Monday, 20 February 2012 8:17 AM

Solomon Gold Acquires New Exploration Properties

Solomon Gold has acquired three new early stage exploration properties in the Solomon Islands.

It bought Honiara Holdings Pty Ltd, which owns the properties, for A$50,000. According to Solomon Gold, the licenses have low minimum spending requirements.

The prospecting licenses span a 389 square kilometre area. The company says that early stage exploration has already been completed and it returned encouraging results.

Solomon's exploration team plans to follow up the initial work during the second quarter of this year.

The company owns a portfolio of exploration assets in the Solomon Islands and in Australia, they are a mix of wholly owned projects and joint ventures.

At Rannes project in Queensland, one of the more advanced project's in the portfolio, a new resource estimate is expected in the coming weeks.

It will follow the last estimate, in November 2011, which took the resource to 812,000 ounces of gold equivalent. Solomon has a 2 million ounce target for the project.

The group is also exploring for gold on the Solomon's Fauro and Guadalcanal islands.

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By STEVE BANI Vura Heights, East Honiara
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By CHARLES KOULI Gizo, Western Province