| Solomon Reprices Private Placement |
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Armstrong, BC Monday, October 27th, 2008. Solomon Resources Limited (SRB: TSX-V) announces that due to worldwide adverse market conditions it has reduced the price of the units in its private placement to CAD($) 0.05 per unit. It still wishes to raise up to $1,000,000 through the private placement to be used for exploration and general working capital and the placement will now involve the issuance of up to 20 million units. Each unit will consist of one common share and one non-transferable share purchase warrant. The exercise price of the warrants has been similarly reduced and each warrant will now be exercisable to purchase a further common share for $0.10 for a period of one year. Finders fees will be paid in units to eligible finders on that portion of the funds raised from investors introduced by the finders. The fees will consist of 7% in cash and warrants to purchase that number of shares equal to 15% of the units purchased by such investors. The financing is subject to regulatory approval. About Solomon Resources Ltd.: Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of quality mineral properties worldwide. Solomon is managed by a proven team of exploration geologists involved 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 is currently focused on the exploration of copper-gold projects in British Columbia and Ontario, a coal project in British Columbia, a tin project in Alaska and uranium projects in Mongolia. Solomons shares trade under the banner SRB on the TSX Venture Exchange (TSX-V). For additional information visit Solomons website at www.solomonresources.ca or contact either: Randall S. Rogers, President and Chief Operating Officer or: Lawrence J. Nagy, Chairman and Chief Executive Officer Phone: 250-546-4772 The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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