Annual Report

RNS Number : 5940V

Solomon Gold PLC

04 November 2010

 

                                                                                                                                                                     4 November 2010

Solomon Gold Plc

("Solomon Gold" or the "Company")

Announcement to London Stock Exchange

Solomon Gold 2010 Annual Report

The Board of Solomon Gold Plc ("Solomon Gold" or "Company") is pleased to advise all shareholders and interested investors that the colour version of the Company's 2010 Annual Report, including maps and diagrams is now available on the Company's website www.solomongold.com 

The direct link to the 2010 Annual Report is: http://www.solomongold.com/documents/2010.06.30%20-%20SOLG%20Annual%20Report%202010.pdf

The Annual Report has been dispatched for production and printing.  A post-production version will also be posted on the Company's website when available.

By order of the Board

Karl Schlobohm

Company Secretary

Contacts:

Mr Karl Schlobohm                                                                                                         Tel: [phone]  

Solomon Gold Plc (Company Secretary)

[e-mail] 

Miss Katy Birkin                                                                                                               Tel: [phone]

Fairfax I.S. PLC (Broker)

[e-mail] 

Mr Stephen Weir                                                                                                            Tel: [phone]

RFC Corporate Finance (Nominated Adviser)

[e-mail] 

Mr Dominic Barretto                                                                                                      Tel: [phone]

Yellow Jersey PR (PR & IR)

[e-mail] 

NOTES TO EDITORS

Solomon Gold Plc's original and core gold exploration projects are located on the Solomon Islands and are the major focus of the Company.  Most importantly, the discovery in September 2010 of extensive and rich gold mineralisation on Fauro Island, just south of Bouganville Island in neighbouring Papua New Guinea, presents Solomon Gold with potential for a world class gold and copper-gold-molybdenum discovery on the south west Pacific Rim of Fire.  The region is one of the world's most strongly endowed gold and copper provinces, hosting Grasberg, Lihir, Panguna and Ok Tedi, each with in excess of 40 Moz gold equivalent metal endowment.  The Company also holds a comprehensive and extensive tenement position on the main island of Guadalcanal where its JV partner, Newmont Ventures Inc (a subsidiary of NYSE-listed Newmont Mining Corporation) can earn a 51% interest in the project by expending USD6 million by 1 April 2012, and a 70% interest by expending a total of USD12m by 1 April 2014.  The JV has outlined high priority gold-copper porphyry targets at Chikora, Mbetilonga, and Kuma.

Solomon Gold has also extended its strategy to include becoming an integrated gold explorer, developer and miner with projects in lower risk theatres as well as the Solomon Islands.

Solomon Gold's projects in Queensland include Rannes, Mt Perry and Normanby.  At Rannes, the Company has outlined a 22 km long prospective zone in a 200km long trend on the eastern edge of Queensland's Bowen Basin. This extensive exploration licence position hosts three mineralised projects at Cooper, Rannes Central and Police Camp.  The exploration area is believed to host mineral systems which are geologically similar to the carlin trend in Nevada USA. At Rannes Central, the Company has encountered potentially economic mineralisation in five different prospects targeted to yield at least 1 Moz.  A maiden 200,000 ounces has been defined to date at the Crunchie Prospect. The project lies on the edge of the Bowen Basin in the same geological setting as Newcrest's 100,000 ounce per year Cracow Gold Mine. 

At Mt Perry, the Company is investigating a large area hosting over 50 historic mines and workings near Newcrest's Mt Rawdon Gold Mine.  Mt Perry has yielded potentially economic drill intersections on nine of the ten prospects tested to date.

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 15.91% of its issued share capital following the Placing.

Solomon Gold is based in Brisbane, Queensland, Australia. The Company listed on London's Alternative Investment Market in 2006. Further details concerning the Company's key projects and personnel can be found at www.solomongold.com.

 

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