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Australian Solomons Gold Drill Results Consolodate Potential for Charivunga Mineralised Zone (CMZ) Access to Relocation Site Approved

September 24, 2008

TORONTO, ONTARIO–(Marketwire – Sept. 24, 2008) –

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

Australian Solomons Gold Limited (“ASG” or the “Company”)(TSX:SGA) today announced results from three recent drill holes at its Gold Ridge Project in the Solomon Islands and provided a progress update.

Charivunga Mineralised Zone (“CMZ”) Drilling Highlights ——————————————————– Hole________ From________ To______Width (m)______Au g/t ——————————————————– DDH164________111________127____________16________ 2.36 ——————————————————– ______________172________182____________10________ 1.12 ——————————————————– ______________185________199____________14________ 1.41 ——————————————————– ______________211________224____________13________ 1.80 ——————————————————– ______________237________249____________12________ 1.34 ——————————————————– ______________272________286____________14________ 2.41 ——————————————————– ______________291________306____________15________ 1.61 ——————————————————– ______________315________334____________19________ 1.80 ——————————————————– ______________350________360____________10________ 1.37 ——————————————————– ______________384________407____________23________ 1.81 ——————————————————– DDH165________280________304____________24________ 1.63 ——————————————————– ______________307________318____________11________ 1.79 ——————————————————– DDH166________ 13________ 25____________12________ 1.06 ——————————————————– ______________157________167____________10________ 4.24 ——————————————————– ______________169________182____________13________ 1.21 ——————————————————– ______________217________230____________13________ 1.69 ——————————————————– ______________231________247____________16________ 1.92 ——————————————————– ______________263________302____________39________ 2.02 ——————————————————– ______________322________354____________32________ 2.86 ——————————————————– ______________380________395____________15________ 1.72 ——————————————————– – Note these intersections represent approximate true width – A full tabulation of drill results from these 3 holes is __included in the Appendix to this release

DDH164: Is an infill hole and was collared in the central portion of the CMZ adjacent to DDH 156 & 157. This hole intersected the deep, consistently mineralised zone encountered in previous holes from 170m to 400m downhole, indicating a true width of over 200m.

DDH165: Is a vertical hole and was collared adjacent to DDH164. The hole has intersected the same deep mineralised zone as encountered in DDH164 from 275m to 340m down hole, a true width of 60m, indicating the mineralised zone may be pinching out to east.

DDH166: Is a step out hole and was collared in the south central portion of the CMZ. The hole intersected the deep mineralised zone from 220m to 400m down hole, indicating a true width of at least 170m.

The locations of the completed drill holes in the CMZ are shown on figure 1.

Based on the drilling results to date, and with further drilling, this mineralised CMZ has the potential for a large open pit. Resource definition and scoping studies will be required which may add 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.

The detail of the existing reserves are as follows:

Table of Reserves —————————————————————– 100% Attributable to ASG______Tonnes____ Au Grade______Au Ounces ______________________________(000′s)____ (g/t Au)________(000′s) —————————————————————– Probable Reserves____________ 19,560__________1.8________1,147.8 —————————————————————– Reserves estimated from the following Table of Resources: —————————————————————– 100% Attributable to ASG______Tonnes____ Au Grade______Au Ounces ______________________________(000′s)____ (g/t Au)________(000′s) —————————————————————– Resources: __ – Measured__________________5,430__________1.9__________335.2 __ – Indicated________________22,560__________1.7________1,211.3 —————————————————————– Sub-Total M&I Resources (M&I including Reserves)______27,990__________1.7________1,546.5 —————————————————————– __ – Inferred__________________7,950__________1.8__________455.0 —————————————————————– 1. Reserves prepared by IMC Consultants Pty Ltd 2. Resources prepared by Hellman & Schofield Pty Ltd ________- Resource Statement as of November 2006 ________- Reserve Statement as of April 2007 ________- Reserves and Resources Canadian NI 43-101 compliant

Continuing Exploration work

– Work is progressing on grid clearing for an Induced Polarisation survey planned for late 2008

– Interpretation of data from a magnetic & radiometric survey conducted over the Gold Ridge region in the late 1990′s is in progress and the latest generation of geophysical software shows promise of revealing subtle anomalies not evident previously.

– Assays are pending for holes DDH167, which tests the northern extent of the mineralisation, and DDH168 which tests the western (up- dip) extent of the mineralisation.

Company updates

Access to Relocation Site

On Friday, 19 September, the Government of the Solomons Islands completed an MOU (Memorandum of Understanding) with landowners and Gold Ridge Mining Limited providing access to a relocation area called Bubulake. This will be the first of three relocation sites required to relocate villagers. Access to this land confirms the commitment of the Solomons Islands Government, the Landowners and ASG to the project.

