SolGold

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SolGold
Public limited company
Traded as LSESOLG
Industry Copper mining
Gold mining
Headquarters Brisbane, Queensland, Australia
Area served
Australia
Ecuador
Solomon Islands
Key people

Nicholas Mather (executive director)
Brian Moller (non-executive director)
John Bovard (non-executive director)

Dr. Robert Weinberg (non-executive director)
Website solgold.com.au

SolGold (formerly Solomon Gold) is an Australian gold and copper mining company which is listed on AIM, a sub-market of the London Stock Exchange.

SolGold's board and management is made up of professionals who have extensive knowledge in exploration, mine development, investment, finance and law. They hold approximately 15.1% of the company's issued share capital.

The company floated on AIM on 10 February 2006, and currently has projects in Australia, Ecuador and the Solomon Islands.

History[edit]

In December 2009, SolGold announced that it had acquired 100% of the share capital in Acapulco Mining Pty Ltd, giving it access to several projects in Queensland, Australia. It was then announced in July 2009 that SolGold had raised £1.6 million ($19m SBD) to fund additional drilling at the Rannes and Mount Perry projects. The money was raised through the issue of 33.1 million shares, which were sold to private and institutional investors. SolGold's directors collectively bought 7.5 million shares.

In June 2010, SolGold's former CEO, Nicholas Mather, spoke at the 69th Minesite Mining Forum in London, England.[1]

On 23 September 2010, in what raised SolGold's share price by almost 300%,[2] it announced that 157 samples from its project on the Fauro Island had returned 97.6 grams per tonne (g/t) gold, and 90.1g/t silver. The news also gave huge gains to D'Aguilar Gold, a company which trades on the Australian Securities Exchange and owns 35.2 million shares in SolGold.[3]

Cascabel[edit]

On 11 April 2012, it was announced that SolGold had acquired the right to buy up to 85% of a highly prospective gold-copper-silver project in Ecuador, after signing a binding letter of intent with Cornerstone Capital Resources, a Canadian mining company which is listed on the TSX Venture Exchange.[4] Just over two months later, it was announced that both parties had finalised the agreement, and a $2.8 million first year exploration programme had begun.[5]

Following a magnetic and radiometric survey of Cascabel, as well as soil sampling and rock alteration mapping, the results were said to be both "“very encouraging" and "“extremely prospective". Trench sampling also confirmed outcropping gold-copper mineralisation.[6] In late January 2013, it was announced that after channel sampling at the Alpapa Creek area of the project, a "significant" gold-copper porphyry was located.[7]

After raising a further £1.8 million through a share placement scheme in April,[8] on 2 May SolGold announced that it was ready to award a drill contract for the project. "Six drilling contractors have been invited to tender for the phase 1 drilling programme at Cascabel and five have visited the Cascabel concession and Alpala prospect. Four quotations have been received, with the remaining two due in the next week," SolGold told Proactive Investors.[9]

Project areas[edit]

Country Project
 Australia Cracow West
Mount Perry
Normanby
Rannes
 Ecuador Cascabel
 Solomon Islands Fauro Island
Guadalcanal (joint venture with Newmont)

Key personnel[edit]

[10][11]

Position Name Education
Executive director Nicholas Mather B.Sc. (Hons) geology (University of Queensland)
Non-executive director Brian Moller LLB (Hons) (University of Queensland)
Non-executive director John Bovard Bachelor's in civil engineering
Non-executive director Dr. Robert Weinberg PhD geology (Oxford University)
Company secretary Karl Schlobohm Bachelor's in commerce
Bachelor's in economics
Master's in taxation
Chartered Accountant (Institute of Chartered Accountants in Australia)
Chief financial officer Priy Jayasuriya Bachelor's in commerce (University of Queensland)
Chartered Accountant (Institute of Chartered Accountants in Australia)

References[edit]

  1. ^ "69th Minesite Mining Forum - Solomon Gold PLC". Retrieved 26 September 2010. 
  2. ^ "Broker Roundup - Redhall, Mount Engineering, Gulfsands Petroleum, Solomon Gold". Retrieved 25 September 2010. 
  3. ^ "D'Aguilar Gold Reap Rewards". Retrieved 24 September 2010. 
  4. ^ Sergei Balashov (11 April 2012). "Solomon Gold secures right to buy 85pct stake in Cascabel gold-copper-silver property". Proactive Investors Australia. Retrieved 13 July 2013. 
  5. ^ Giles Gwinnett (25 July 2012). "SolGold reveals start of US$2.8 mln exploration programme for Cascabel property". Proactive Investors Australia. Retrieved 13 July 2013. 
  6. ^ Philip Whiterow (24 December 2012). "SolGold eyes major prize at Cascabel". Proactive Investors Australia. Retrieved 13 July 2013. 
  7. ^ "SolGold identifies "significant" gold-copper porphyry at Cascabel". Proactive Investors Australia. 26 January 2013. Retrieved 15 July 2013. 
  8. ^ Ian Lyall (3 April 2013). "SolGold secures funding for next phase of exploration in Ecuador". Proactive Investors Australia. Retrieved 15 July 2013. 
  9. ^ Giles Gwinnett (2 May 2013). "SolGold to award Cascabel drill contract this month". Proactive Investors Australia. Retrieved 15 July 2013. 
  10. ^ "Key Personnel". SolGold. Retrieved 13 July 2013. 
  11. ^ "Board & Director Profiles". SolGold. Retrieved 13 July 2013. 

External links[edit]