| Mongolian Exploration and Court Case Update |
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Mongolian Exploration and Court Case Update
2010 Exploration Plans for British Columbia and Yukon Territory Gold Projects Armstrong, B.C. Wednesday, February 10th, 2010. Solomon Resources Limited (SRB: TSX-V) is pleased to report on recent corporate developments in Mongolia and exploration plans for the 2010 exploration season at the Cry Lake Gold Project in Northwestern British Columbia and the Ten Mile Creek Gold Project in the Yukon Territory. Mongolia: Baruunbaayan Uranium Project Solomon reports that Uranium Exploration Permit 12745X has now been issued to Solomon Resources Mongolia under the new Nuclear Energy Law and that Solomon field crews have completed a surface magnetometer survey on the most prospective geological targets on this licence to meet tenure work commitments. The exploration data is being analyzed by an Ulaanbaatar geophysical contractor. The Company is also pleased to report that the appeal period has now expired from the Mongolian Supreme Court decision which found that the Mongolian Cadastral Office had improperly dealt with various Solomon licence applications (see Solomon News Release dated December 21st, 2009) and that there has been no appeal of that decision filed by either the Cadastral Office or proponent Cogegobi LLC. Solomons President Randy Rogers observed: This landmark decision of the Mongolian Supreme Court is an important step in our attempt to have the expropriation of our licences resolved as well as compelling the Cadastral Office to issue licences that have been gazetted and for which Solomon has already paid. Our Mongolian lawyers are actively working to have the disputed licences transferred to Solomon in an expeditious manner. Solomon conducted an extensive surface exploration and diamond drilling program during 2007 and 2008 in the Cretaceous Ooshin Govi Basin of south-central Mongolia to follow up Soviet-era airborne spectrometer anomalies in a favourable geological environment for rollfront uranium mineralization. In total 31 diamond drill holes totalling 6457.95 meters were completed on this project at a cost of approximately $US 2,500,000. The Solomon tenures, known as the Baruunbaayan Property, are located approximately 650 kilometers south of Ulaanbaatar and 135 kilometers north of the Chinese border. Discussion continues with prospective joint venture partners for the Companys Mongolian tenures.  British Columbia: Cry Lake Gold Project Solomon has acquired an option from Kaminak Gold Corporation to earn a 51% interest in the Cry Lake Gold Project, located 80 kilometers northeast of the community of Dease Lake, British Columbia. Solomon conducted a brief exploration program on this property in 2009, and to facilitate the 2010 exploration program has initiated discussions with the Dease River First Nation and the Government of the Province of British Columbia to assess the viability of staging the program from the abandoned settlement of McDame located along the Dease River 25 kilometers northwest of the claim boundary. Ownership of the road connecting McDame to the community of Good Hope Lake is in transition between the Ministry of Transportation and Infrastructure and the First Nations community; Solomon believes that upgrades to the road could be a source of economic co-operation between the Company and the Dease River Band. A winter road extends from McDame along the Four Mile River to within 13 kilometers of the property which could provide an access route for heavy equipment and future development. Gold mineralization identified to date on the Cry Lake Property is associated with shears, faults and fractures within the poorly understood and highly metamorphosed Rapid River tectonite. Seven mineralized zones have been identified to date on the Cry Lake property and extend over a northwesterly-elongated area two kilometres long and one kilometer wide: the Zinc Lake Zone, Discovery/Surprise Vein, Grizzly Ridge Vein, H Zone, Gully A Zone and B Zone. A new mineralized zone known as the Hill Zone was identified by British Columbia Geological Survey Branch in 1997. The Discovery/Surprise Vein represents the best exploration target to date identified on the Cry Lake Property. Grab samples from the Discovery/Surprise Vein have returned assay values up to 41.0 g/t gold and channel samples by earlier operators returned the following selected high-grade values: 27.09 grams per tonne (g/t) gold and 1220.6 g/t silver over 2.0 meters; 15.09 g/t gold and 1073.2 g/t silver over 3.5 meters and 8.91 g/t gold and 596.6 g/t silver over 1.0 meter. Solomon completed a drill and soil sampling program on the Cry Lake property during September and October of 2009 with the objective of furthering geological and mineralogical understanding of the gold mineralization identified by earlier operators and to obtain rock samples for petrographic analysis prior to committing to a larger scale program in 2010. Detailed investigation of the epithermal type veins associated with fault movement has identified several phases of intense to advanced argillic alteration and gold and silver mineralization is closely associated with sphalerite, galena, arsenic, mercury and bismuth. The 2009 diamond drill program comprised 415 meters of drilling in two holes collared below the Discovery/Surprise Vein outcrop. The drilling encountered severe faulting with infill veining and stockwork which appear to correlate with surface geological mapping conducted by our field geologists prior to the drilling. The drill program was cut short by a sudden and severe winter weather system that forced the Solomon crews and drill contractor from the property and a planned drill hole designed to test the Discovery/Surprise Vein at depth was abandoned until 2010. Gold values intersected in the two shallow holes that were completed in 2009 included 0.22 g/t gold and 32 g/t silver over 4.50 meters in DDH-CL-01 and 0.21 g/t gold and 93 g/t silver over 1.20 meters in DDH-CL-02. Soil geochemical infill sampling confirmed the extent of the highly anomalous area identified by earlier operators with analyses up to 724 parts per billion (ppb) gold and 9314 ppb silver and significantly expanded the strong mercury soil anomaly south and east of the Surprise/Discovery Vein and will be explored by diamond drilling in the 2010 field season. The 2010 diamond drill program at Cry Lake has a proposed budgeted of $CDN 500,000 and will be partly funded by the current private placement financing (Solomon News Release: January 27th, 2010) Solomon exploration crews are expected to mobilize to the property in early June of 2010, and the results of the 2010 diamond drill program will be reviewed in order to determine if an expanded diamond drill campaign is warranted for the autumn of 2010.   