Vancouver, Canada, January 23, 2006 – Solomon Resources Ltd. (SRB:TSX-V): The past year was a very busy and productive year for Solomon Resources Ltd. I would like to take this opportunity to thank our shareholders and brokers for their support, and to provide you with a summary of the results of our programs. I will also provide you with a brief description of the status and future programs of the Company, going forward in 2006.

Solomon’s stock began the year trading in $0.10-15 per share range, and ended the year in the $0.25-30 per share range, reaching a high of $0.42 in the first quarter. The Company completed two financings in 2005 providing funding for exploration programs. In February, 6,000,000 units were placed at $0.20 raising $1,200,000 and second offering was completed in September, placing 1,926,000 units at $0.35, raising $624,000. Each unit consisted of one share and one half warrant. Solomon now has 50,000,000 shares issued, fully diluted. During the year, Solomon received funds from the exercise of various warrants, and from the proceeds of the sale of the Randall’s Tenements in Australia. Solomon starts the new year with approximately $850,000 cash in the bank and stock assets valued at approximately $1,500,000.

In March Solomon announced an Agreement to Option 20 gold and copper projects in Mongolia, from Gallant Minerals, a private exploration company owned by Mohamed Al Fayed. Solomon also announced the sale of its Randall’s Tenements in Western Australia, to Integra Mining . The deal included cash bond replacement of A$ 1.1M, and nearly 12 M shares of Integra stock, priced at A$ 0.07 per share. This was soon followed by the appointment of a new President for Solomon, as Larry Nagy turned over the position to Keith Laskowski. Mr. Laskowski joined the Company from Gallant Minerals, and Mr. Nagy continues as the Chairman and CEO.

Late in the March, Solomon announced significant drill core gold intercepts received from Harmony Gold, our joint venture partner at the Glandore JV in Western Australia. Harmony drilled four core holes in the Glandore anomaly, which was defined by 78 anomalous aircore holes, stretching over a strike length of 1.5 km. The first core hole intersected 29.8 g/t gold over 6 m (87 – 93 m) with 3 m @ 3.33 g/t (51 - 54 m) above it. All holes were oriented west-east, in a north-south pattern. The other three holes failed to intersect significant mineralization, suggesting that the mineralized zone is controlled by structures that were subparallel to the drill holes. No additional follow-up drilling has been completed to date. Harmony earned their 80% interest in the project and Solomon is funding its 20% retained interest. We are now awaiting Harmony’s 2006 exploration plan and budget.

In May Solomon optioned the Annie Iron-Oxide, Copper, Gold project (IOCG) in Chile to Peregrine Diamonds. Peregrine completed a rapid program of ground geophysics and a series of reverse circulation drill holes, before withdrawing from the Option in mid-June. Following Peregrine’s withdrawal, Solomon reduced age but retained one claim, and the Chilean operating company.

In June Solomon opened a new office in Ulaanbaatar, Mongolia and commenced exploration on the 20 Gallant Option properties. The Board of Directors decided to focus on gold projects in Mongolia, and sought to option the copper – gold projects from the Gallant Option Agreement. The Board also appointed a new independent Director, as Dr. William Lindqvist joined the Board in mid-June. Dr. Lindqvist brings extensive international gold discovery and development experience, having worked in executive roles in several major
mining companies.

In July Solomon completed geological sampling and geophysical programs at the Bayantsagaan and Onon Gold Projects in Mongolia. Separately, Solomon also obtained a 100% interest in the Sleitat Mountain tinsilver deposit in Alaska. Sleitat Mountain was then optioned to Brett Resources in August, providing Solomon with a carried 30% interest, and a significant block of shares in Brett (TSX.V:BBR). Later that month, three copper – gold porphyry projects and one gold project in Mongolia were optioned to Asia Gold (TSX.V: ASG), majority owned by Ivanhoe Mines. The Asia Gold Option Agreement provides Solomon with cash and stock payments, and a carried interest in the projects. Asia Gold’s expenditures contribute towards Solomon’s commitments to Gallant, reducing Solomon’s obligations to Gallant in the parent Option Agreement.

Exploration programs at the Bayantsagaan and Onon Gold Projects identified attractive drill targets. The Company also completed sampling at the Chandmani Project also in Mongolia to confirm previously reported mineralization. The resampling confirmed the presence of significant mineralization in three areas, including two areas with very high-grade gold mineralization and a third area containing copper and gold skarn and porphyry mineralization. Gold values up to 360 g/t Au were identified at the Chandmani prospect.

Drilling commenced at Bayantsagaan in September and the initial 9 hole program identified significant gold mineralization in two separate areas. Drilling at the Bayantsagaan Main Zone identified broad zones of gold mineralization within altered intrusives above a north-trending, higher grade fault zone, with values up to 10.8 m @ 6.3 g/t Au. A second gold zone was discovered with a wild-cat drill hole, targeting geophysical features beneath colluvium cover. The Sujegtei Gold Zone was discovered with drill hole BT-08, which intersected wide zones of gold mineralization, with values up to 20.9 m @ 1.07 g/t Au.

Solomon completed an Option Agreement to acquire the Hall Lake Gold Project in British Columbia from Eagle Plains Resources in October (TSX.V:EPL). Solomon had acquired an obligation to invest flowthrough funds from exercised warrants on a project in Canada, and the Hall Lake Project provided an opportunity to meet expenditure requirements, and to also provide Solomon with a significant upside potential.

