Pursuant to AIM Rule 17, and in accordance with the Disclosure and Transparency Rules ("DTR"), SolGold plc (the "Company") was informed today by DGR Global Limited that, in fulfilment of its obligations under Rule 5 of the DTR, it continued to hold 33,274,477 ordinary shares of 1 penny each in the capital of the Company. However, by virtue of the issue of shares pursuant to the recent capital raising, its interest has been diluted from 10.6 per cent to 9.6 per cent of the Company's issued share capital.
Also pursuant to AIM Rule 17, and in accordance with the DTR, the Company was informed today by Tenstar Trading Limited that, in fulfilment of its obligations under Rule 5 of the DTR, it acquired a further 6,595,000 ordinary shares in the Company pursuant to the recent capital raising, taking its total shareholding to 66,073,996 ordinary shares. Accordingly, its interest has risen from 19 per cent to 19.1 per cent of the Company's issued share capital.
The Company currently has 346,715,267 shares and 10,472,000 options (exercisable at 50p) on issue.
SolGold's exploration projects are located in northern Ecuador, Queensland, Australia, and the Solomon Islands. In Australia, they comprise the Rannes, Mt. Perry, Cracow West and Normanby Projects. In the Solomon Islands they comprise the Fauro Project (located on Fauro Island), and the Guadalcanal Joint Venture with Newmont Mining Corporation, and in Ecuador a JV with Cornerstone Capital Resources on the Cascabel gold-copper project.
In April 2012, SolGold andCornerstone Capital Resources Inc. announced that they had signed a binding Letter of Intent whereby SolGold may acquire up to 85% of Cornerstone's 100% owned 5,000 hectare Cascabel gold-copper-silver property in northern Ecuador.
The Cascabel projectis located approximately 120 km north of Ecuador's capital, Quito, 20 km south of the Colombian border, and 75 km inland from the coastal city of San Lorenzo. The gold-copper porphyry project is located within the Andean western cordillera, host to numerous Tier 1 world classcopper-gold deposits through Chile, Peru, Ecuador and Colombia.
At the Rannes project SolGold has announced Inferred resources of 18.7 million tonnes at 0.9 g/t gold equivalent (gold + silver) for 550,146 ounces of gold equivalent (296,657 ounces of gold and 10,137,736 ounces of silver; see announcement dated 23 May 2012 for details of the resource statement and gold equivalent ratios). The 2012 exploration program, including drilling to define new ore positions and grow the resource, is underway.
Exploration continues at Mt. Perry, Normanby and Cracow West.
In the Solomon Islands, the 2012 exploration program on the Fauro project has been delayed while a JV partner is sought to pursue drilling of gold-copper targets defined in the 2011 exploration program. The 2012 Guadalcanal Joint Venture exploration program with NVL Solomon Islands Limited (a subsidiary of NYSE-listed Newmont Mining Corporation) is underway and includes drilling on highly prospective gold-copper porphyry targets.
SolGold's strategy is to be an integrated gold and copper discoverer, developer and miner.
SolGold's Board includes accomplished professionals with strong track records in the areas of exploration, mine development in Australasia and Melanesia, investment, finance and law. Board and Management have significantly vested interests in the Company, holding approximately 17.8% of its issued share capital.
SolGold is based in Brisbane, Queensland, Australia. The Company listed on London's Alternative Investment Market in 2006, under the AIM Code 'SOLG' and currently has 346,715,267 shares on issue and 10,472,000 options exercisable at 50p on issue. Further details concerning the Company's key projects and personnel can be found at www.solgold.com.au.
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