Gold Ridge Mining Limited has established an extensive consultation process with the landowners of the Gold Ridge area which has laid the foundation for the recently completed Relocation Action Plan. This document has been prepared in accordance with the Equator Principles and IFC guideline and will assist management in relocating both eligible and non-eligible villagers from the Gold Ridge Mining Lease.

To view Figure 1, please visit the following link: http:// media3.marketwire.com/docs/ASG%20Figure%201.pdf

To view Figure 2, please visit the following link: http:// media3.marketwire.com/docs/ASG%20Figure%202.pdf

To view Figure 3, please visit the following link: http:// media3.marketwire.com/docs/ASG%20figure%203.pdf

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 Q1 of 2010.

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.

Appendix

Charivunga Gorge

Assays have been received for holes 21 – 23 in the current series of deep holes drilled to test for continuity of mineralisation below the Charivunga Gorge (DDH164 – 166).

Assays

Table 1 Drill Hole Location ——————————————————————– ——- Hole No. __ (DDH)________ Location__ Easting__Northing Azimuth______RL__Dip Depth (m) ——————————————————————– ——- 164______Charivunga Gorge__23834.99__40397.79____ 270__376.12__- 62____492.3 ——————————————————————– ——- 165______Charivunga Gorge__23835.50__40397.79______ 0__376.12__- 90____361.0 ——————————————————————– ——- 166______Charivunga Gorge__23867.54__40306.45____ 270__401.96__- 60____448.8 ——————————————————————– ——- Intersections include: Table 2 Assays ——————————————————————– ——– Hole ID__From (m)__To (m)__Width (m) Au g/t________________________ Comment ——————————————————————– ——– DDH164________55______57__________2____0.56____________________ recovery 91% ——————————————————————– ——– ______________73______78__________5____0.92__________ Pyritic fault breccia ——————————————————————– ——– ______________85______90__________5____0.69 ——————————————————————– ——– ______________94____ 101__________7____0.83____Moderately clay altered tuff ——————————————————————– ——– ____________ 103____ 107__________4____0.98 ——————————————————————– ——– ____________________________________________ Sporadic quartz-pyrite veining ______________________________________________ + minor base metal sulphides ______________________________________________________in tuff & epiclastics. __________________________________________________Includes 1m @ 17.6 g/t Au ____________ 111____ 127________ 16____2.36______________________ from 121m ——————————————————————– ——– ____________________________________________Sparse quartz-pyrite- base metal ____________ 130____ 135__________5____1.14__________________sulphide veins ——————————————————————– ——– ____________ 137____ 142__________5____0.80 ——————————————————————– ——– ____________ 149____ 159________ 10____0.92 ——————————————————————– ——– ____________________________________________________Sparse quartz- carbonate- ______________________________________________________pyrite veins in clast ____________ 172____ 182________ 10____1.12______ supported volcaniclastics ——————————————————————– ——– ____________ 185____ 199________ 14____1.41______ Pyritic clay altered tuff ——————————————————————– ——– ____________ 203____ 207__________4____0.72 ——————————————————————– ——– ____________________________________________________Moderately clay altered, ____________ 211____ 224________ 13____1.80____pyritic tuff and epiclastics ——————————————————————– ——– ______________________________________________________Numerous vuggy quartz- __________________________________________________carbonate-pyrite veins in ____________________________________________clast supported volcaniclastics. ____________ 226____ 231__________5____1.41____________________ Recovery 93% ——————————————————————– ——– ______________________________________________ Strong propylitic alteration ____________ 237____ 249________ 12____1.34____with few quartz- pyrite veins ——————————————————————– ——– ____________ 251____ 256__________5____0.54 ——————————————————————– ——– ________________________________________________ Very fine pyrite in partly ____________ 260____ 269__________9____1.73____ silicified collapse breccia ——————————————————————– ——– ______________________________________________ Pyrite as disseminated clots ____________________________________________ in clast supported epiclastics. ____________________________________________ Includes 1m @ 10.2 g/t Au from ____________ 272____ 286________ 14____2.41____________________________283m ——————————————————————– ——– ________________________________________________Moderately clay altered and ____________ 291____ 306________ 15____1.61________________________ pyritic ——————————————————————– ——– ______________________________________________________ Very fine pyrite and ____________ 308____ 316__________8____1.88____________________arsenopyrite ——————————————————————– ——– ____________ 315____ 334________ 19____1.80____________________ Recovery 84% ——————————————————————– ——– ____________ 341____ 348__________7____0.89 ——————————————————————– ——– ______________________________________________ Moderate to strongly altered, __________________________________________________pyritic & numerous quartz- ____________ 350____ 360________ 10____1.37____________________pyrite veins ——————————————————————– ——– ____________ 361____ 374________ 13____0.93____________________ Recovery 89% ——————————————————————– ——– ____________ 384____ 407________ 23____1.81____________________ Recovery 86% ——————————————————————– ——– ______________________________________________Strongly clay altered, highly __________________________________________________pyritic and quartz- pyrite- ______________________________________________base metal veined alternating ____________ 408____ 417__________9____0.94________tuffs and fine sediments ——————————————————————– ——– ____________ 424____ 428__________4____0.63 ——————————————————————– ——– ____________ 438____ 440__________2____0.85 ——————————————————————– ——– ____________ 450____ 455__________5____0.60 ——————————————————————– ——– ____________ 460____ 461__________1____2.13 ——————————————————————– ——– ____________ 478____ 485__________7____0.71 ——————————————————————– ——– __________________________________________________5mm quartz carbonate vein __________________________________________________with pyrite infill, clast DDH165________25______27__________2____0.77______________ supported breccia ——————————————————————– ——– __________________________________________________ Matrix supported breccia,

