Last checked at 14 May 2015 07:00
14 May 2015
Dear SolGold Investor
I am writing to thank you for your continuing support. In particular I am writing to thank those of you who took part in the recent Open Offer and placing in SolGold at 3p per share.
The Board realises that at the time of this investment, the share price was significantly lower than the offer price and we take your investment in those circumstances as a clear and welcome demonstration of support for SolGold's endeavours at its Cascabel project in Ecuador.
As we drill towards the target in Hole 11 it is with a sense of great moment that we anticipate further extension of the mineralisation to the north west of the Central Alpala area.
The capital raising was not fully subscribed and we are working towards placement of the balance with large, long term investors.
As you will be aware from the recent announcement, the Board and management are striving to deliver a certified high grade copper gold resource at Cascabel in approximately 12 months. In order to achieve this we are aiming to increase the number of rigs on site and undertake directional drilling off existing holes, delivering more intersections, faster and cheaper. Accompanied by more metallurgical work and conceptual studies the resource statement could form the basis for a preliminary economic analysis.
We believe our future is underwritten by a likely appreciation in the copper price and continued improvement in the economic and regulatory outlook in Ecuador.
Please do not hesitate to contact me in the event you would like further explanation of our situation or plans.
Yours faithfully
Nick Mather
Executive Director
SolGold Plc
nmather@solgold.com.au