Australian Solomons Gold drilling intersects 50m @ 7.77 g/t Au & 44m @ 3.52 g/t Au in DDH 156 37m @ 4.05 g/t Au in DDH 155 in Charivunga Gorge



    /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
    FOR DISSEMINATION IN THE UNITED STATES/

    TORONTO, Dec. 17 /CNW/ - (TSX:SGA) Australian Solomons Gold Limited
("ASG" or the "Company") today announced results from two recent drill holes
at its Gold Ridge Project in the Solomon Islands.
    Previous drilling from the Charivunga Mineralised Zone ("CMZ") has
delivered some outstanding results as released on November 28 2007. Today's
results include DDH 155, 37m @ 4.05 g/t Au and DDH 156, 50m @ 7.77 g/t Au, and
44m @ 3.52 g/t Au.
    Drilling continues at the CMZ with a goal of increasing the resource
ounces to the existing NI 43-101 Measured and Indicated resource of 27.99 Mt @
1.72 g/t Au (1.545M oz). It is believed this goal is achievable by defining a
new stand alone open pit, or sufficient ore to merge with one or more of the
planned pits in the reserve. The CMZ has a strike extent of 300m, is up to
150m wide, and extends to 300m vertical depth. The CMZ remains open to the
south and at depth.
    Due to drill rig access constraints and the limited number of holes
completed, the updip extent (how close it comes to the surface) of the
consistently mineralised footwall zone has not yet been fully explored. It
appears this zone dips to the east and the top of the zone has been
intersected at 120m - 140m vertical depth in holes DDH156 and DDH154. Further
drilling is planned to determine the extents of this consistently mineralised
zone.
    Based on the drilling results to date this mineralised CMZ has the
potential to add a number of years of life to the project or to justify a
significant upgrade of the existing plant with a higher production of gold.
The preferred outcome will depend upon the results of future drilling but also
on other exploration activities being undertaken around the four current pit
designs. Significant increases in ore adjacent to the four pits would increase
the likelihood of an increase in production.
    The Company is continuing with its plans to refurbish the existing plant
with an increase of throughput to 2.5 million tonnes per annum producing on
average 135,000 ounces per year of gold for the first three years of
operation. A review of a possible further increase in throughput will be
ongoing as exploration data progressively becomes available and confirms the
Company's expectations.

    
    Exploration work planned to end Q1 2008

    -   The LY44 rig will continue drilling deep exploration holes along the
        CMZ trend.

    -   A man portable rig has been mobilised to enable drilling in parts of
        the CMZ inaccessible to the larger rig and is expected on site early
        in the new year.

    -   A Helimag survey will be carried out over 160km(2) of project
        tenements with the goal of identifying structures that may host
        additional gold and gold / copper mineralisation.

    -   Grid clearing for the proposed IP survey is continuing. This survey
        will concentrate on the Mining Lease 1/1997 and will cover areas
        where there is little drilling or soil geochemical data, in
        particular the area to the south west of Charivunga Gorge and the
        area to the east of Kupers and Dawsons. IP is an excellent tool for
        locating disseminated sulphide mineralisation, similar to the four
        previously defined deposits.

    Charivunga Mineralised Zone ("CMZ")

    Recent drilling results include the following highlights:
    -   DDH155
        -  13m @ 3.2 g/t Au from 93m
        -  16m @ 1.7 g/t Au from 233m
        -  16m @ 1.97 g/t Au from 250m
        -  17m @ 1.6 g/t Au from 268m
        -  37m @ 4.05 g/t Au from 286m
    -   DDH156
        -  12m @ 1.65 g/t Au from 83m
        -  12m @ 3.29 g/t Au from 108m
        -  26m @ 2.71 g/t Au from 191m
        -  13m @ 1.1 g/t Au from 235m
        -  50m @ 7.77 g/t Au from 256m
        -  44m @ 3.52 g/t Au from 307m

    A full tabulation of all the results from the recently drilled holes
DDH155 - 156 is included in the Appendix to this release.

    -   The location of the two recently drilled holes in relation to the
        four pits is shown in figure 1.

    -   The location of completed and planned drill holes in the CMZ in
        relation to the planned Kupers and Namachamata pits are shown on the
        attached figure 2.

    -   The comparison between the gold assay results undertaken so far and
        the existing design pits can be seen in figure 3.

