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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: SOLG
Latest Price: 2.88p  (7.46% Ascending)
52-week High: 8.63p
52-week Low: 1.18p
Market Cap: 15.67M
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SolGold was listed on the London Stock Exchange (AIM code:SOLG) in February 2006.

SolGold is headed up by experienced and committed mining industry professionals with demonstratable track records of mineral discovery and providing valuable shareholder return. The board of directors include accomplished professionals with...

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Solomon Gold shares soar on Rannes resource upgrade

November 30 2011, 1:51pm Solomon reported that the Rannes gold resource has been increased from 675,779 to 812,000 ounces.

Solomon Gold (LON:SOLG) shares shot up around 50 per cent today after it unveiled a 20 per cent upgrade to the Rannes project’s inferred gold resource to 812,000 ounces.

Meanwhile it says that drilling continues at the project towards a 2 million ounce target. Rannes is found in central Queensland, Australia.

"The board is highly encouraged by today's resource estimate upgrade,” said chief executive Malcolm Norris.

“Drilling continues at the Kauffmans, Crunchie, Shilo, Double Scoop and Nicks prospects with shallow, percussion drilling and deeper diamond drilling. 

“Exploration also continues at the 21 other nearby prospects, which have been identified in the Rannes project area, with the aim of delivering the company's objective of defining two million ounces of gold equivalent.”

Solomon reported that the Rannes gold resource has been increased from 675,779 to 812,000 ounces.

The project’s total inferred mineral resource is now estimated at 25.5 million tonnes grading 1.0 grams per tonne gold equivalent. The upgrade included an extra 102,000 ounces at the Kauffmans prospect and an additional 34,000 ounces at the Crunchie prospect.

It said that the additional resource ounces are associated with deeper resources from a number of good intersections at depth.  

Solomon added that the mineralisation component remains open at depth, to the north, east and south. And drilling in the deepest hole has still only tested to a depth of 240 metres below surface, it added. 

Solomon said that its total discovery cost to date is A$6.70 an ounce. Additionally it explained that the project may potentially have a low stripping ratio because the resources are all close to or at surface.

In today’s statement chief executive Malcolm Norris also highlighted that Nick Mather continues to play an active role in the company.

"The board is also delighted that Nick Mather, who stepped across from his former role as CEO to executive director in October this year, remains fully involved with the day-to-day running of the company,” he said.

“With Nick's knowledge and support, the team look forward to driving towards the stated target of 2 million ounce gold equivalent in inferred resources at Rannes, and in contributing to the strategic direction of Solomon Gold and assessing growth opportunities for the company."

At 13:00 on AIM Solomon Gold shares were up 3.375p, or 38 per cent, trading at 12.25p each.

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