Vancouver, Canada (PRWEB) July 31, 2005
Solomon Resources Ltd (SRB:TSX-V) is pleased to announce that its wholly owned subsidiary, Solomon (Australia) Pty. Ltd. has executed the Final Agreement for the sale of SolomonÂs RandallÂs Gold Project in Western Australia, to Integra Mining Ltd. The Randalls Gold Project is part of SolomonÂs Kalgoorlie Southeast project, and contains 19 tenements (see Solomon News Release dated March 23, 2005).
The completion of the transaction will provide Solomon with 6,967,485 shares of Integra stock (symbol: ASX), and the replacement of SolomonÂs environmental bonds of A$998,000 in cash. In addition, Integra will reimburse Solomon A$350,000 for drilling expenses, either in cash or in stock at SolomonÂs option. Stock reimbursement will be calculated using the Integra stock price as of March 6, 2005 (A $.07176 per share) for 4,877,369 shares, bringing the total to 11,844,854 shares. Integra shares closed at A$0.095 per share on July 27, 2005.
Solomon remains active in the Kalgoorlie Southeast Project area, with five (5) remaining projects:
Â· Emu Dam Gold Project (100% Solomon)
Â· Monger South Gold Project (100% Solomon)
Â· Glandore South Joint Venture with Harmony South KAL Mines
Â· Kalgoorlie SE Joint Venture with Newcrest Mining
Â· Lucky Bay Gold Project (100% Solomon)
About Solomon Resources Ltd.:
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of gold and base metal mineral properties world wide. The Company is managed by a proven team of explorationists credited with the discovery and/or development of a number of significant deposits in the world, including the SNIP and Eskay Creek Mines in British Columbia, the Brewery Creek Mine in the Yukon, and the Segala Gold Deposit in Mali, West Africa.
Solomon also has significant base and precious metal exploration holdings in Mongolia and has recently begun exploration on its Bayantsagaan Gold Project. Solomon recently acquired an exclusive Option to acquire a minimum 80% interest in each of 20 projects in Mongolia. SolomonÂs shares trade under the banner SRB on the TSX Venture Exchange (TSX-V).
For additional information visit SolomonÂs website at http://www.solomonresources.ca.
On Behalf of the Board of Directors of
SOLOMON RESOURCES LIMITED
Keith A. Laskowski
President and Chief Operating Officer
Phone: 604-669-6656 or 720 272 6224
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.