Randall's Tenements sold to Integra Mining Ltd.

The Board of Solomon Resources Ltd. (Solomon) is pleased to announce that the Company’s wholly owned subsidiary Solomon (Australia) Pty Ltd., has entered into a Heads of Agreement with Integra Mining Limited (“Integra”), to sell outright, the 19 tenements which comprise the Randall’s Gold Project of Solomon’s Kalgoorlie Southeast project (KSE Project.) The consideration for the sale to be satisfied by the issue of A $500,000 worth of Integra shares (approximately 6.97 million shares) and the replacement of Solomon’s environmental bonds of A $998,000 in cash. In addition, Integra will reimburse Solomon for the A $350,000 drilling program about to commence at Randall’s. At Solomon’s option, the A $350,000 reimbursement may be satisfied either in cash or in the equivalent value of Integra shares, the price of which is set at the 30 day average price prior to March 6, 2005 (A$0.07176). If Solomon elects to take Integra shares the Company’s share holding in Integra would further increase by approximately 4.88 million shares to a total of approximately 12 million Integra shares. Integra Mining Ltd. is in its fourth year as an Australian Stock Exchange listed company with 127 million issued shares. For the past two years, Integra has focussed on its Aldiss Gold Project, located 32 km to the east of the Randall’s project and within economic cartage distance of a proposed central processing facility to be located on the Aldiss tenements. Integra already has a substantial resource inventory at the Aldiss project which was increased last year to 6 million tonnes grading 2.3 g/t for total contained gold of 450,000 ounces, in a portfolio of high-grade gold deposits located within a total project area of approximately 432 square kilometres. Integra is about to commence, a 10,000 metre RC drilling campaign at Aldiss, targeting high quality resource extensions and new discovery opportunities. Solomon’s President and CEO, Larry Nagy states that “the sale of the Randall’s tenements to Integra, has enabled both companies with previously marginal resources, to combine these assets and enable Integra to now contemplate an expanded 1.1m Tpa mining and processing operation at Aldiss, with estimated annual gold production of approximately 75,000 ounces per annum over a 4 year mine life. Integra Mining Ltd., is a very well managed and focussed Australian junior company with excellent growth potential fuelled by its emerging mining division and also from its aggressive exploration programme about to commence on its own tenements. Solomon is confident that the value of its share position with Integra will appreciate significantly over the next 2-3 years.” For additional information on Integra, please visit their website at www.integramining.com.au For additional information visit Solomon’s website at www.solomonresources.ca. On Behalf of the Board of Directors of SOLOMON RESOURCES LIMITED Lawrence J. Nagy President & CEO Contact Information Toll Free Phone: 1-866-831-6666 Phone: 604-669-6656 Fax: 604-684-9877 Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. < Prev   Next >