Asensio & Company, Inc.: Solv-Ex Fails to
Disclose Its Default on $33 Million Loan
NEW YORK, NY - March 13, 1997 - Asensio & Company, Inc.
("Asensio") has provided regulators at the Securities
and Exchange Commission ("SEC") and the National
Association of Securities Dealers, Inc. ("NASD") with
complete details of Solv-Ex's $33 million loan default and
Solv-Ex's (Nasdaq: SOLV) failure to disclose its default. The
loan agreement was filed as Exhibit 10.1 to Deutsche Bank's
Schedule 13D, and as Exhibit 10.14 to Solv-Ex's Form 10K dated
June 30, 1996. The default is clear and evident. Solv-Ex has been
in default for at least 67 consecutive days. Solv- Ex is in
default of at least five (5) and as many as seven (7) covenants.
In fact, Solv-Ex Corporation's Form 10Q dated December 31, 1996
filed with the SEC on February 14, 1997 shows that Solv-Ex has
failed to meet the loan's minimum net worth requirement. Since
then Solv-Ex's condition has deteriorated substantially.
Further information about Solv-Ex's default and a complete
record of Asensio's reports are available at
SOURCE Asensio & Company, Inc. /CONTACT: Manuel Asensio of
Asensio & Company, 212-702-8805/