Directorate Change

RNS Number : 4581J

SolGold PLC

09 September 2016

 

9 September 2016

SolGold plc

("SolGold" or the "Company")

Scott A. Caldwell Joins SolGold Board

The Board of Directors of SolGold (AIM: SOLG) is pleased to announce that further to the 26 August 2016 press release, Maxit Capital LP (Maxit) has appointed Scott A. Caldwell (aged 59) as a Non-Executive Director to join the SolGold Board of Directors.

Mr. Caldwell is a mining engineer with over 30 years of experience building and operating gold and base metal mines worldwide, including USA, Canada, Russia, Zimbabwe, Chile, and Indonesia.  He is currently the President, CEO and Director of Guyana Goldfields Inc. (Guyana) and has led the team to finance, build, commission and achieve commercial production of the Aurora mine ahead of schedule and on budget.  Previously, Mr. Caldwell was the President, CEO and Director of Allied Nevada Gold Corp. from 2006 to 2013.  Prior to Allied Nevada, Mr. Caldwell held various senior capacities at Kinross Gold Corporation for eight years.  Mr. Caldwell holds a Bachelor of Science (Mining) degree in Engineering from the University of Arizona.

Regulatory disclosures

Scott Andrew Caldwell, aged 59, is or has been during the last five years, a director or partner of the following companies or partnerships

Current:                                                                               Previous five years

Guyana Goldfields Inc.                                                  Allied Nevada Gold Corp.

                                                                                                Atacama Pacific Gold Corporation 

There is no further information to be disclosed under Schedule 2(g) of the AIM Rules for Companies.

Commenting on the appointment Executive Director Nick Mather said: "We are pleased that Mr. Caldwell has agreed to join the SolGold Board and become a significant shareholder. His considerable experience as a professional mining engineer and track record in the industry will provide a valuable contribution to the continued advancement of the Cascabel project. His experience at the giant Grasberg project in Indonesia for Freeport is most relevant. We appreciate the enthusiasm Mr. Caldwell has shown for the Cascabel project following his recent site visit and review."

Scott Caldwell, comments, "I am pleased to be joining the SolGold Board and I am very impressed with the work the SolGold team has done to find one of the most significant copper-gold porphyry discoveries in many years."

Upon completion of the first tranche of the Maxit private placement announced on 26 August 2016, ordinary shares of SolGold were acquired by Mr. Caldwell and Guyana Goldfields Inc., a company of which Mr Caldwell is a director, further details as follows:

Party	Number of Ordinary Shares	Interest in Ordinary Shares
Scott A. Caldwell	18,750,000	1.53%
Guyana Goldfields Inc.	81,250,000	6.65%

By order of the Board

Karl Schlobohm

Company Secretary

Contacts:

Mr Nicholas Mather                                                                                         Tel: [phone]

SolGold Plc (Executive Director)                                                                            [phone]

[e-mail] 

Mr Karl Schlobohm                                                                                          Tel: [phone]

SolGold Plc (Company Secretary)

[e-mail] 

Mr Ewan Leggat / Richard Morrison                                                          Tel: [phone]

SP Angel Corporate Finance LLP (NOMAD and Broker)

[e-mail] / [e-mail] 

NOTES TO EDITORS

SolGold is a Brisbane, Australia based, AIM‐listed (SOLG) copper gold exploration and development company with assets in Ecuador, the Solomon Islands and Australia.  The Company's primary objective is to discover and define world‐class copper‐gold deposits.  SolGold's Board and Management Team have substantial vested interests in the success of Company, as well as strong track records in the areas of exploration, mine development, investment, finance and law.  SolGold's experience is augmented by state of the art geophysical and modelling techniques and the guidance of Newmont trained porphyry expert Dr Steve Garwin.

Cascabel, the Company's world class flagship copper‐gold porphyry project, is located in North West Ecuador on the under‐explored northern section of the richly endowed Andean Copper Belt.  SolGold owns 85% of Exploraciones Novomining S.A. ("ENSA") and approximately 11% of TSX‐V‐listed Cornerstone Capital Resources, which holds the remaining 15% of ENSA, the Ecuadorian registered company which holds 100% of the Cascabel concession.

To date SolGold has completed geological mapping, 25km² of soil sampling, 14km² and an additional 9km² Induced Polarisation and Magnetotelluric "Orion" surveys over the Alpala cluster and Aguinaga targets respectively.  By June 2016, the Company had also completed approximately 23,700m of drilling and expended a total of approximately US$33m on the program, corporate costs and investments into Cornerstone.  Intense diamond drilling is planned for the next 12 months with four drilling rigs.

Cascabel is characterised by fourteen (14) identified targets, world class drilling intersections over 1km in length, and high copper and gold grades, as well as logistic advantages in location, elevation, water supply, proximity to roads, port and power services and a progressive legislative approach to resource development in Ecuador.  To date, SolGold has only drill tested one of the 14 targets, being Alpala.

SolGold is planning a resource statement at Alpala (the most advanced target at Cascabel) during 2016.  This has been delayed by the discovery of high-grade mineralisation in Hole 17 at Alpala, extending the immediate resource potential.  Alpala is open at depth in the upper extensions, and to the north, north-east, south-west and south-east.  The mineralised zone at Alpala and Moran is closely modelled by magnetic signatures and currently encompasses over 10Bt of magnetic rocks expected to be mineralised with copper and gold.

SolGold will drill test other key targets within the Cascabel concession at Aguinaga, Trivinio, Moran, Alpala Northwest, Hematite Hill, Alpala Southeast, Cristal, Parambas, Carmen Tandayama-America and Chinambicito.  The Company is planning further metallurgical testing by the end of 2016, and completion of a conceptual early stage mine and plant design and a scoping study for an economic development at Cascabel.  SolGold is investigating both high tonnage / low-medium grade open cut and underground block caving operations, and a high grade / low tonnage underground development.

Drill hole intercepts are calculated using a data aggregation method, defined by copper equivalent cut-off grades and reported with up to 10m internal dilution, excluding bridging to a single sample.  Copper equivalent grades are calculated using a gold conversion factor of 0.89, determined using copper price of US$2.20/pound and gold price of US$1350/ounce.

In Queensland, Australia the Company is evaluating the future exploration plans for the Mt Perry, Rannes and Normanby projects.  Joint venture agreements are being investigated for a joint venture partner to commit funds and carry out exploration to earn an interest in the tenements.

SolGold retains interests in its original theatre of operations, the Solomon Islands in the South West Pacific, where the 100% owned, as yet undrilled, Kuma prospect exhibits surface geological characteristics which are traditionally indicative of a large metal rich copper gold intrusive porphyry system.  SolGold intends in the future to apply intellectual property and experience developed in Ecuador to target additional world class copper gold porphyries at Kuma and other targets in Ecuador and Argentina.

SolGold is based in Brisbane, Queensland, Australia.  The Company listed on London's AIM Market in 2006, under the AIM code 'SOLG' and currently has a total of 1,222,716,605 ordinary shares issued, 820,000 options exercisable at 50p, 5,030,000 options exercisable at 28p and 8,030,000 options exercisable at 14p.

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

 

END

 

 

BOAEAFNNEDKKEFF