    -   The orientation of the mineralised zone is shown in figure 4, which
        shows a cross section through the central portion of the CMZ. The
        mineralisation appears to be zoned with a consistently mineralised
        footwall zone and a more erratically mineralised hanging wall zone.
    

    To view figures please visit:
http://files.newswire.ca/351/ASG_figures.doc

    Quality Assurance Program

    Strict sampling and QA/QC protocols are followed including the insertion
of blanks and standards on a regular basis. Half core samples are pulverised
on site using an LM5 ring pulveriser. One split is sent to ALS Chemex in
Brisbane, Australia, for analysis where it is subject to a 50g fire assay with
atomic absorption finish. The second split and coarse rejects are stored in
secure facilities at the Gold Ridge plant site or Honiara Exploration Office.

    Qualified Person

    The Gold Ridge drilling program is being carried out under the direction
of Tony Field, BSc Geology, ASG's Exploration Manager and the Qualified Person
as defined by National Instrument 43-101 of the Canadian Securities
Administrators responsible for the exploration program and the technical
aspects of this news release.

    About ASG

    ASG is developing the Gold Ridge Project, a former producing mine,
located on Guadalcanal in the Solomon Islands. The mine operated from August
1998 to June 2000 and produced approximately 210,000oz gold during this
period. ASG acquired the project in May 2005 and has completed a Feasibility
Study to redevelop the Gold Ridge Project which is expected to commence
operations by Q2 of 2009.

    Cautionary Statement Regarding Forward-Looking Information

    All statements, trend analysis and other information contained in this
press release relative to markets for ASG's trends in resources, recoveries,
production and anticipated expense levels, as well as other statements about
anticipated future events or results constitute forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate", "expect"
and "intend" and statements that an event or result "may", "will", "should",
"could" or "might" occur or be achieved and other similar expressions.
Forward-looking statements are subject to business and economic risks and
uncertainties and other factors that could cause actual results of operations
to differ materially from those contained in the forward-looking statements.
Forward-looking statements are based on estimates and opinions of management
at the date the statements are made. Some of these risks, uncertainties and
other factors are described under the heading "Risk Factors" in the Company's
annual information form available on www.sedar.com. ASG does not undertake any
obligation to update forward-looking statements even if circumstances or
management's estimates or opinions should change. Investors should not place
undue reliance on forward-looking statements.

    The Toronto Stock Exchange has neither approved nor disapproved the
    contents of this press release

    
                                   Appendix
                                   --------
    

    Charivunga Gorge

    Assays have been received for holes 12 & 13 in the current series of deep
holes drilled to test for continuity of mineralisation below the Charivunga
Gorge (DDH155 - 156).

    DDH155: Drilled in the central section of the CMZ, on the same section as
DDH139. This hole appears to have intercepted the updip extension of the
mineralisation encountered in DDH139.

    DDH156: Also drilled in the central portion of the CMZ, 50m north of
DDH155. This is the deepest ASG hole drilled to date and also contains the
best intersection so far. This hole confirms the N - S strike and steep E dip
of the mineralised zone (see cross section above).

    
    Assays

    Assays have been received for holes DDH 151 - 154:

    Table 1 Drill Hole Location
    -------------------------------------------------------------------------
    Hole No.                                                           Depth
    (DDH)   Location    Easting   Northing     RL     Azi     Dip    (Actual)
    -------------------------------------------------------------------------
    DDH155     CMZ     23806.20   40367.29   396.49  270.5   -54.3      232m
    -------------------------------------------------------------------------
    DDH156     CMZ     23830.06   40389.75   382.49    270     -50    407.2m
    -------------------------------------------------------------------------


    Intersections include:

