| Solomon Proposes $1.5 Million 'Flow-Through' Private Placement Financing |
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Vancouver, Canada, December 13, 2006 Solomon Resources Limited (SRB: TSX-V) proposes to raise up to $1.5 million as a non-brokered, private placement financing through the issuance of units which will be sold at a price of $0.35 CDN. Each unit will be comprised of one flow-through common share and one-half of one non-flow-through, transferable common share purchase warrant. Each full warrant will be exercisable to purchase one common share of the Company at an exercise price of $0.50 for a period of 2 years from the closing date. The warrants will be subject to an accelerated expiry wherein the exercise period of the warrants may be reduced, upon notice to holders and at the election of the Company, if the closing price of the shares is equal to or greater than $0.75 per share for 10 consecutive trading days. If this condition is met and the Company so elects, the exercise period will be reduced to 25 business days from the date notice is provided by the Company to warrant holders. This non-brokered financing is subject to regulatory approval. Finders fees may be paid in cash to accredited agents on that portion of the funds raised by third parties. The warrants and shares issued under this financing, including any shares issued on the exercise of the warrants, will be subject to restricted resale period of four months plus one day from the date of closing of the offering. The flow-through proceeds will be used to finance exploration work on the Companys recently acquired COL Copper-Gold Project near Fort St. James, B.C. and diamond drilling at the Eyapamikama Lake VMS Property north of Pickle Lake, Ontario. About Solomon Resources Limited Solomon Resources Limited is a Canadian, public listed company focused on the acquisition, exploration and development of gold, copper and uranium properties worldwide. The Company is managed and directed, by a proven team of professional exploration geologists credited with the discovery and/or development of several significant ore deposits in the world, including the SNIP, Eskay Creek and Brewery Creek deposits in Canada, the Segold gold deposit in Mali, the Chimney Creek, Mule Canyon, Ruby Hill, Mesquite and Ortiz deposits in the United States, the Gosowing deposit in Indonesia, the Cadia East deposit in Australia and recently, the Gualcamayo gold deposit in Argentina. Solomon also has significant gold and uranium exploration projects in Mongolia and two gold exploration projects in Australia currently joint ventured to Newcrest and Harmony. Solomons shares trade under the banner SRB on the TSX Venture Exchange (TSX-V; Tier 1). For additional information visit Solomons website at www.solomonresources.ca. On Behalf of the Board of Directors of
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