Solv-Ex response to Wall St. Journal story

Business Wire, March 22, 1996

ALBUQUERQUE, N.M.--(BUSINESS WIRE)--March 22, 1996--"Solv-Ex Corp. (NASDAQ:SOLV) does not know either Arnold Kimmes or Thomas Quinn who were reported in a story today by the Wall Street Journal to possibly be involved as manipulators of Solv-Ex common stock," said John S. Rendall, chairman of Solv-Ex.

Rendall further stated that "the company deplores any such trading and welcomes any investigation that may be underway by federal authorities. Solv-Ex has not been contacted by any representative of the Federal Bureau of Investigation or the Securities and Exchange Commission. The company is aware that there has been considerable short-selling in its stock, but has no knowledge of the source of the selling."

Yesterday Solv-Ex reported a commitment by European investors through FIBA Nordic (UK) Limited to purchase an additional 1,081,967 shares of Solv-Ex common stock for $30.69 million, bringing the total amount of financing arranged through FIBA Nordic to more than $70 million for financing of the construction of its plant on its oil sands leases near Fort McMurray, Alberta.

The company believes that these announcements and prospects for the additional financing necessary to construct the first stage of its oil production plant indicate that informed investors have confidence in the potential of Solv-Ex's technology and the extent of its recoverable oil and metals resources.

CONTACT: Solv-Ex Corp., Albuquerque

Dean Gardy, 505/243-7701