TSX Venture Accepts Option to Acquire Rurembo Tin Prospecting Licence, Republic of Rwanda Solomon Files National Instrument 43-101 Report
Box 938, Vernon, British Columbia, V1T6M8, Canada Telephone (778) 475-5551 Fax (778) 475-5541 Web Site: www.solomonresources.ca
NEWS RELEASE
TSX Venture Accepts Option to Acquire Rurembo Tin Prospecting Licence, Republic of Rwanda
Solomon Files National Instrument 43-101 Report
February 4th, 2013 Trading Symbol: TSX-V.SRB
Vernon, B.C. – Monday, February 4th, 2013. Solomon Resources Limited (SRB: TSX-V) is pleased to report that the TSX Venture Exchange has accepted for filing a property option agreement dated July 12th, 2012 between Solomon and Canadian Metro Airlines Inc., Wicklow Consulting Inc., BEB Investments Inc. and Jens Hansen whereby Solomon has been granted an option to acquire a 100% interest in the Rurembo Prospecting Licence, Republic of Rwanda.
The consideration to exercise the option is the issue of 12,000,000 common shares to the optionors: 6,000,000 shares to be issued immediately and the remaining 6,000,000 shares upon the prospecting licence being converted into an exploration or production licence prior to its expiry on February 21, 2014. Solomon is also required to carry out $1,000,000 in exploration on the Property over two years ($500,000 per year) which exploration expenditure commitment terminates upon the prospecting licence being converted into an exploration or production licence. Concurrently with the second issuance of shares, the optionors will also be repaid loans from them to a company holding the property of approximately $200,000.
Solomon has filed a Technical Report on the Rurembo Prospecting Licence with the Exchange. The report, co-authored by Project Geologist Terry Coyle, M.Sc., P. Geo. and Solomon’s President and CEO Randy Rogers, M.Sc., P.Geo. was dated December 31st, 2012 and will be posted on the Company’s website at www.solomonresources.ca.
Rogers noted: “This is an important step forward in our new focus on tin and coltan mineralization in equatorial Africa. The Rurembo Tin Project presents a highly prospective exploration program for Sn-Ta-Nb (W) mineralization in pegmatite dykes, greisens and quartz veins in an area with a rich history of artisanal mining. While we are very pleased with the results of our preliminary exploration the challenge in this large licence area is to quickly identify priority targets using conventional surface exploration techniques. Should the results of the field program warrant an application for Exploration Licences on selected targets prior to the expiry of the Prospecting Licence in February of 2014 a program of mechanized trenching and drilling may be warranted to further define targets.”
QA/QC:
Solomon has implemented quality assurance and quality control measures in its exploration programs.
Field work is conducted under the direct supervision of a Qualified Person. Data is accurately recorded in the field and all data points are located with respect to known reference points. The exploration process (including planning, mapping, sampling, sample preparation, sample security and analysis or testing) is carefully documented and accompanied by a detailed record setting out the procedures followed and the results obtained.
All sampling programs are carried out in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. Quality control programs appropriate to the type of sample and the mineralization are implemented, including such measures as external blanks, standards and duplicate samples. The security of samples from sample acquisition to analysis is a vital component of the sampling process. Procedures include the use of secure core logging, sampling, storage and preparation facilities as appropriate and the prompt, secure and direct shipping of samples to the laboratories. Appropriate sample security procedures are employed given the geographic and topographic conditions and the logistics created by the site location.
Our exploration procedures are developed to conform to current ‘best practices’ in mineral exploration.
Qualified Person:
Randy Rogers, M.Sc., P.Geo. 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 Executive Officer of Solomon, has approved this release and verified the data herein disclosed by conducting field examinations of the Rurembo Licence Area, supervision of exploration contractors working in the field and a review of historical reports.
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 tin, niobium and tantalum projects in equatorial Africa. The recent acquisition of an option to acquire a 100% interest in the Rurembo Tin Project in the Republic of Rwanda is the first of a series of property acquisitions and new projects in this underexplored and highly prospective region which Solomon hopes to undertake. Solomon also holds legacy projects in the Yukon Territory, British Columbia and Alaska.
Solomon’s business model is that of a Project Generator. To build shareholder value, the Company intends to acquire highly prospective mineral tenures in stable jurisdictions with the objective of adding value through grassroots exploration and target refinement and then seeking option or joint venture partners through to production.
For additional information visit Solomon’s website at www.solomonresources.ca or contact:
Randall S. Rogers M.Sc., P.Geo.
President and Chief Executive Officer Phone (778) 475-5551
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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