| Solomon Announces Shareholder Approval of Consolidation |
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Armstrong, BC - Wednesday, June 24th, 2009. Solomon Resources Limited (SRB: TSX-V) is pleased to announce that at a special meeting held on June 23rd, 2009 shareholders of the Company approved the proposed share consolidation which was announced April 27th, 2009. Subject to TSX Venture Exchange approval, the Company will proceed with a 10 old for 1 new share consolidation. No fractional shares will be issued. Any fraction of a share will be rounded to the nearest whole number of common shares. The Company currently has 62,701,643 common shares issued and outstanding; after the consolidation, there will be approximately 6,270,164 common shares issued and outstanding. Management believes that the share consolidation is necessary to provide the Company with a share structure that will better attract capital financing and that will provide for future opportunities for growth. President and Chief Executive Officer Randy Rogers observed "the shareholders of Solomon have given us a clear signal that they support our efforts to reposition the Company to take advantage of the opportunities that are emerging in the junior resource sector. The only viable solution to the dilutionary impact of project financing in the current climate is the reduction of the number of issued shares, acquisition of quality exploration and development projects at reasonable terms, prudent fiscal management and mitigation of risk at all levels." Forward Looking Statements: Some of the statements in this news release may contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Solomon. Actual results may differ materially from those currently anticipated in such statements. 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 gold projects in British Coumbia, 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: Randall S. Rogers, President and Chief Executive Officer Phone: 250-546-4772 Tollfree: 1-866-831-6666 Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accept responsibility for the adequacy or accuracy of this release.
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