Solomon Increases Unit Private Placement to $750,000 Adds $1,250,000 Flow-Through Unit

Armstrong, B.C. – Wednesday, March 31st, 2010. Solomon Resources Limited (SRB: TSX-V) has increased the size of its unit private placement announced on January 27th, 2010 to 3 million units (previously 2 million) at CAD($) 0.25 per unit for proceeds of $750,000 (previously $500,000). Solomon also plans to issue 4,464,286 ‘flow through’ units at CAD($) 0.28 per unit for proceeds of $1,250,000. Each unit will consist of one common share and one transferable share purchase warrant to purchase a further (non-flow through) common share for $0.40 for a period of two years. The expiry date of the warrants is subject to acceleration if the average closing price of the common shares equals or exceeds $ 0.50 for 20 consecutive days after the expiry of the four month restricted resale period. Finders’ fees of 8% (previously 7%) will be paid on funds raised from investors introduced by finders. Solomon now proposes to also issue warrants to eligible finders to purchase that number of (non-flow through) units equal to 8% of the number of units from investors introduced by the finders. The finder warrants will be exercisable for a period of two years at $0.28 per unit ($0.25 per unit for the non-flow through placement) in the first year and for $0.30 per unit in the second. The financing is subject to regulatory approval. The proceeds of this placement will be used to fund the exploration and development of Solomon’s British Columbia and Yukon properties, general corporate overheads and the Company’s continuing efforts to locate more advanced exploration and development projects. 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 development of a number of significant mineral deposits including the Snip and Eskay Creek deposits in British Columbia and the Brewery Creek deposit in the Yukon Territory. Solomon is currently focused on the exploration of the Ten Mile Creek Gold Project in the White Gold area of the Yukon Territory and the Cry Lake Gold Project in British Columbia. The Company does not propose to expend further funds in the foreseeable future on the Sleitat Tin Project in Alaska and and is actively seeking a joint venture partner for the Baruunbaayan Uranium Project in Mongolia. 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. < Prev   Next >