SRB Completes Sale of 80 % Interest in Sleitat Tin Property BBR
posted on Sep 02, 2008 06:14AM
A Canadian company focused on the acquisition, exploration and development of quality mineral properties world wide.
Solomon Resources Limited
Unit 3 – 2860 Smith Drive, Armstrong, British Columbia, V0E 1B1, CANADA
Telephone (250) 546-4772 Telecopier (250) 546-6656
Web Site: www.solomonresources.ca
Solomon Completes Sale of 80 % Interest in
Sleitat Tin Property to Brett Resources Inc.
Alaskan Joint Venture Planned
September 2nd 2008 Trading Symbol: TSX-V.SRB
Armstrong, BC – Tuesday September 2nd 2008. Solomon Resources Limited (SRB: TSX-V) is pleased to report that it has now received the final payment of 400,000 shares of Brett Resources Inc. (“Brett”) pursuant to an Option Agreement dated July 23rd, 2005 in respect of the Sleitat Tin Property in Alaska. By accelerating completion of the terms of the Option Agreement, Brett has now earned an 80% interest in the property and has issued a total of 1,000,000 shares to Solomon. Solomon retains a 20% participating interest in the property.
Solomon and Brett are working towards finalizing terms of a Joint Venture Agreement to further explore the Sleitat Tin Property.
Tin on the Sleitat Property was discovered by Cominco American Inc. and Enstar Resources Corporation during a 1983 regional exploration program. Mapping, geochemical surveys, geophysical surveys and nine drill holes totaling 723.8 metres completed between 1983 and 1987 defined and tested a complex granitic intrusion which hosted cassiterite mineralization in sheeted greisen zones.
In 1989, the United States Bureau of Mines (USBM) evaluated the tin potential of the property, and reported an inferred resource of 25.9 million tons grading 0.22% - 0.37% tin, 0.04% tungsten, and 17 grams per tonne silver. A “Qualified Person” for the purposes of National Instrument 43-101, Standards for Disclosure for Mineral Projects of the Canadian Securities Administrators has not done sufficient work to classify the USBM’s historical estimate as current mineral resources or mineral reserves and Solomon is not treating this historical estimate as current mineral resources or mineral reserves as defined in NI 43-101. Accordingly, this historical estimate may not be relied upon.
Cominco acquired 100% of the Sleitat Tin Property from Enstar in 2001, but then abandoned the ground in 2003.
Solomon staked the Sleitat Tin Property in 2005 and granted an option to Brett to acquire an 80% interest in the property. Brett conducted a preliminary drill program in 2006 comprising five drill holes totaling 702.5 metres which twinned and largely confirmed Cominco’s best hole (88-08), and went on to further substantiate and expand the property’s known greisen hosted tin-silver mineralization. Brett has now fulfilled the terms of the option agreement with Solomon and earned an 80% interest in the property, with Solomon retaining a 20% participating interest.
Randy Rogers, M.Sc., P.Geol. a “Qualified Person” for the purposes of National Instrument 43-101, Standards for Disclosure for Mineral Projects of the Canadian Securities Administrators, and the President and Chief Operating Officer of Solomon, has verified the data disclosed herein including sampling, analytical and test data and supervised the preparation of the information that forms the basis of the disclosure contained in this news release.
Forward Looking Statements:
Some of the statements in this news release may contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Solomon. Actual results may differ materially from those currently anticipated in such statements.
About Solomon Resources Ltd.:
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of quality mineral properties world wide. 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:
Lawrence J. Nagy, Chairman and Chief Executive Officer
Randall S. Rogers, President and Chief Operating Officer
Email: [email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.