Proactiveinvestors recommends

Additional Information

Market:	AIM
Sector:	Gold Mining
EPIC:	SOLG
Latest Price:	10.00 (-4.76% )
52-week High:	31.75
52-week Low:	7.50
Market Cap:	28.46M

1 year chart

1 day chart

Solomon Gold

Solomon Gold (AIM: SOLG) holds several tenement positions in the Solomon Islands, for mineral exploration, focusing on copper and gold rich porphyry systems and high grade epithermal gold mineralisation.

In relation to its main tenement holdings on the island of Guadalcanal, the Company enjoys a Joint Venture with Newmont Ventures providing for Newmont to earn a 70% interest by expending US$12m over 5 years. Additional Solomon Gold's projects include the acquisition of Rannes and Mt Perry in Queensland, Australia.

Solomon Gold to raise £800,000 to help progress projects outside Newmont JV remit

Tuesday, June 23, 2009

Solomon Gold PLC (AIM: SOLG) said it is planning to raise £800,000 through a placing of 10 million shares at 8 pence each and will use the money for working capital purposes and to progress the project areas outside the tenements which are the subject of the March 2009 joint venture agreement with a subsidiary of Newmont Mining Corp (NYSE:NEM).

The company said it has already entered agreements for placing the shares which are to be admitted by July 27.

Solomon Gold's main project continues to be the Guadalcanal venture with Newmont Ventures Ltd, exploring for giant copper gold ore bodies on the main island of Solomon Islands, Guadalcanal.

The joint venture will see Newmont earn up to a 51 percent interest in five licences by expending US$6 million over 3 years for the Stage 1 earn-in. Assuming Newmont completes its obligations and elects to take the 51 percent interest, it will then have an option to expend a further US$6 million over a further 2 year period to increase its interest to 70 percent.

Solomon Gold continues to hold a 100 percent interest in the gold project exploration licence on Fauro Island near Bougainville, and nickel exploration tenements on Ngella Island in the Florida island group north of Honiara, and on eastern Guadalcanal.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.