Armstrong, B.C. - Thursday, September 16th, 2010. Solomon Resources Limited (SRB: TSX-V) is pleased to report that it has now closed the Unit Private Placement announced on August 26th, 2010 by issuing 5,565,499 units at CAD $0.22 per unit for proceeds of $1,224,408.

Each unit consisted of one common share and one transferable share purchase warrant to purchase a further common share for $0.30 prior to July 23rd, 2012. 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 four month restricted resale period.

Finders’ fees of 8% were paid on funds raised from investors introduced by finders. The finders were also issued non-transferable warrants to purchase 395,167 units, being 8% of the units purchased by investors introduced by them. The finder warrants are exercisable before July 23rd, 2012 at $0.22 per unit in the first year and $0.30 per unit thereafter.

All shares issued and issuable on exercise of warrants will be subject to resale restrictions until January 16th, 2011.

“We are very pleased to welcome several new European shareholders to the Company.” said President and CEO Randy Rogers. “The level of demand shown for these units at home and abroad is a direct reflection of investor confidence in the restructuring of the company and our current exploration focus in the Yukon Territory. ”

The proceeds of this placement will be used to fund the diamond drill program which has now commenced on the Company’s Ten Mile Creek Gold Project in the Yukon, pursuit of new grassroots exploration opportunities in the Yukon and for essential corporate overhead.

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, the acquisition of new exploration targets in the Yukon and Northern British Columbia 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:
 

Solomon Resources Limited
Tel: 1 (866) 831-6666

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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