| Solomon Completes $1.45 Million 'Flow-Through' Private Placement Financing |
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Vancouver, Canada, January 2, 2007 Solomon Resources Limited (SRB: TSX-V) has raised approximately $1.45 million in a private placement financing involving the issuance of 3,310,640 super flow-through units at a price of $0.35 per unit and 892,572 (regular) flow-through units at a price of $0.33 per unit. Each unit consisted of one flowthrough common share and one-half of one non-flow-through, transferable common share purchase warrant. Each full warrant is exercisable to purchase one common share of the Company at an exercise price of $0.50 for a period of two years. The warrants are subject to an accelerated expiry provision whereby 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. The Company paid finders fees to registered brokers on that portion of the funds raised from investors introduced by them. The warrants and shares issued under this financing, including any shares issued on the exercise of the warrants, are subject to restricted resale period of four months until April 30, 2007. The super 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 the (regular) flow-through proceeds will be used to finance diamond drilling at the Eyapamikama 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 Segala 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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