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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: SOLG
Latest Price: 10.00p  (-4.76% Descending)
52-week High: 34.50p
52-week Low: 7.38p
Market Cap: 28.46M
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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.

Full Solomon Gold profile here
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Solomon Gold raises £1.6m to advance Rannes and Mt Perry projects in Australia

12th Jul 2010, 12:39 pm Solomon Gold raises £1.6m to advance Rannes and Mt Perry projects in Australia

Solomon Gold (LON:SOLG) has raised £1.6 million to fund additional near-term drilling and a significant resource upgrade at the Rannes and Mt Perry Projects in Queensland, Australia. The company has placed 33.1 million shares at 0.05 each, to institutional and private investors.

The company acquired the Queensland projects back in December, via two separate transactions - acquiring Acapulco Mining Pty Ltd (inc Mount Perry) and Central Minerals Pty Ltd (inc Rannes). In June, the company announced a 200koz (thousand ounce) maiden gold resource at the Rannes gold project, based on 5.6Mt (million tonnes) at 1.12 grams per tonne (g/t) equivalent gold at the Crunchie prospect.

The five Rannes prospects are Crunchie, Homestead, Kauffmans, Cracklin Rosie and Porcupine Pie. According to Solomon, potentially economic intersections have been discovered in all five. Collectively, the company has licenses, covering 200km, across the prospective area in Central Queensland, with more than 13 targets identified for follow-up exploration.

Each member of the Solomon Gold board participated in the placing, with directors collectively buying over 7.5 million shares. Most notably, chief executive Nicholas Mather bought just over 5.8m shares, taking his total holdings to 36.5m shares, representing 16.2% of the company. Chairman Cameron Wenck was issued 1.1m shares, and he now holds 2.2m shares representing 1% of the issued share capital.

Non-exec directors Brian Moller, Robert Weinberg and John Bovard bought 0.23m, 0.25m and 0.29m respectively. On closing Moller has a 0.5% stake in the company, whilst Weinberg and Bovard each own approximately 0.3%.

Over the last year or so, Solomon Gold has undergone a transition which has included board changes, a diversification of exploration areas and the agreement of a significant joint venture with Newmont Mining Corp (NYSE: NEM) in relation to the companys gold exploration project on Guadalcanal, Solomon Islands.

Additionally, the company noted that the proceeds will also be be utilised for mapping and trenching at the Fauro Project in the Solomon Islands.

Solomon Gold was granted an exploration licence in November 2009 over a highly prospective area on Fauro Island, where the company identified gold contents between two and six times the levels found in highly anomalous samples on its project on the main island of Solomon Islands, Guadalcanal.

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