Now that we have the placement out of the way...it should be back to normal (abnormal)? We rose superfast this morning after a 10% drop on opening. It seems the placement was eventually well recieved. KEEP THE SPIRITS UP..this will be flying before Xmas? http://www.investegate.co.uk/solgold-plc--solg-/rns/successful-placement/201309160705420430O/
16 September 2013
SolGold Plc ("SolGold" or the "Company")
SolGold Completes Successful Placement to Fund On-going Phase 1 Drilling Program at Cascabel Project
The Board of SolGold (AIM code: SOLG) is pleased to advise of the completion of a capital raising to continue the funding of the Company's highly prospective Cascabel copper-gold project in Ecuador.
The placement comprises the issue of 9,840,967 shares at a price of 7.5p each to raise gross proceeds of AUD1.27 million from Australian private investors.
Commenting on the fund raising, CEO Alan Martin states: "It is pleasing to see the strong level of interest in the Company. We are in the early stages of the Phase One drilling program at the Cascabel Project, having completed Hole 1 recently and with the rig now moving on to Hole 2. Given the highly prospective nature of the Alpala prospect, I look forward to providing shareholders with on-going news flow over the next 3 months."
Funds from the placement will go towards the Phase 1 drilling program including the on- site costs and the associated technical and laboratory work, as well as for general corporate and working capital purposes.
The shares are scheduled to be allotted on Friday 20 September, and an application to have the shares admitted onto AIM by Monday 23 September 2013 will be made shortly.
SolGold's Interests in Ecuador
SolGold currently holds a 50% interest, and can earn up to an 85% interest, in Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean registered company, which holds 100% of the Cascabel concession in northern Ecuador. Cornerstone Capital Resources Inc ("Cornerstone") currently holds the other 50% of ENSA. Cornerstone has been operating in Ecuador for six years and employs highly experienced Ecuadorian geologists to carry out exploration and related administrative functions for the Cascabel Project. SolGold also employs several key exploration management personnel on the project.
Cascabel Project
The Cascabel project is located in north-western Ecuador in an under explored northern section of the richly endowed Andean Copper Belt. World class deposits located within this belt include the 982 million tonnes at 0.89% Cu Junin copper project located some 60km to the southwest of Cascabel, the 4.2 billion tonne at 0.35% Cu Cobre Panama deposits located to the north in Panama, and the 905 million tonnes at 0.92 g/t Au La Colosa porphyry deposit located to the north in Colombia, containing 26 million ozs of gold in similar geological environments.
The Alpala Prospect exhibits surface mineralisation and alteration patterns indicative of porphyry copper gold systems and has a similar footprint to large porphyry systems around the world.
By order of the Board Karl Schlobohm Company Secretary ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ And for your extra perusal....
Going for Gold - mining in Ecuador http://www.economist.com/news/americas/21579871-brazil-raises-its-mining-royalties-ecuador-cuts-its-own-going-gold
Ecuador Congress OK's LAW to ease mining terms/taxes