    Table 2 Assays
    -------------------------------------------------------------------------
            From  To
    HoleID   (m)  (m) Interval   Au g/t  As ppm  Comment
    -------------------------------------------------------------------------
    DDH155    0   38                             Assays pending
    -------------------------------------------------------------------------
             48   54      6       1.18      27
    -------------------------------------------------------------------------
             58   59      1       0.63       2
    -------------------------------------------------------------------------
             63   64      1      25.20       3   quartz-carbonate-pyrite-sp
                                                 vein with trace gn, minor
                                                 chalcopyrite
    -------------------------------------------------------------------------
             79   92     13       0.84      22   quartz-carbonate-pyrite vein
                                                 with polymetallic sulfides
                                                 of Zn & Cu
    -------------------------------------------------------------------------
             93  106     13       3.20       5   includes 1m @ 23.7 g/t Au
                                                 from 103m, quartz-carbonate-
                                                 pyrite vein with minor
                                                 chalcopyrite & 2 grains
                                                 visible gold @ 93 - 94m,
                                                 quartz-carbonate-pyrite vein
                                                 with minor galena, traces of
                                                 chalcopyrite 103 - 104m
    -------------------------------------------------------------------------
           108   113      5       0.83     138   strong argillic altered
                                                 fault zone? Broken core.
                                                 Recovery 88%
    -------------------------------------------------------------------------
           115   118      3       0.89      11   quartz-pyrite vein with rim
                                                 of black carbonaceous
                                                 matter. Recovery 93%
    -------------------------------------------------------------------------
           134   138      4       0.74       2   quartz-carbonate-pyrite vein
                                                 with minor sphalerite
    -------------------------------------------------------------------------
           141   142      1       0.67       1
    -------------------------------------------------------------------------
           150   152      2       2.18       1
    -------------------------------------------------------------------------
           155   162      7       2.08      11   quartz-carbonate-pyrite vein
                                                 in 15cm wide strong argillic
                                                 altered zone, trace
                                                 sphalerite 159 - 160m
    -------------------------------------------------------------------------
           168   170      2       1.49       3
    -------------------------------------------------------------------------
           176   178      2       0.68       2
    -------------------------------------------------------------------------
           186   187      1       0.99       1
    -------------------------------------------------------------------------
           192   201      9       1.40       6   numerous quartz-carbonate-
                                                 pyrite veins
    -------------------------------------------------------------------------
           205   207      2       0.74       2   quartz-carbonate-pyrite vein
                                                 with minor sphalerite
    -------------------------------------------------------------------------
           210   215      5       1.29       3   quartz-carbonate veinlets
    -------------------------------------------------------------------------
           219   222      3       1.07     437   40cm wide silicified zone of
                                                 open vuggy quartz-carbonate-
                                                 pyrite vein with minor
                                                 arsenopyrite & black
                                                 carbonaceous matter
    -------------------------------------------------------------------------
           225   227      2       1.36      41   quartz-carbonate vein with
                                                 trace pyrite
    -------------------------------------------------------------------------
           233   249     16       1.70      15   quartz-carbonate-pyrite
                                                 veins +/- polymetallic
                                                 sulfides of sphalerite,
                                                 chalcopyrite @ 233m,
                                                 240m, & 242 - 245m
    -------------------------------------------------------------------------
           250   266     16       1.97      11   includes 1m @ 12.4 g/t Au
                                                 from 254m, thin quartz-
                                                 pyrite veins with traces of
                                                 sphalerite @ 251m, 257 -
                                                 259m, 260m, 262m
    -------------------------------------------------------------------------
           268   285     17       1.60      10   60cm wide silicified,
                                                 pyritised zone with
                                                 stockwork quartz-pyrite
                                                 veining 284 - 285m
    -------------------------------------------------------------------------
           286   323     37       4.05      30   includes 2m @ 27.34 g/t
                                                 Au from 304m, quartz -
                                                 carbonate veins @ 297 -
                                                 300m, 302m, 305 - 308m, 309m
    -------------------------------------------------------------------------
    DDH156  52    53      1       2.60       6   quartz-carbonate-pyrite vein
    -------------------------------------------------------------------------
            64    70      6       1.16      11   quartz-pyrite stockwork
                                                 veining @ 64m, 67 - 70m,
                                                 v minor vis Au 69 - 70m.
    -------------------------------------------------------------------------
            77    78      1       0.95      16   patches of carbonaceous
                                                 flakes
    -------------------------------------------------------------------------
            83    95     12       1.65      24   quartz-carbonate-pyrite
                                                 veins @ 84 - 86m, 88 -
                                                 91m, 92m, 94m.
    -------------------------------------------------------------------------
            98    99      1       0.75       1
    -------------------------------------------------------------------------
           102   105      3       1.18       2   quartz-carbonate-sphalerite-
                                                 chalcopyrite vein, @ 104
                                                 - 105m
    -------------------------------------------------------------------------
           108   120     12       3.29       3   includes 1m @ 24.6 g/t Au
                                                 from 109m, quartz-carbonate-
                                                 pyrite-sp vein with trace
                                                 chalcopyrite @ 109m,
                                                 113m, 116m, 119m
    -------------------------------------------------------------------------
           121   127      6       0.50      10   quartz-carbonate-pyrite
                                                 veins within 50cm zone of
                                                 strong argillic altered
                                                 pyritised zone @ 124m
    -------------------------------------------------------------------------
           136   137      1       0.56       2
    -------------------------------------------------------------------------
           150   157      7       1.71     901   broken silicified, pyritised
                                                 core fragments & from 150.8
                                                 - 153.5m
    -------------------------------------------------------------------------
           161   165      4       1.00       2   40-50cm long carbonate vein
                                                 @ 164m
    -------------------------------------------------------------------------
           180   181      1      84.00       2   3 brown carbonate vein + 1
                                                 carbonate-pyrite vein with
                                                 Au smeared with pyrite
    -------------------------------------------------------------------------
           191   217     26       2.71     270   includes 1m @ 16.45 g/t
                                                 Au from 205m, quartz-
                                                 carbonate-pyrite vein with
                                                 sphalerite, chalcopyrite
                                                 @ 193m, 195 - 198m, 199m,
                                                 205 - 209m, 211m
    -------------------------------------------------------------------------
           218   222      4       0.53      30
    -------------------------------------------------------------------------
           225   227      2       1.40      21
    -------------------------------------------------------------------------
           230   232      2       1.42      67   10cm strong argillic.altered
                                                 crumbly pyritised zone
    -------------------------------------------------------------------------
           235   248     13       1.10      28   quartz-carbonate-pyrite
                                                 veins with minor
                                                 chalcopyrite @ 244 - 247m
    -------------------------------------------------------------------------
           250   254      4       0.60     226
    -------------------------------------------------------------------------
           256   306     50       7.77     154   includes 1m @ 12.6 g/t Au
                                                 from 260m, 1m @ 32.7 g/t
                                                 Au from 266m, 1m @ 17.55
                                                 g/t Au from 271m, 1m @
                                                 152 g/t Au fron 285m, 1m
                                                 @ 18.4 g/t Au from 290m &
                                                 1m @ 22.8 g/t Au form
                                                 301m. quartz-pyrite vein
                                                 with minor sphalerite,
                                                 chalcopyrite +/- vis Au @
                                                 260m, 266m, 272m, 290m, 301m
    -------------------------------------------------------------------------
           307   351     44       3.52      32   includes 1m @ 55.6 g/t Au
                                                 from 335m. quartz-pyrite
                                                 vein with minor sphalerite
                                                 @ 329 - 332m, 334 - 336m,
                                                 338m, 342m, 346m
    -------------------------------------------------------------------------
           358   362      4       1.22      10
    -------------------------------------------------------------------------
           367   368      1       0.74      29
    -------------------------------------------------------------------------
           372   377      5       1.15     876   broken silicified,
                                                 moderately pyritised core
                                                 frags with small quartz
                                                 veinlets 375 - 376m
    -------------------------------------------------------------------------
           404   405      1      41.90       7
    -------------------------------------------------------------------------

