Holding(s) in Company

RNS Number : 5650O

SolGold PLC

12 October 2012

 

                                                                                                                         12 October 2012

SolGold Plc

("SolGold" or the "Company")

Announcement to London Stock Exchange

Holdings in Company

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 acquired a further 12,962,963 ordinary shares in the Company pursuant to the capital raising announced on 3 October 2012, taking its total shareholding to 46,237,440 ordinary shares.  After taking into account the shares allotted and admitted to trading for the capital raisings announced on 3 and 8 October 2012, its interest has increased from 9.6 per cent to 10.9 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 9,259,259 ordinary shares in the Company pursuant to the capital raising announced on 3 October 2012, taking its total shareholding to 75,333,255 ordinary shares.  After taking into account the shares allotted and admitted to trading for the capital raisings announced on 3 and 8 October 2012, its interest has decreased from 19.1 per cent to 17.8 per cent of the Company's issued share capital.

By order of the Board

Karl Schlobohm

Company Secretary

Contacts:

Mr Karl Schlobohm                                                                           Tel: [phone]

Solomon Gold Plc (Company Secretary)

[e-mail]

Mr Ewan Leggat/Miss Katy Birkin                                                    Tel: [phone]

Fairfax I.S. PLC (Broker)

[e-mail]/[e-mail]

Mr Stephen Weir                                                                               Tel: [phone]

RFC Ambrian Limited (Nominated Advisor)

[e-mail] 

Mr Dominic Barretto                                                                         Tel: [phone]

Yellow Jersey PR (PR & IR)

[e-mail]

NOTES TO EDITORS

SolGold's exploration projects are located in northern Ecuador, Australia, and the Solomon Islands. In Australia, they comprise the Rannes, Mt Perry, Cracow West and Normanby Projects, all in southeast Queensland. 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 July 2012, SolGold and Cornerstone Capital Resources Inc. announced that they had signed a Definitive Option Agreement 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 project is 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 class copper-gold deposits through Chile, Peru, Ecuador and Colombia.

At the Rannes project SolGold has announced Indicated and 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 planned 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 with NVL Solomon Islands Limited (a subsidiary of NYSE-listed Newmont Mining Corporation) is now seeking expressions of interest for possible divestment.

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, investment, finance and law.  Board and Management have significantly vested interests in the Company, holding approximately 17.2% 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 a total of 424,242,966 fully-paid ordinary shares, 1,070 Convertible Redeemable Preference Shares, 9,472,000 options exercisable at 50p, 1,250,000 options exercisable at 28p and 1,250,000 options exercisable at 14p on issue.

Further details concerning the Company's key projects and personnel can be found at www.solgold.com.au.

 

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