Further Prospective Tenements Acquired in Solomons

RNS Number : 6207X

Solomon Gold PLC

17 February 2012

 



17 February 2012

Solomon Gold Plc

("Solomon Gold" or the "Company")

Announcement to London Stock Exchange

Solomon Gold acquires additional prospective tenements in the Solomon Islands

Solomon Gold plc (AIM code: SOLG) is pleased to update the market today on the acquisition of Honiara Holdings Pty Ltd for a consideration of A$50,000.  Honiara Holdings holds three Prospecting Licences and one Reconnaissance Licence in the Solomon Islands, covering a total area of 389 square kilometres.

Early stage exploration has been completed and has returned encouraging gold geochemical and geological results, including anomalous gold (BLEG sampling) from stream sediment sampling draining an area of dioritic intrusives.  The Solomon Gold exploration team is planning to commence follow-up work in Q2, 2012.  These licences have low minimum expenditure commitments.

The current status of Solomon Gold interests in the Solomon Islands is shown in figure 1 of the version posted on the Company's website (see the 'Latest News' section on the website, www.solomongold.com).  

Qualified Person

Information in this report relating to the exploration results is based on data reviewed by Mr Malcolm Norris (B.Sc. Hons, MSc), the Chief Executive Officer of the Company.  Mr Norris is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years' experience in mineral exploration and is a Qualified Person under the AIM Rules.  Mr Norris consents to the inclusion of the information in the form and context in which it appears.

By order of the Board

Karl Schlobohm

Company Secretary

Contacts:

Mr Karl Schlobohm                                                                                                         Tel: [phone]

Solomon Gold 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

Solomon Gold's exploration projects are located in 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.

At the Rannes project Solomon Gold 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 with drilling expected to commence in Q2 2012.

In the Solomon Islands, final data from the 2011 exploration program on the Fauro project is being compiled for a late February review.  The 2012 Guadalcanal Joint Venture exploration program with NVL Solomon Islands Limited (a subsidiary of NYSE-listed Newmont Mining Corporation) has commenced with drilling on highly prospective gold-copper porphyry targets expected to resume in March 2012.

Solomon Gold's strategy is to be an integrated gold and copper explorer, developer and miner.

Solomon Gold's Board includes accomplished professionals with strong track records in the areas of exploration, mine development in Australia and Melanesia, investment, finance and law.  Board and Management have significantly vested interests in the Company holding approximately 17.5% of its issued share capital.

Solomon Gold 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 284,623,489 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.solomongold.com.

 

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