Armstrong, B.C. – Thursday, August 26th, 2010. Solomon Resources Limited (SRB: TSX-V) proposes to raise up to $1,000,000 through a unit private placement of up to 4,545,455 units at CAD $0.22 per unit. A group of private investors based in Europe have committed to invest $600,000 in this placement.

Each unit will consist of one common share and one transferable share purchase warrant to purchase a further common share for $0.30 before July 23, 2012. The expiry date of the warrants is subject to acceleration to 25 trading days after notice thereof, if the 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% will be paid on funds raised from investors introduced by finders. Solomon will also issue finder warrants to eligible finders to purchase that number of units equal to 8% of the number of units from investors introduced by the finders. The finder warrants will be exercisable until July 23, 2012 at $0.22 per unit in the first year and for $0.30 per unit for the balance of the term.

The financing is subject to regulatory approval.

The proceeds will be used to supplement funds of approximately $1,250,000 raised in April 2010 and July 2010 for the exploration and development of Solomon's Ten Mile Creek Gold project in the White Gold area of the Yukon Territory including a diamond drill program proposed to commence on that property prior to the end of August 2010, general corporate overhead 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.

For additional information visit Solomon's website at www.solomonresources.ca or contact: