Spanish Government Grants Maximum Subsidy For Solid Resources Doade-Presqueira Rare Metals Property

Nov 23, 2010

TSXV:	SRW
FRANKFURT:	A0BLQQ

VANCOUVER, Nov. 23 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") (TSX Venture: SRW; Frankfurt: A0BLQQ) is pleased to announce that it has received official notification from the Spanish Ministry of Industry, Tourism and Trade that the subsidy requested for the work committed to be carried out on the Doade-Presqueira rare metals concession in northwest Spain until March 2011 has been granted. The grant is for 20% of the cost of the current year's drilling and evaluation programme, which is the maximum provided by the Spanish Ministry, and could total € 135,000 for this period.

Mr. Greg Pendura, CEO stated, "The fact that a maximum subsidy for this year has been granted is an excellent endorsement of Solid's rare metals project by the Spanish central government and an indication that they will continue to do so in the future."

The Company has immediate plans to complete an in-fill drill program on various sections of the property to quantify the amount of tin, tantalum and lithium. The increase in the price of tin during the previous 12 months has been remarkable. This combined with a worldwide shortage of tantalum, due to the constraint on conflict tantalum, has ideally positioned Solid to benefit from the strengthening demand for these rare metals. Chinese authorities may establish strategic reserves of 10 rare metals, which include tin and tantalum to stabilize their supply and prices, a move analysts said reflects the country's growing concern over scarce resources.  Rare metals, which are regarded as "vitamins for the economy", are essential to China's development.

As reported in the Company's news release dated March 10, 2010, the National Instrument (NI) 43-101 qualifying report confirmed the following:

Average assay results form drill holes S0-03-4, S0-03-5 and S0-03-06 in the southern portion of the property returned the following results. The sample width of the dyke and host schist material was approximately one meter ranging to 10.8 meters.

Lithium        Tantalum     Tin

- 3,329 g/t -  267 g/t - 924 g/t

During 2005, an additional delineation drill program of seven holes was carried out in the Presqueira (northern region) of the property. The average assays from the eleven drill holes in 2003 and 2005 of the dyke material retuned the following results:
               

Lithium      Tantalum    Tin

- 3,700 g/t with highs of over 10,000 g/t - 79 g/t with highs of over 177 g/t - 491 g/t with highs of 1,141 g/t

Tin, which was mined on the property until the late 1950's, when the price collapsed, has almost doubled in price from one year ago, to a current price of approximately USD $12.00/lb (USD $26,400/tonne). 

The recent passing of the "conflict minerals" bill in the United States has spiked interest in tantalum mined outside of the Democratic Republic of Congo. With the continuing rise in the demand for high tech tantalum-containing products, the supply of tantalum is decreasing. Tantalum is not traded publicly on any markets, but rather in negotiated markets with long-term fixed contracts, which are currently at about USD $40/lb (USD $88,000/tonne). Recent developments have caused the supply/demand fundamentals for tantalum to become much more price positive.

The market for lithium has shown increased growth over the past decade, due to the strong demand for lithium batteries in the consumer electronics industry, such as cell phones, laptop computers and other handheld electronic devices. Chevrolet, Mitsubishi and Nissan are poised to introduce their electric vehicles into the market, which has generated excitement within the lithium industry. There is speculation that pure-electric lithium powered vehicles could make up 10% of all auto purchases by 2020.  The price of lithium, which is not widely published, recently reached about USD $3.00/lb (USD $6,600/tonne).

PBS, an American non-profit public broadcasting service has stated, "The price of lithium has increased eightfold in the last six years." And the price will continue to increase aggressively as demand rises for this energy source. Lithium is here to stay, and it is growing at a rapid rate." 

Solid Resources is a Canadian junior mining company focusing on the exploration and development of rare and precious metals and industrial commodities worldwide.  The Company is currently quantifying the presence of tantalum, tin, lithium and other rare minerals on its property in north-western Spain. In addition, further exploratory work is being conducted on its gold, copper concession in the Province of Ayabaca in northwest
Perú.

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.

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.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

%SEDAR: 00009435E

For further information:

Mr. Greg Pendura, Chief Executive Officer
Tel:  (780) 800 0726