Yukon Territory: Ten Mile Creek Gold Project Solomon has acquired an option from Radius Gold Inc. to earn a 51% interest in the Ten Mile Creek Gold Project, located 75 kilometers south of Dawson City, Yukon Territory. Ten Mile Creek is an active placer gold mining camp with significant historical production, and was the site of a placer gold stampede in January of 1898 during the Klondike Gold Rush. The property was staked by Teck Resources Limited in 1998 during the same project in which Teck staked the area now covered by Underworld Resources Ltd.s White Gold Property to the southeast. Teck worked intermittently on both properties and identified a number of promising targets but changed their exploration focus in 2000 and dropped all their gold properties in the Dawson area. Tecks program at Ten Mile Creek identified five distinct mineralized zones: The Jual Vein System is characterized by numerous northwesterly trending, flat to moderately dipping quartz veins, stockworks and fault zones with gold assay values ranging from 8 to 16 g/t gold. Strong northwest-trending gold-in-soil geochemical anomalies with values up to 670 parts ppb gold cover an area measuring 1.4 kilometers by 0.6 kilometers. Trenching of peripheral and lower-order gold-in-soil anomalies yielded results of 1.6 g/t gold over 25 meters (including 11.1 g/t gold over three meters) and 1.0 g/t gold over 19 meters (including 8.5 g/t gold over 1.5 meters). The Cupid Zone is located three kilometers to the west of Jual and contains mineralized float grading as high as 3.5 g/t gold. Quartz and altered intrusive boulders, with disseminated sulphide were uncovered over a 600-meter by 500-meter area near Twenty Mile Creek. The Jual Zone and the Cupid Zone may prove to be connected on the basis of gold-anomalous stream sediment and reconnaissance soil geochemistry with values up to 70 ppb gold. The Ten Grid Zone is located 4.5 kilometers southeast of the Cupid Zone, and is an open-ended, 1.6-kilometre-long gold/arsenic soil anomaly with values up to 255 ppb gold and 1,280 parts per million (ppm) arsenic. The anomaly covers the contact between a metasedimentary unit and an intrusion, and the strong correlation between gold and arsenic suggests that the style of mineralization here is distinct from that exposed in the Jual vein system. The Ten West Zone is located 2 kilometers southwest of the Ten Grid Zone and characterized by quartz vein float with values up to 3.76 g/t gold. Preliminary soil geochemical surveys have identified anomalies up 150 ppb gold and 220 ppm arsenic; the gold/arsenic signature and presence of arsenopyrite suggest a similarity and possible continuity between the Ten Grid Zone and the Ten West Zone. The Galena Creek-Five Mile Zone is located at the south end of the property and comprises sheeted quartz veins with values up to 3.98 g/t gold, quartz stringers carrying 5.36 g/t gold, together with anomalous reconnaissance soil and stream sediments geochemical values. Ten Mile Creek is a very attractive gold target in an area of the Dawson Range that has received considerable attention over the past year. The staking rush generated in the summer of 2009 by drilling results at Underworld Resources Ltd.s White Gold Property has seen an influx of exploration capital into this camp, and recent work by the Yukon Geological Survey will likely encourage that trend to continue into the 2010 field season. Solomons Ten Mile Creek option is uniquely situated in an area with a known placer gold provenance and has already undergone preliminary exploration with five mineralized zones identified to date. Solomons exploration crews are expected to mobilize to the Ten Mile Creek property in mid July of 2010 with preliminary exploration to comprise grid cutting, soil geochemical sampling, surface geophysics and backhoe trenching. Solomon continues to liaise with other exploration companies active in the White Gold camp to capitalize on best exploration practices and sharing of resources in an effort to maximize the benefit realized from the planned exploration budget of $CDN 350,000. The 2010 exploration program at Ten Mile Creek will be partly funded by the current private placement financing (Solomon News Release: January 27th, 2010) and the results of the surface exploration and helicopter-supported trenching will be analyzed at the conclusion of this preliminary program to determine if a diamond drill program is warranted in the autumn of 2010.   Randy Rogers, M.Sc., P.Geol. a Qualified Person for the purposes of National Instrument 43-101, Standards for Disclosure for Mineral Projects of the Canadian Securities Administrators, and the President and Chief Operating Officer of Solomon, has verified the data disclosed herein including sampling, analytical and test data and supervised the preparation of the information that forms the basis of the disclosure contained in this news release. He has also reviewed the data disclosed herein from records of previous owners and operators of the Cry Lake and Ten Mile Creek Properties. While the historical data is believed to be accurate, Solomons exploration programs will be designed to test the accuracy of the historical information. QA/QC: Solomon has implemented quality assurance and quality control measures in its exploration programs, including the following:
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 worldwide. Solomon is managed by a proven team of exploration geologists who were involved with the discovery and development of a number of significant mineral deposits (including the Snip and Eskay Creek gold-silver deposits in British Columbia and the Brewery Creek gold deposit in the Yukon Territory). Currently focused on the exploration of the Cry Lake Gold Project in B.C. and the Ten Mile Creek Gold Project in the Yukon, Solomon also has interests in the Baruunbaayan Uranium Project in Mongolia (100%) and the Sleitat Tin Project in Alaska (20%) signed Randall S. Rogers, M.Sc., P.Geol. President and Chief Executive Officer To receive Company news via email please contact
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For additional information visit Solomons website at www.solomonresources.ca
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