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SolGold

SolGold plc is an emerging copper-gold major focussed on the discovery, definition and development of its copper-gold deposits in Ecuador. The company is listed on the London stock exchange.

SolGold's board and management is made up of professionals who have extensive knowledge in exploration, mine development, investment, finance and law. They hold approximately 15% of the company's issued share capital.

The company floated on 10 February 2006, and is focussed on the development of its projects in Ecuador.

History

In December 2009, SolGold announced that it had acquired 100% of the share capital in Acapulco Mining Pty Ltd, giving it access to several projects in Queensland, Australia. It was then announced in July 2009 that SolGold had raised £1.6 million ($19m SBD) to fund additional drilling at the Rannes and Mount Perry projects. The money was raised through the issue of 33.1 million shares, which were sold to private and institutional investors. SolGold's directors collectively bought 7.5 million shares.

In June 2010, SolGold's former CEO, Nicholas Mather, spoke at the 69th Minesite Mining Forum in London, England.[1]

On 23 September 2010, in what raised SolGold's share price by almost 300%,[2] it announced that 157 samples from its project on the Fauro Island had returned 97.6 grams per tonne (g/t) gold, and 90.1g/t silver. The news also gave huge gains to D'Aguilar Gold, a company which trades on the Australian Securities Exchange and owns 35.2 million shares in SolGold.[3]

Cascabel

On 11 April 2012, it was announced that SolGold had acquired the right to buy up to 85% of a highly prospective gold-copper-silver project in Ecuador, after signing a binding letter of intent with Cornerstone Capital Resources, a Canadian mining company which is listed on the TSX Venture Exchange.[4] Just over two months later, it was announced that both parties had finalised the agreement, and a $2.8 million first year exploration programme had begun.[5]

Following a magnetic and radiometric survey of Cascabel, as well as soil sampling and rock alteration mapping, the results were said to be both "“very encouraging" and "“extremely prospective". Trench sampling also confirmed outcropping gold-copper mineralisation.[6] In late January 2013, it was announced that after channel sampling at the Alpapa Creek area of the project, a "significant" gold-copper porphyry was located.[7]

After raising a further £1.8 million through a share placement scheme in April,[8] on 2 May SolGold announced that it was ready to award a drill contract for the project. "Six drilling contractors have been invited to tender for the phase 1 drilling programme at Cascabel and five have visited the Cascabel concession and Alpala prospect. Four quotations have been received, with the remaining two due in the next week," SolGold told Proactive Investors.[9]

Top Represented Shareholders

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Project areas

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Board of Directors and key personnel

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External links

References

  1. 69th Minesite Mining Forum - Solomon Gold PLC retrieved 26 September 2010^
  2. Broker Roundup - Redhall, Mount Engineering, Gulfsands Petroleum, Solomon Gold retrieved 25 September 2010^
  3. D'Aguilar Gold Reap Rewards 29 January 2010, retrieved 24 September 2010^
  4. Sergei Balashov. Solomon Gold secures right to buy 85pct stake in Cascabel gold-copper-silver property Proactive Investors Australia, 11 April 2012, retrieved 13 July 2013^
  5. Giles Gwinnett. SolGold reveals start of US$2.8 mln exploration programme for Cascabel property Proactive Investors Australia, 25 July 2012, retrieved 13 July 2013^
  6. Philip Whiterow. SolGold eyes major prize at Cascabel Proactive Investors Australia, 24 December 2012, retrieved 13 July 2013^
  7. SolGold identifies "significant" gold-copper porphyry at Cascabel Proactive Investors Australia, 26 January 2013, retrieved 15 July 2013^
  8. Ian Lyall. SolGold secures funding for next phase of exploration in Ecuador Proactive Investors Australia, 3 April 2013, retrieved 15 July 2013^
  9. Giles Gwinnett. SolGold to award Cascabel drill contract this month Proactive Investors Australia, 2 May 2013, retrieved 15 July 2013^
  10. Fuelling the sustainable future with copper^
  11. Ecuador | SolGold ENSA^
  12. About Us | SolGold ENSA^