John S. and Christobel D. Rendall - Page 10

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               Merrill Lynch filed with the Securities and Exchange                   
          Commission (SEC) a Form 144, Notice of Proposed Sale of                     
          Securities Pursuant to Rule 144 under the Securities Act of 1933            
          (the Form 144)7, dated May 28, 1997.  The Form 144 notified the             
          SEC of the possible sale of 1,100,000 shares of Solv-Ex common              
          stock acquired on account of a “Default of Margin Loan”, but                
          included a statement that “[p]ledgee intends to sell the number             
          of shares required to satisfy the indebtedness of pledgor.”  The            
          Form 144 lists Merrill Lynch as the “person for whose account the           
          securities are to be sold” and Mr. Rendall as pledgor.  Merrill             
          Lynch signed the Form 144 as pledgee.                                       
               From May 28 through June 4, 1997, Merrill Lynch sold 634,100           
          shares of the pledged Solv-Ex common stock in lots ranging from             
          2,000 to 40,000 shares and at prices ranging from $6 to $7.625 a            
          share.  The total net sale proceeds from the sales of those                 
          shares was $4,229,479.  Mr. Rendall did not identify the specific           
          shares of Solv-Ex common stock pledged to Merrill Lynch that were           
          to be sold.  At the end of June 1997, Merrill Lynch returned to             
          Mr. Rendall a single stock certificate, which comprised the                 
          shares of the pledged Solv-Ex common stock not sold by Merrill              
          Lynch.                                                                      




               7 Rule 144 (17 C.F.R. sec. 230.144 (2006)) was promulgated             
          by the SEC.                                                                 




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