Acquisition Of The King Solomon Gold Project

VANCOUVER - Phenom Resources Corp. has entered into an option agreement to acquire the King Solomon Gold Project consisting of 178 claims covering approximately 1,140 hectares (3,560 acres) in central Nevada. The Project lies 32 kilometres (km) south for the Company's Dobbin Gold Project. Like Dobbin, the King Solomon Project covers a regional-scale Carlin-type gold system. The King Solomon Project is also 45 km east of Kinross Gold's Round Mountain gold deposit, (10 million ounce gold production over a 20 year period, according to public disclosure), and 45 km southeast of the sediment-hosted Northumberland Carlin-type gold deposit.

Dave Mathewson, Director, said, "Phenom is only going after gold projects in Nevada that have regional scale targets. I have had my attention on this prospect for many years, so we are very excited to have secured King Solomon at this time. There is excellent potential for discovery of significant Carlin-type gold deposits there. Previous explorers, appear to not have understood the full extent of, and significance of, the stratigraphy or gold model. Typical of earlier 1990's explorers, drilling was largely limited to shallow tests of 90m to 122m deep (300-400 feet), and was primarily focused on the potential within the overlying Tertiary volcanic rocks. Significant near surface gold intercepts within Tertiary volcanics which, noteworthy as they are, suggest a bigger potential within the underlying more permissive, Paleozoic carbonate package. Earlier explorers barely penetrated into the more prospective rock units, and only scratched the surface of this prospect. The carbonate sequence below the volcanics at King Solomon which I have identified include favourable gold host rock formations such as the Denay, Rabbit Hill, Roberts Mountain and Pogonip limestone Formations, with a collective thickness well in excess of 1000 feet. These rock units represent a very significant potential host package to gold deposits that have not been significantly drill tested here.

Drilling to date has confirmed the Carlin-replacement-style of mineralization and intercepts have approached desirable gold grades. The presence of permissive host rocks, Carlin-style epithermal-style alteration, and geochemistry of up to very high levels of arsenic, antimony, mercury, and locally gold, all indicate gold deposit prospectivity. I lean strongly toward believing the existence of one or more gold deposits are present in the area."