_____________88______92__________4____1.12________________________no veins ——————————————————————– ——– ____________________________________________________Clast supported breccia, ____________ 160____ 164__________4____0.84________________________no veins ——————————————————————– ——– ____________ 168____ 170__________2____1.80____ Tuff, no veins, recovery 92% ——————————————————————– ——– ____________ 190____ 194__________4____0.64__________ Matrix supported tuff ——————————————————————– ——– ________________________________________________________5mm quartz – galena ________________________________________________- sphalerite – chalcopyrite ____________ 197____ 203__________6____1.80____________________________vein, ——————————————————————– ——– ____________ 207____ 215__________8____1.01__________Poly-metallic veinlets ——————————————————————– ——– ____________ 216____ 217__________1____0.93 ——————————————————————– ——– ____________ 222____ 227__________5____0.66____________ Disseminated pyrite ——————————————————————– ——– ________________________________________________ 10mm quartz carbonate vein, __________________________________________________________ matrix and clast ____________ 232____ 237__________5____0.63______________ supported breccia ——————————————————————– ——– ____________________________________________________Clast supported breccia, ____________ 261____ 262__________1____0.85____________ disseminated pyrite ——————————————————————– ——– ____________________________________________________Clast supported breccia, ____________ 268____ 269__________1____0.63____________ disseminated pyrite ——————————————————————– ——– ____________ 271____ 272__________1____0.86__________ 5mm polymetallic vein ——————————————————————– ——– __________________________________________________Numerous quartz carbonate ____________ 280____ 304________ 24____1.63____________________veins to 5mm ——————————————————————– ——– ____________ 307____ 318________ 11____1.79________Numerous quartz veinlets ——————————————————————– ——– ____________ 320____ 321__________1____0.52 ——————————————————————– ——– ______________________________________________ Quartz veinlets, fine pyrite ____________ 329____ 336__________7____3.07____veinlets parallel to bedding ——————————————————————– ——– ________________________________________________ Fine pyrite bands parallel ____________ 344____ 346__________2____3.45______________________to bedding ——————————————————————– ——– ________________________________________________ Fine pyrite bands parallel ____________ 352____ 353__________1____0.84______________________to bedding ——————————————————————– ——– ________________________________________________ Fine pyrite bands parallel ____________ 358____ 361__________3____0.51________ to bedding, recovery 70% ——————————————————————– ——– DDH166________ 0______ 1__________1____0.57______________ Fine grained tuff ——————————————————————– ——– ________________________________________________________Disseminated pyrite. ______________ 6______ 8__________2____0.61____________________ Recovery 88% ——————————————————————– ——– ______________13______25________ 12____1.06__ Minor shearing, quartz- pyrite ____________________________________________________ veining @ 15.1m, 16.4m, ______________________________________________60 degrees-70 degrees to core

____________________________________________________________________ axis ——————————————————————– ——– ______________27______30__________3____0.66 Fine grained tuff, disseminated ____________________________________________________________________ pyrite ——————————————————————– ——– ______________32______33__________1____0.79 Fine grained tuff, disseminated ____________________________________________________________________ pyrite ——————————————————————– ——– ________________________________________________Fault zone? Abundant milled ________________________________________________clasts, disseminated pyrite, ____________________________________________________quartz- carbonate vein @ ______________39______53________ 14____0.97____51m, 90 degrees to core axis ——————————————————————– ——– ______________66______70__________4____1.56____________ Disseminated pyrite ——————————————————————– ——– ______________81______82__________1____0.63____________ Disseminated pyrite ——————————————————————– ——– ____________ 134____ 139__________5____0.67__ Abundant, thin, quartz- pyrite

