Sola Resource Corp SL SL.v (fka SOLAF)

[sortagreen]

There's news. Not really what I was waiting for, but news of acquisitions and financing. The Carolina pipe seems to be a little larger than its surface expression and the 3d model is delayed while they drill a bit more. It's a good kind of delay, but it doesn't add to my patience much. I'd prefer they'd release what they already have to tell you the truth.


http://biz.yahoo.com/iw/080207/0358811.html

Sola Resource Corp.: New Property Acquisitions, MineralFields Group Financing
Thursday February 7, 10:00 am ET


Brazilian Property Acquisition


CALGARY, ALBERTA--(MARKET WIRE)--Feb 7, 2008 -- SOLA RESOURCE CORP. (CDNX:SL.V - News)(Other OTC:SOLAF.PK - News) ("Sola" or the "Company"), is pleased to report that it has received its exploration license on 8,000 hectares of new mineral tenure adjacent to and East of its existing claims in Rondonia, Brazil. The new area is highly prospective and regional geochemical sampling on the area is underway.
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Carolina Up-date

The regional kimberlite indicator mineral (KIM) survey and ground geophysics continues on Sola's extensive exploration tenure. In the past few weeks, unusually heavy rains have hampered fieldwork in the area, but crews continue to collect sample data.

Drill Programs

The drill program on the Carolina has been prolonged in order to determine the relationship between the kimberlite pipe and the recently discovered dike system. In addition, the southern extent of the pipe that was previously demarcated is now open with the discovery of more kimberlite. Recent pitting to the south of the former presumed boundary encountered kimberlite under approximately 6 meters of sand. More pitting and grid testing of the Carolina Pipe's boundary is underway to better define its true surface extent.

Drilling on the Dike system has been hindered due to the aforementioned heavy rains. Drill Pads have been constructed and exploration drilling is on-going.

The bulk sample is on-going as planned and the Company will report updates as it progresses.

NWT Property Option Agreement

The Company is pleased to announce that it has entered into an option agreement with Diamond Hawk Mining Corp., whereby it will be entitled to earn up to a 70% interest in the Company's McKay Lake Diamond Property in the N.W.T.

Under the terms of the agreement, the Company must make a cash payment of $50,000 and spend $1,000,000 on exploration by December 31, 2008, to earn a 60% interest. In order to earn an additional 10% interest, Sola must spend $500,000 by December 31, 2009. After completion of the earn-in Diamond Hawk will have a carried 30% interest in the property.

The McKay Lake Property is a large claim block, highly prospective for the discovery of a significant diamond deposit(s). The claims encompass approximately 200,000 acres and are located in the N.W.T., 250 kilometers from Yellowknife. The Property is located in the center of the prolific Slave Craton (where greater than 300 kimberlites have been discovered since 1991).

Previous work completed on the claims has identified 14 advanced targets generated from airborne geophysics and geochemical sample data. A number of the targets are ready for drill testing. They are along strike and approximately 40 km South of the BHP Ekati diamond mine, 60 km South of the Diavik mine and 35 km North of the De Beers-Snap Lake mine. Sola expects to mobilize a rig on the winter ice road that runs through the claim block as soon as possible.

Financing the MacKay Lake Exploration Program

The Company is pleased to announce a non-brokered private placement of $1,000,000.00 through the sale of 2,857,142 flow-through units ("FT Units") at $0.35 each to the MineralFields Group. Each unit consists of one common share of the Company and one-half of one share purchase warrant (the "Warrant" or "Warrants"). Each two Warrants will entitle the holder to purchase one common share for $0.50 for an 18 month period.

"We are very pleased to be entering into this relationship with MineralFields Group", said Thomas Kovacs, President and CEO. "This is an important milestone in the growth of Sola Resource Corp. and we look forward to working with the MineralFields Group as we develop our holdings in the Slave Diamond Province."

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

Prof. Roger D. Morton, BSc, PhD (Alberta), a qualified person for the purpose of National Instrument 43-101, has reviewed the contents of this news release.

We seek safe harbour.

ON BEHALF OF THE BOARD OF DIRECTORS OF SOLA RESOURCE CORP.

Thomas Kovacs, President



The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.



Contact:
Contacts:
Sola Resource Corp.
Thomas Kovacs
President and CEO
[phone]
[phone] (FAX)
Email: [e-mail]
Website: http://www.solaresourcecorp.com