| Solomon to Privately Place $700,000 in 'Flow-Through' Units with the MineralFields Group |
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Vancouver, Canada, February 16, 2007 Solomon Resources Limited (SRB: TSX-V) proposes to raise a total of $700,000 through a non-brokered, private placement of units with the MineralFields Group at a price of $0.30 per unit. This will be the second financing that Solomon is completing with the MineralFields Group having previously completed a flow-through private placement in December, 2006. Each unit will consist of one flow-through common share and one-half of one non-flowthrough, transferable warrant. Each full warrant will be exercisable to purchase one common share for a period of two years at an exercise price of $0.55 in the first year and $0.75 in the second year. The warrants will be subject to an accelerated expiry wherein the exercise period of the warrants may be reduced, upon notice to holders, 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 Solomon so elects, the exercise period will be reduced to 25 business days from the date notice is provided by it to the warrant holders. A 7.5% finders fee will be paid in cash. The flow-through proceeds will be used to finance the diamond drilling about to commence at Solomons Eyapamikama VMS Property north of Pickle Lake, Ontario. The placement is subject to regulatory approval. 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.
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