Solomon Gold to acquire two gold explorers in Australia
02 December 2009
Solomon Gold has announced plans to buy two gold exploration companies in Queensland, Australia, as part of a strategy to diversify itself into an integrated gold explorer, developer and miner.
The company is buying Acapulco Mining Pty Ltd and Central Minerals Pty Ltd for 86.8 million shares, A$1 million is cash and A$1 million in convertible notes.
Acapulco runs gold projects over the Mt Perry Goldfield in Queensland and Central Minerals has gold projects over a newly defined 200km Carlin style trend on the eastern margin of the southern Bowen Basin at Rannes in central Queensland. Solomon is now planning drilling programmes for 10,000 metres over the next 12 months at both sites.
The company reckons the acquisitions will complement its existing exploration project with Newmont for giant porphyry gold copper projects on Guadalcanal and its 100% owned Fauro Island project in the Solomon Islands.
The Acapulco and Central projects have yielded recent and significant gold discoveries from drilling in a low risk environment adjacent to existing gold mining operations in Queensland. The projects at Mt Perry provide the opportunity to define deposits in excess of several million ounces of gold in strongly mineralised intrusive related porphyry systems. At Rannes, Solomon Gold believes there is potential for the discovery of several million ounces of gold in low temperature gold mineralising systems similar to the world renowned Carlin and Battle Mountain trends in Nevada, USA.
In November, Solomon raised £1.7 million (A$3 million) in an 8p per share placing with private investors and said the new cash would be used for working capital purposes.
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