FairPoint Communications FRP

FRP signs Uranium deal

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Frontier Pacific to acquire 50% of Peru concessions 2005-03-21 09:40 ET - News Release Also News Release (C-SOLX) Solex Resources Corp Mr. Peter Tegart of Frontier Pacific reports FRONTIER PACIFIC SIGNS LETTER OF INTENT WITH SOLEX RESOURCES TO EARN A 50% INTEREST IN CERTAIN URANIUM MINERAL CONCESSIONS, PUNO DISTRICT, SOUTHERN PERU Frontier Pacific Mining Corp. has signed a letter of intent with Solex Resources Corp. to earn a 50-per-cent interest in certain exploration mineral concessions in the Puno district, southern Peru. Uranium mineralization was identified by geologists of Solex and examined with a scintillometer and a short wavelength ultraviolet lamp by Mohan R. Vulimiri, MSc, PGeo, a director of Frontier Pacific. Mr. Vulimiri is the qualified person responsible for the project with the company. Nineteen grab samples from a number of prospects were collected by Solex geologists, examined by Mr. Vulimiri and sent in for analyses. Fifteen samples returned assay values ranging from 1.5 per cent to 28 per cent U3O8. The samples were analyzed at ALS Chemex Labs, North Vancouver, B.C., and at SRC Analytical Labs, Saskatoon, Sask. The assay results were previously reported by Solex. Frontier Pacific will earn a 50-per-cent joint venture interest in the mineral concessions by making the following payments to Solex and incurring the following annual expenditures on or prior to the specified date. Payment Expenditure Earn Time (U.S.) (U.S.) -in On signing 200,000 none and TSX-V shares and approval $50,000 First 250,000 $250,000 anniversary shares Second 300,000 $350,000 anniversary shares Third 350,000 $500,000 anniversary shares Fourth 400,000 $900,000 anniversary shares Total 1,500,000 $2,000,000 50% Following the completion of a mineral title due diligence by the company, Frontier Pacific and Solex will initiate a work program consisting of ground radiometric surveys, detailed geological mapping, and chip and channel sampling of the uranium occurrences to be supervised by a qualified person under the National Instrument 43-101 guidelines. We seek Safe Harbor.