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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: SOLG
Latest Price: 10.38p  (-2.35% Descending)
52-week High: 34.50p
52-week Low: 7.38p
Market Cap: 29.54M
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Solomon Gold
www.solomongold.com

Solomon Gold holds several tenement positions in the Solomon Islands, for minerals 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. Solomon Gold is the current manager. On 2 December 2009, the Company announced the acquisition of two Queensland (Australia) based gold exploration companies, Acapulco Mining Pty Ltd and Central Minerals Pty Ltd.

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Solomon Gold completes Acapulco acquisition in Australia and plans immediate drilling on Chinaman’s Creek target

22nd Dec 2009, 9:48 am Solomon Gold completes Acapulco acquisition in Australia and plans immediate drilling on Chinaman’s Creek target

Solomon Gold PLC (AIM: SOLG) has completed its acquisition of Australia's Acapulco Mining Pty Ltd. According to the junior gold company, the deal represents its first step towards becoming a diversified explorer, developer and miner in the South West Pacific. Solomon Gold will pay 49.6 million of its shares to acquire Acapulco. 

Earlier this month, Solomon agreed in principle to acquire two separate Australian gold exploration companies for a total of 86.8 million shares, A$1 million in cash and A$1 million in convertible notes. Both Acapulco and Central Minerals have gold exploration properties in Queensland, Australia.

Acapulco holds extensive exploration tenements and applications covering 1,344 km2 over the historic Mt Perry and Normanby Goldfields in Queensland. The projects at Mt Perry provide the opportunity to define deposits in excess of several million ounces of gold in strongly mineralised intrusive related porphyry systems.

At Mt Perry, Acapulco has conducted extensive airborne magnetic and electromagnetic surveys, detailed soil and rock chip sampling and mapping programs over the area.  This was followed up by successful first pass reconnaissance drilling programs on numerous targets. Following the acquisition, Solomon Gold will prioritise resource definition drilling programmes.
 
One of Solomon’s priority targets on the property will be the Chinaman’s Creek target, which the AIM listed explorer believes has the potential for a 1 million ounce deposit. The Chinaman’s Creek system extends in a number of parallel mineralised shear and reef systems over a 5x3 km zone, and geophysics have assisted the definition of the targeted mineralized zone.

Drilling rigs are already on the property and will be allocated for immediate drilling at the Chinaman's Creek zone.

Solomon Gold is currently in the process of finalising its acquisition of Central Minerals, which has gold projects over a newly defined 200 kilometre Carlin style trend on the eastern margin of the southern Bowen Basin in central Queensland, including the Rannes property.

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