Solomon Sells Remaining Interest in Bombore Gold Project to Orezone

Armstrong, BC – Wednesday August 20th 2008. Solomon Resources Limited (SRB: TSX-V) is pleased to report that it has reached an agreement with Channel Resources Ltd. (“Channel”) and Orezone Resources Inc. (“Orezone”) whereby Solomon and Channel have sold their remaining interests in the Bombore Gold Project, Burkina Faso (“Bombore”) to Orezone. The agreement terminates a previous Heads of Agreement entered into on August 12, 2002 and an Amending Agreement dated September 14, 2004, whereby Orezone was earning up to a 100% interest in Bombore, subject to a 1% net smelter return royalty shared by Channel (55%) and Solomon (45%). Orezone has, to date, met the agreed expenditure requirements to earn a 50% interest in Bombore. Consideration for the remaining interests in Bombore, including the net smelter return royalty, is 1,000,000 fully paid and non-assessable common shares in Orezone, shared by Channel (550,000 shares) and Solomon (450,000 shares), which will be subject to a four month restricted resale period. Orezone’s shares trade on the Toronto and American Stock Exchanges. “The sale of our remaining interest in the Bombore project reflects our move to focus our exploration efforts on our Mongolian and Canadian exploration targets as well as affording Solomon an opportunity to share in Orezone’s future growth.” commented Randy Rogers, Solomon’s President and COO. “Orezone is working to place Essakane, Burkina Faso’s largest gold deposit, into production and with recent financings is well situated to advance this project. Solomon is pleased to share in the future of Orezone as an equity participant.” About Solomon Resources Ltd.: Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of quality mineral properties world wide. 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. 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 or contact either: Lawrence J. Nagy, Chairman and Chief Executive Officer Phone: 250-546-4772 Randall S. Rogers, President and Chief Operating Officer Phone: 250-558-8952 Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. < Prev   Next >