RCF III L.P. Acquires Securities of Australian Solomons Gold Limited

    DENVER, Feb. 2 /CNW/ - Resource Capital Fund III L.P. ("RCF III"),
reports that it now holds 63,158,933 common shares of Australian Solomons Gold
Limited ("the Company") following the conclusion of the private placement of
35,460,993 common shares to RCF III by the Company at C$0.30 per share. The
63,158,933 common shares represent 60.79% of the Company's 103,884,650
currently issued and outstanding common shares.
    Resource Capital Fund II L.P. ("RCF II"), a fund under common management
with RCF III, also owns 363,425 common shares of ASG which represent 0.35% of
the Company's 103,884,650 currently issued and outstanding common shares.
    The combined interest of RCF II and RCF III is 63,522,358 common shares,
which represent 61.14% of the Company's 103,884,650 currently issued and
outstanding common shares.
    ASG is listed on the Toronto Stock Exchange, however, the private
placement was an off-market transaction.
    The acquisition by RCF III of the shares in the Company is for investment
purposes. RCF III has no current intention to acquire additional securities of
the Company but may decide from time to time in the future to increase its
ownership of the Company's common shares.
    RCF III is not acting jointly or in concert with any other person in
acquiring shares of ASG.

    This news release was prepared by the undersigned and the undersigned
takes responsibility for its content.

    
    Resource Capital Fund III L.P.

    By:    Resource Capital Associates III L.P
           General Partner

    By:    RCA III GP LLC

    By:    Brian T. Dolan
           (Partner)

    The TSX has not reviewed and does not accept responsibility for the
    adequacy or the accuracy of this News Release.
    

    (The issuance of this News Release is not an admission that an entity
named in the News Release owns or controls any described securities or is a
joint actor with another named entity.)

For further information:

For further information: RESOURCE CAPITAL FUND III L.P., Suite 200, 1400
Sixteenth Street, Denver, Colorado, 80202, USA, (720) 946-1444