| Solomon Executes Final Agreement for Sale of Randalls Gold Project, Australia |
|
Vancouver, Canada, August 2, 2005 - Solomon Resources Ltd (SRB:TSX-V) is pleased to announce that its wholly owned subsidiary, Solomon (Australia) Pty. Ltd. has executed the Final Agreement for the sale of Solomons Randalls Gold Project in Western Australia, to Integra Mining Ltd. The Randalls Gold Project is part of Solomons Kalgoorlie Southeast project, and contains 19 tenements (see Solomon News Release dated March 23, 2005). The completion of the transaction will provide Solomon with 6,967,485 shares of Integra stock (symbol: ASX), and the replacement of Solomons environmental bonds of A$998,000 in cash. In addition, Integra will reimburse Solomon A$350,000 for drilling expenses, either in cash or in stock at Solomons option. Stock reimbursement will be calculated using the Integra stock price as of March 6, 2005 (A $.07176 per share) for 4,877,369 shares, bringing the total to 11,844,854 shares. Integra shares closed at A$0.095 per share on July 27, 2005. Solomon remains active in the Kalgoorlie Southeast Project area, with five (5) remaining projects:
About Solomon Resources Ltd. Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of gold and base metal mineral properties world wide. The Company is managed by a proven team of explorationists credited with the discovery and/or development of a number of significant deposits in the world, including the SNIP and Eskay Creek Mines in British Columbia, the Brewery Creek Mine in the Yukon, and the Segala Gold Deposit in Mali, West Africa. Solomon also has significant base and precious metal exploration holdings in Mongolia and has recently begun exploration on its Bayantsagaan Gold Project. Solomon recently acquired an exclusive Option to acquire a minimum 80% interest in each of 20 projects in Mongolia. Solomons shares trade under the banner SRB on the TSX Venture Exchange (TSX-V). For additional information visit Solomons website at www.solomonresources.ca.
|