| Solomon Completes $1,120,750 Private Placement Financing |
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Vancouver, Canada, July 5, 2007 Solomon Resources Ltd. (SRB: TSX-V) is pleased to announce that it has completed its private placement announced May 31 and June 6, 2007. A total of 3,202,142 units at CDN$ 0.35 per unit were sold for total proceeds of $1,120,750. The funds will be directed to funding uranium exploration in Mongolia and to general working capital. Each unit consisted of one common share and one share purchase warrant exercisable to purchase a further common share for $0.50 for two years. Subsequent to November 4, 2007, the expiry of the warrants may be accelerated, upon notice to holders and at the election of the Company, if its shares trade at a price equal to or greater than $0.75 per share for 20 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 given to the warrant holders. Finders fees of 160,875 units were paid to Gateway Securities Inc. of Vancouver, BC on that portion of the funds raised from third parties introduced by it. Solomon is currently focused on copper-gold and zinc-lead-silver base metals projects in Canada, and uranium and coal energy projects in Mongolia and western Canada, respectively. It is a Tier 1 Company whose shares trade under the banner SRB on the TSX Venture Exchange (TSX-V). For additional information visit Solomons website at www.solomonresources.ca. For further information please contact:
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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