In November Solomon completed four core holes at the Onon gold project in Mongolia, however no significant assay results were returned. Onon is now being evaluated for uranium potential. Asia Gold announced the discovery of significant copper-gold mineralization on their Khongor Project, which extends onto the Tsakhir License, one of the properties optioned from Solomon. Khongor is located 350 km west of the new Oyu Tolgoi copper-gold porphyry deposit, in the same geological sequence. Asia Gold identified a 1700 m long zone of outcropping copper mineralization, with 600 m of the zone extending south on to Solomon’s Tsakhir license. Their initial sampling identified surface values up to 54 m @ 0.72% copper with 0.13 g/t gold, from the Solomon license area. Asia Gold completed 5 core holes in December, which intersected significant porphyry style stockwork-hosted mineralization, with values up to 70 m @ 0.67%
copper and 0.16 g/t gold, and 21.9 m @ 1.77 % copper, from within this zone. These are encouraging preliminary results, and Asia Gold plans additional follow-up drilling once the winter weather improves.

In December, three additional follow-up core holes were drilled at the Bayantsagaan Project. One hole on the Bayantsagaan Zone returned values of 23.9 m @ 1.46 g/t Au and 2.6 m @ 9.23 g/t Au. The Bayantsagaan Zone has now been traced 300 m along strike and 300 m down dip. The zone remains open in all directions, and requires significant additional drilling. Two additional holes at the Sujegtei Zone failed to reach their targets, due to extensive faulting in the bedrock. The Sujegtei Zone is also entirely open, and the area where these mineralized zones intersect is a primary target that has not yet been drill tested. The Bayantsagaan Gold Project is a potential multi-million ounce gold system.

During the year, Solomon also investigated several exploration opportunities in Asia and the Caribbean, which failed to meet the Company’s objectives.

Exploration Strategy – 2006
Going forward, in 2006, Solomon is focussed on gold exploration and acquisition opportunities, and will continue its focus on Mongolia. Exploration is taking place on two fronts. First, we are continuing our exploration under our Option Agreement with Gallant Minerals. The Bayantsagaan Gold Project contains potential to identify a significant gold resource in the near future. The property is located relatively close to Centerra’s new Boroo Gold Mine and shares the excellent infrastructure of this region, located 110 km north of Ulaanbaatar, on a paved road, near power, rail, and water. Several other project in the Gallant Agreement also have potential for significant discovery.

Secondly, Solomon has opened a new, 100% owned subsidiary in Mongolia, SRM XXK. The company is aggressively acquiring new gold, copper-gold and uranium properties that will be held by SRM XXK. Solomon is acquiring new land holdings in a recently identified region with excellent potential for discovery of copper-gold porphyry-skarn deposits. Solomon has also compiled extensive regional data and identified new uranium exploration opportunities, which are being acquired. Solomon is taking advantage of the vast Mongolian experience of the staff, to acquire new projects in this highly endowed under-explored country.

In Australia, we are continuing to evaluate and negotiate the best opportunities to achieve additional value from our holdings. We continue to fund our 30% position in the Harmony Joint Venture which hosts the new discovery at Glandor. Solomon has declined to fund its position in the Newcrest Joint Venture, and our ownership will dilute to a 2% NSR royalty on any property that advances to production. The Lucky Bay deposit (34,000 t @ 7.0 g/t Au), Monger property and Emu Dam projects continue to attract attention from
exploration and mining companies in the region.

In Burkino Faso, OreZone Resources has completed over 10,000 m of RVC drilling on the Bombore Permit, which is held jointly by Solomon (45%) and Channel Resources (55%). We are assessing the results of this program. In British Columbia, and Chile, we continue to hold our property.

Many investors have asked why the stock price is so low. I do not have a definitive answer. Solomon has had a very successful year, including the (1) sale and profit from assets in Australia, (2) significant gold results from the Glandore JV in Australia (3) significant gold discoveries at two projects in Mongolia (Bayantsagaan, and Chandman), (3) discovery of a significant copper-gold porphyry at the Khongor Project, with Asia Gold, and (3) the appointment of one new director and new management.

The Government of Mongolia has caused some discomfort among investors through its proposal to modify the mining law and its recent reorganization of the Parliament. The Government of Mongolia has been reorganized several times, in the past 10 years, and I believe that they will come out of this current upheaval with a stable, forward looking administration.

Solomon is pursuing all favourable opportunities in Mongolia, and importantly, advancing into 100% owned gold, uranium and copper properties. I anticipate that the combined effects of our strong cash position, new projects in Mongolia, and increased stabilization in Mongolian will provide a favourable platform for share appreciation in Solomon. We also continue to evaluate new opportunities identified by your Company’s experienced Board and Management.

Forward Looking Statements
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Solomon Resources Ltd. Actual results may differ materially from those currently anticipated in such statements.

About Solomon Resources Ltd.
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and
development of gold properties world wide. The Company is managed by a proven team of exploration
geologists credited with the discovery and/or development of a number of significant deposits in the world,
including the SNIP, Eskay Creek, and Brewery Creek deposits in Canada, the Segala gold deposit in Mali, the
Chimney Creek, Mule Canyon, Ruby Hill, Mesquite, and Ortiz gold deposits in the United States, the
Gosowong deposit in Indonesia, and the Cadia East deposit in Australia.
Solomon has significant gold exploration projects in Mongolia and Australia. Solomon’s shares trade under
the banner SRB on the TSX Venture Exchange (TSX-V).

For additional information visit Solomon’s website at www.solomonresources.ca.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.