    -   Minimum cut-off 0.50g/t Au
    -   Maximum of 2m internal waste
    -   No maximum cut-off applied
    -   Intersections for holes drilled at -600 represent approximate true
        width, except for narrow ((less than) 1cm) polymettalic quartz veins.
        The orientation of these veins to the core axis is noted in the
        comments. Intersections for holes drilled at -500 may exaggerate true
        width by up to 10%.
    -   Holes DDH155, 156 were drilled in PQ from surface to approximately
        100m depth and thence in HQ.
    -   Drilling was carried out by Radial Drilling with a Longyear 44 rig
    -   Core recovery was (greater than)95% except as noted
    -   Gold assays are by 50g Fire Assay carried out at ALS Chemex Brisbane
    

    %SEDAR: 00023730E




For further information:

For further information: ASG: John Blake, CEO +617 3624-9000,
John.Blake@solomonsgold.com.au. Please note that the Head Office of ASG is
located in Queensland, Australia and is 15 hours ahead of Toronto time.
Investor Relations: Rebecca Greco, (416) 839-8610,
Rebecca.Greco@solomonsgold.com.au (ASG's Investor Relations Manager -
Toronto); Martti Kangas, (416) 815-0700 x 243, mkangas@equicomgroup.com;
Michael Joyner, (416) 815-0700 x 275, mjoyner@equicomgroup.com, The Equicom
Group, Toronto, Canada

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