Issue of Equity

RNS Number : 7591Y

Solomon Gold PLC

06 March 2012

 

6 March 2012

Announcement to London Stock Exchange

Issue of Equity

Solomon Gold plc ("Solomon Gold" or the "Company") today issued a total of 28,758,445 ordinary shares of 1 penny each in the capital of the Company (the "Shares") as a result of the successful capital raising announced to the market on 29 February 2012.

The Company now has a total of 313,381,934 fully-paid ordinary shares and 11,264,000 options exercisable at 50p on issue.

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/Miss Katy Birkin                                                                             Tel: [phone]

Fairfax I.S. PLC (Broker)

[e-mail] /[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 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 16.3% 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 following the current placement, has 313,381,934 shares 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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