_____________________________________________________________veining ——————————————————————– ——– ____________ 149____ 152__________3____1.10______________ Fine grained tuff, ________________________________________________________disseminated pyrite ——————————————————————– ——– ____________ 157____ 167________ 10____4.24__ Abundant, thin, quartz- pyrite ______________________________________________________veining Includes 1m @ ____________________________________________________ 19.35 g/t Au from 161m ——————————————————————– ——– ____________169______182________ 13____1.21__ Fine grained tuff with quartz- ____________________________________________________________ pyrite veining ——————————————————————– ——– ____________183______189__________6____0.54____________ Disseminated pyrite ——————————————————————– ——– ____________190______191__________1____0.66____________ Disseminated pyrite ——————————————————————– ——– ____________198______200__________2____7.84______Fine grained tuff, pyritic, ____________________________________________includes 1m @ 14.85 g/t Au from

____________________________________________________________________ 198m ——————————————————————– ——– __________________________________________________Quartz-carbonate vein, 10 ____________205______210__________5____0.96____________degrees to core axis ——————————————————————– ——– ____________211______213__________2____0.75____________ Disseminated pyrite ——————————————————————– ——– ______________________________________________ Stockwork quartz veining, 20 ____________217______230________ 13____1.69 degrees-50 degrees to core axis ——————————————————————– ——– ____________231______247________ 16____1.92______Moderately abundant quartz- __________________________________________________ carbonate-pyrite veining, __________________________________________________ 30 degrees-70 degrees to

________________________________________________________________core axis ——————————————————————– ——– ____________249______250__________1____0.90______Disseminated pyrite, minor ______________________________________________________quartz-pyrite veining ——————————————————————– ——– ____________253______261__________8____1.10______Disseminated pyrite, minor ______________________________________________________quartz-pyrite veining ——————————————————————– ——– ____________263______302________ 39____2.02______ Fault zone? Milled clasts, ________________________________________________________moderately abundant ____________________________________________quartz-carbonate-pyrite veining ——————————————————————– ——– ____________303______320________ 17____0.86__Fault gouge @ 314m, moderately ____________________________________________________abundant quartz veining ——————————————————————– ——– ____________322______354________ 32____2.86________ Milled clasts, abundant ________________________________________________________disseminated pyrite, ________________________________________________________moderately abundant __________________________________________________ quartz-pyrite veining 70 ______________________________________________________degrees-80 degrees to __________________________________________________ core axis. Includes 1m @ ______________________________________________ 15.45 g/t Au from 349m, 1m @ ____________________________________________________ 17.25 g/t Au from 351m ——————————————————————– ——– ____________356______358__________2____0.59__Minor quartz pyrite vein at 60 ______________________________________________________ degrees to core axis ——————————————————————– ——– ____________362______370__________8____2.54 Fine grained tuff, disseminated ________________________________________________ pyrite along bedding plane, ________________________________________________minor quartz-pyrite veining ——————————————————————– ——– ____________373______377__________4____1.16______ Moderately abundant, thin ______________________________________________(less than 5mm) quartz- pyrite ______________________________________________veining 30 degrees-50 degrees ______________________________________________________________ to core axis ——————————————————————– ——– ____________380______395________ 15____1.72____ Fine grained tuff, abundant ________________________________________________ disseminated pyrite, minor ______________________________________________________quartz-pyrite veining ——————————————————————– ——– ____________397______401__________4____2.42____ Fine grained tuff, abundant ________________________________________________________disseminated pyrite ——————————————————————– ——– ____________414______417__________3____1.15 ——————————————————————– ——– ____________420______427__________7____1.14__ Fine grained tuff, moderately ______________________________________________ abundant polymetallic quartz

_____________________________________________________________veining ——————————————————————– ——– ____________432______434__________2____1.00 ——————————————————————– ——– – Minimum cut-off 0.50g/t Au – Maximum of 2m internal waste – No maximum cut-off applied – Intersections represent approximate true width, except for narrow (less __than 1cm) poly-metallic quartz veins. The orientation of these veins to __the core axis is noted in the comments. – Holes 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 ABN 96 109 492 373

Please note that the Head Office of ASG is located in Queensland, Australia and is 14 hours ahead of Toronto time.

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