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Solomon says deal on track with Newmont Mining over Guadalcanal copper projects

Last updated: 15:00 16 Feb 2009 AEDT, First published: 16:00 16 Feb 2009 AEDT

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Solomon Gold PLC confirmed the planned joint venture deal with Newmont Mining Corp unit Newmont Ventures Ltd in respect of Solomon’s copper gold exploration projects on the island of Guadalcanal, Solomon Islands, is still on track.

In a statement Solomon said the deal is still in the final stages of completion and it has no reason to believe that there are any material differences between the terms provisionally agreed and announced in November 2008 and the current draft of the proposed definitive agreement.

Solomon has not been advised of any adverse finding in due diligence by Newmont, it said. In addition to the drafting of the definitive agreement, over the last month preparations between Newmont and Solomon Gold for a prompt return to field activities on Guadalcanal have continued.

Solomon Gold remains optimistic that the definitive agreement in respect of the joint venture will be completed in the near future.

Under the joint venture deal Newmont will be able to earn up to an 80 percent interest in five exploration licences: Koloula PL 02/05, Central PL03/05, Mbetilonga PL04/05, Sutakiki PL05/05 and Kuma PL08/05).

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