Solex Resources Corp. announces closing of private placement

VANCOUVER, March 16 /CNW/ - Solex Resources Corp. (TSX-V: SOX) ("Solex" or the "Company") is pleased to announce the closing of the Private Placement referred to in the News Release dated March 2nd for total proceeds of C$750,000.

A total of 9,375,000 units priced at C$0.08 were issued. Each unit comprised one common share and one full share purchase warrant. Each full share purchase warrant entitles the holder to purchase, for a period of 18 months from the closing of the private placement, one common share at a price of C$0.15 per share. The proceeds will be used to advance the exploration and development of Solex's uranium projects in the Macusani Plateau region of Peru and for general corporate purposes. The underlying shares will be escrowed for a period of 4 months and one day according to the policies of the TSX Venture Exchange

About Solex Resources Corp.

Solex Resources Corp. is the dominant landholder in southern Peru's Macusani Uranium District with concessions covering over 904 km(2). The Company is also exploring its other 100% owned proximal Picotani uranium project. NI 43-101 reports were filed during 2008 on the Princesa silver, lead and zinc property and on the Pilunani lead and zinc project.

Neither 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.

This news release may contain forward-looking statements that are based on Solex' expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

For further information: Investor Relations, Joanna Longo, Vice President, The Equicom Group, [phone] ext. 233, [email protected]