Solomon Receives Payments from Randall’s Sale in Australia and Expands Programs in Mongolia
Solomon Resources Ltd. (SRB:TSX-V) is pleased to announce that it has received the cash proceeds of A $ 1,100,000, from the release of environmental bonds previously held by the Western Australia Department of Mines. The bonds have been replaced by Integra Mining, the purchaser of Solomon’s Randall’s Tenements (see Solomon News Release dated August 2nd, 2005). Solomon has also received 6,967,485 shares of Integra stock, initially priced at A $ 0.071 per share. Shares of Integra closed at A$ 0.175 per share on January 19, 2005, reflecting a 250% increase in value.
Vancouver, Canada, January 20, 2006 – Solomon Resources Ltd. (SRB:TSX-V) is pleased to announce that it has received the cash proceeds of A $ 1,100,000, from the release of environmental bonds previously held by the Western Australia Department of Mines. The bonds have been replaced by Integra Mining, the purchaser of Solomon’s Randall’s Tenements (see Solomon News Release dated August 2nd, 2005). Solomon has also received 6,967,485 shares of Integra stock, initially priced at A $ 0.071 per share. Shares of Integra closed at A$ 0.175 per share on January 19, 2005, reflecting a 250% increase in value.
The funds will be used to conduct additional drilling at the Company’s Bayantsagaan Gold Project in Mongolia (see News Release January 13th, 2006) and to fund ongoing exploration programs to acquire additional gold, copper and uranium projects in Mongolia.
Solomon recently established a wholly owned subsidiary in Mongolia, “SRM XXK”, which will hold all new properties, outside of the Gallant Option Agreement. SRM XXK is a Mongolia Limited Liability Company, headquartered in Ulaanbaatar. The new company is headed up by Mr. Batmunkh Enkhnasan, Exploration Manager and Director General. Batmunkh is a graduate of the Mongolia Technical University, and has been exploring for gold and copper in Mongolia for eight years. He has worked as an exploration geologist with Harrods Minerals, and later Gallant Minerals before being seconded to WMC Resources Corp for two years. He briefly worked for Erdene Gold Inc. as Project Geologist before joining Solomon in 2005.
About Solomon Resources Ltd.
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of gold properties world wide. The Company is managed by a proven team of exploration geologists credited with the discovery and/or development of a number of significant deposits in the world, including the SNIP, Eskay Creek, and Brewery Creek deposits in Canada, the Segala gold deposit in Mali, the Chimney Creek, Mule Canyon, Ruby Hill, Mesquite, and Ortiz gold deposits in the United States, the Gosowong deposit in Indonesia, and the Cadia East deposit in Australia.
Solomon has active copper-gold and gold exploration projects in Mongolia, Australia and Burkina Faso. Solomon Resources Ltd. is a Tier 1 Company listed on the TSX Venture Exchange (TSX-V) and trades under the banner (SRB). For additional information visit Solomon’s website at www.solomonresources.ca.
Contact Information - Keith A. Laskowski, President and COO
Direct: 1 720-272-6224
Larry Nagy, Chairman and CEO:
Office: 604-669-6656
Fax: 604-684-9877
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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