NEWS RELEASE
Solomon obtains $500,000 Loan from Directors
December 1st, 2008 Trading Symbol: TSX-V.SRB
Armstrong, BC – Monday, December 1st, 2008. Solomon Resources Limited (SRB: TSX-V) announces it has arranged a loan of $500,000 from directors of the company. The funds will be used for general corporate purposes. The loan is repayable without interest in six months and will be secured by shares of three publicly traded companies which are held as investments by Solomon. Subject to Exchange approval, the participating directors will be issued an aggregate of 2,000,000 shares as a bonus for making the loan.
President Randy Rogers noted: “the short term loan from the members of our Board of Directors is a clear indication of their strong belief in the future prospects of the company and will allow us to continue our ongoing exploration programs without the severe dilution that would have resulted from a fully subscribed private placement.”
About
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/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 is currently focused on the exploration of copper-gold projects in British Columbia and Ontario, a coal project in British Columbia, a tin project in Alaska and uranium projects in Mongolia. Solomon’s shares trade under the banner SRB on the TSX Venture Exchange (TSX-V).
For additional information visit Solomon’s website at www.solomonresources.ca or contact either:
Randall S. Rogers, President and Chief Operating Officer
Phone: 250-546-4772
Email: rrogers@solomonresources.ca
or:
Lawrence J. Nagy, Chairman and Chief Executive Officer
Phone: 250-546-4772
