the conclusions and
recommendations of this report. The JVA (Solid 80%, Glencore 20%) will now
commence progression of exploration and phased development studies with the
ultimate objective of developing a new iron ore mine. 
Greg Pendura, CEO of Solid Resources commented: "Conclusion of the JV with
Glencore will trigger the start of a Work Program. Solid will quickly submit
the documentation to obtain the necessary permits to begin drilling. The
objective of the initial work program is to increase our knowledge of the
resource potential within the concessions. The previous five months have seen
the management and technical teams of both Solid and Glencore work together to
produce the due diligence report. I would like to take this opportunity to
thank Glencore for their support and professionalism in advancing this exciting
European project." 
Significant terms of the JVA are:  
/T/ 
--  Glencore holds a 20% interest, with Solid an 80% interest. 
--  Life of mine exclusivity and commitment to purchase all production. 
--  Both parties agree to jointly pursue third party financing when 
required.   
/T/ 
About the Cehegin Iron Ore Concessions 
The Cehegin Iron Ore concessions were formerly owned and operated by the
Spanish Ironworks company, Altos Hornos de Vizcaya ("AHV"), the
largest industrial company in Spain for much of the twentieth century. In 1975,
all 62 concessions were grouped together into one single subsidiary of AHV
called Agrupacion Minera, SA. who exploited one of the open pit mines - Mina
Maria, for its own needs until 1989. 
The 62 concessions, when fully permitted will total 3,270 hectares.
Solid's 100% wholly owned subsidiary, Solid Mines Espana also made
application for an extension of the property bordering the investigation permit
for 3,630 Hectares. Together these form a unified total of 6,900 Hectares. 
Highlights of the Concessions are: 
/T/ 
--  Availability of a large amount of historical drill and production data 
--  Historically high quality iron ore concentrate with low impurities 
--  115 km from the site to the Port of Cartagena on a toll-fee highway 
--  Rail spur to the Port of Cartagena 14 km from site, toll-free highway 7 
km from site 
--  Support of regional and municipal governments and interest groups  
/T/ 
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. 
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 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. 
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FOR FURTHER INFORMATION PLEASE CONTACT: 
Solid Resources Ltd.
Greg Pendura
President & CEO
780-800-0726
www.solidresources.com
or
Fox-Davies Capital
Daniel Fox-Davies
Managing Director
+44(0) 20 3463 5000
or
Fox-Davies Capital
Jonathan Evans
Director, Corporate Finance
+44(0) 20 3463 5000
www.fox-davies.com 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
SUBJECT:  BFC 
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-0- May/06/2014 13:00 GMT
 
 
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