Change of Company Name

RNS Number : 2499D

Solomon Gold PLC

14 May 2012

 

14 May 2012

Solomon Gold Plc

("SolGold" or "Solomon Gold" or the "Company")

(AIM code: SOLG)

Change of name to SolGold plc

The Board of Solomon Gold is pleased to announce a change to the Company's name from Solomon Gold Plc to SolGold plc, with immediate effect.

The name change acknowledges the Company's past and establishes a new platform for growth as a leading gold-copper discovery company.

The name change is part of the Company's evolving strategy to build a global leader in the discovery of potentially world class gold and gold-copper deposits. The Company's current project portfolio is being rationalised and will reflect the Company's focus on its most promising projects, in some of the most endowed gold and gold-copper belts in the world. The recently announced Cascabel gold-copper project in Ecuador (a JV with Cornerstone Capital Resources Inc. TSXV:CGP) is indicative of this evolving strategy.

SolGold will continue to progress resource growth at the Rannes gold-silver deposit in southeast Queensland (Australia) and maintain exposure to the Solomon Islands through joint ventures, currently with Newmont Mining Corporation.

As part of today's name change, the company e-mail addresses will become [e-mail] (the existing e-mail addresses will also continue to operate for the foreseeable future). The Company's web domain will change to www.solgold.com.au and the website will be upgraded in the near future to better reflect the Company's new brand and focus.

The Company's new SolGold logo represents its global reach, energy and force, and the integrated components and expertise of its people and refocused business strategy.

By order of the Board

Karl Schlobohm

Company Secretary

Contacts:

Mr Karl Schlobohm                                                                                                        Tel: [phone]

SolGold Plc (Company Secretary)

[e-mail]  

Mr Ewan Leggat                                                                                                                Tel: [phone]

Fairfax I.S. PLC (Broker)

[e-mail]

Mr Stephen Weir                                                                                                            Tel: [phone]

RFC Corporate Finance (Nominated Advisor)

[e-mail]

Mr Dominic Barretto                                                                                                      Tel: [phone]

Yellow Jersey PR (PR & IR)

[e-mail]

NOTES TO EDITORS

SolGold plc's (formerly Solomon Gold plc) exploration projects are located in northern Ecuador, Queensland, Australia, and the Solomon Islands. In Australia, they comprise the Rannes, Mt Perry, Cracow West and Normanby Projects. In the Solomon Islands they comprise the Fauro Project (located on Fauro Island), and the Guadalcanal Joint Venture with Newmont Mining Corporation, and in Ecuador a JV with Cornerstone Capital Resources on the Cascabel gold-copper project.

In April 2012, SolGold and Cornerstone Capital Resources Inc. announced that they had signed a binding Letter of Intent whereby SolGold may acquire up to 85% of Cornerstone's 100% owned 5,000 hectare Cascabel gold-copper-silver property in northern Ecuador.

The Cascabel project is located approximately 120 km north of Ecuador's capital, Quito, 20 km south of the Colombian border, and 75 km inland from the coastal city of San Lorenzo. The gold-copper porphyry project is located within the Andean western cordillera, host to numerous Tier 1 world class copper-gold deposits through Chile, Peru, Ecuador and Colombia.

At the Rannes project, SolGold has announced Inferred resources of 25.5 million tonnes at 1.0 g/t gold equivalent (gold + silver) for 812,000 ounces of gold equivalent (486,935 ounces of gold and 13,014,294 ounces of silver; see announcement dated 30 November 2011 for details of the resource statement and gold equivalent ratios). The 2012 exploration program, including drilling to define new ore positions and grow the resource, has commenced.

Exploration continues at Mt. Perry, Normanby and Cracow West. Drilling is currently underway at Mt. Perry.

In the Solomon Islands, final data from the 2011 exploration program on the Fauro project has been reviewed and plans for 2012 are being prepared, including the search for a JV partner. The 2012 Guadalcanal Joint Venture exploration program with NVL Solomon Islands Limited (a subsidiary of NYSE-listed Newmont Mining Corporation) has commenced and includes drilling on highly prospective gold-copper porphyry targets.

SolGold's strategy is to be an integrated gold and copper discoverer, developer and miner.

SolGold's Board includes accomplished professionals with strong track records in the areas of exploration, mine development in Australasia and Melanesia, investment, finance and law.  Board and Management have significantly vested interests in the Company, holding approximately 16.3% of its issued share capital.

SolGold is based in Brisbane, Queensland, Australia.  The Company listed on London's Alternative Investment Market in 2006, under the AIM Code 'SOLG' and currently has 313,381,934 shares on issue and 11,264,000 options exercisable at 50p on issue.  Further details concerning the Company's key projects and personnel can be found at www.solgold.com.au 

 

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