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SolGold plc Renews Solomon Islands Kuma Prospecting License; Enters Into Agreement To Acquire Guadalcanal Exploration Pty Ltd-DJ


Thursday, 18 Jul 2013 03:05am EDT 

Dow Jones reported that SolGold plc announced a renewal of the Kuma prospecting license in the Solomon Islands with a 12 month exploration program in preparation by the SolGold technical team. Silica-Clay lithocap main focus at Kuma. The Kuma lithocap has been mapped over 2.1 square kilometres and is located over a series of deep magnetic anomalies that the Company considers are of considerable exploration interest. The work program will be based around 3D inversion modelling of magnetic data, detailed alteration mapping using spectral techniques, follow-up stream sediment sampling and selected ridge-and-spur soil sampling. SolGold is actively in discussions with third parties interested in a joint venture on the Fauro tenement. As advised to the market in its various stages of development, the Guadalcanal joint venture between SolGold and Newmont has been terminated by mutual consent. A termination agreement has now been executed by both parties, formally bringing the relationship to an end. SolGold has entered into an agreement to acquire Guadalcanal Exploration Pty Ltd (GEx), a private company registered in Queensland, Australia. GEx holds two prospecting licenses on the island of Guadalcanal in the Solomon Islands, covering a total area of 56 square kilometers. 

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