TIDMSOLG
RNS Number : 3012D
SolGold PLC
30 January 2018
30 January 2018
SolGold Plc
("SolGold" or the "Company")
Results of Annual General Meeting
SolGold plc (AIM: SOLG) confirms that all resolutions put to
shareholders were unanimously passed by a show of hands at the
Company's Annual General Meeting, held on 30 January 2018 in
Brisbane, Australia.
A breakdown of proxy votes received ahead of the cut off is set
out below:
Votes Votes Abstain
for (1) %(2) against %(2) (3)
--------------------------- -----------
Ordinary Business
--------------------------- ------------ ------- ----------- ------- -----------
1. Adoption of Financials 856,407,587 99.89% 975,000 0.11% 9,500
--------------------------- ------------ ------- ----------- ------- -----------
2. Re-appointment
of Brian Moller 748,704,828 89.67% 86,247,146 10.33% 22,439,413
--------------------------- ------------ ------- ----------- ------- -----------
3. Re-appointment
of John Bovard 832,609,378 97.12% 24,706,429 2.88% 75,580
--------------------------- ------------ ------- ----------- ------- -----------
4. Re-appointment
of BDO (UK) LLP
as Auditors 856,371,357 99.89% 975,000 0.11% 25,580
--------------------------- ------------ ------- ----------- ------- -----------
5. Authority to
allot shares 855,989,670 99.86% 1,189,602 0.14% 212,815
--------------------------- ------------ ------- ----------- ------- -----------
Special Business
--------------------------- ------------ ------- ----------- ------- -----------
6. Disapplication
of Pre-Emption Rights
of Existing Shareholders 855,683,160 99.83% 1,437,177 0.17% 271,750
--------------------------- ------------ ------- ----------- ------- -----------
7. Shorter Notice
Period for Calling
General Meetings 854,644,327 99.70% 2,584,582 0.30% 163,178
--------------------------- ------------ ------- ----------- ------- -----------
8. Amendments to
Company's Articles
of Association 856,139,782 99.88% 999,988 0.12% 252,317
--------------------------- ------------ ------- ----------- ------- -----------
Notes:
(1) Any proxy appointments which gave discretion to the Chairman
have been included in the "for" total.
(2) As a percentage of the aggregate of votes "for" plus votes "against".
(3) An abstention is not counted towards the votes cast "for" or "against" a resolution.
By order of the Board
Karl Schlobohm
Company Secretary
CONTACTS
Mr Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Chief Executive Officer) +61 (0) 417 880 448
nmather@solgold.com.au
Mr Karl Schlobohm Tel: +61 (0) 7 3303 0661
SolGold Plc (Company Secretary)
kschlobohm@solgold.com.au
Mr Ewan Leggat / Mr Richard Morrison Tel: +44 (0) 20 3470
0470
SP Angel Corporate Finance LLP (Broker)
ewan.leggat@spangel.co.uk
Follow us on twitter @SolGold_plc
NOTES TO EDITORS
SolGold is a Brisbane, Australia based, dual LSE and TSX--listed
(SOLG on both exchanges) copper gold exploration and future
development company with assets in Ecuador, Solomon Islands and
Australia. SolGold's primary objective is to discover and define
world--class copper--gold deposits. The Board and Management Team
have substantial vested interests in the success of the Company as
shareholders as well as strong track records in the areas of
exploration, mine appraisal and development, investment, finance
and law. SolGold's experience is augmented by state of the art
geophysical and modelling techniques and the guidance of porphyry
copper and gold expert Dr Steve Garwin.
In October 2017, at the Mines and Money Americas Conference in
Toronto, SolGold's Nicholas Mather won the award for the CEO of the
Year - Exploration, Latin America. SolGold won the Exploration
Award for Latin America, and Ecuador won the Country Award for
Latin America. Each party then duly won the 2017 award for each
respective category on a global basis at London Mines and Money on
30 November 2017.
The Company announced USD54m in capital raisings in September
2016 involving Maxit Capital LP, Newcrest International Ltd and DGR
Global Ltd, and a USD41.2m raising in June of 2017 largely from
Newcrest International with USD1.2m raised from Ecuadorean
investors. All of these raisings were undertaken at substantial
premiums to previous raisings. In November 2017 SolGold raised a
further GBP45m at 25p per share, placed with institutions and
Newcrest pursuant to their anti-dilution rights. SolGold currently
has circa USD110m in available cash to continue the exploration and
appraisal of its flagship Cascabel Project, and with which to
conduct regional exploration programs on its 77 other 100%-owned
projects in its wholly owned subsidiary companies.
Mr Craig Jones joined the SolGold Board on 3 March 2017,
nominated to the Board of SolGold by Newcrest Mining, now a 14.54%
shareholder in SolGold. Mr Jones is a Mechanical Engineer and is
currently the Executive General Manager Wafi-Golpu
(Newcrest-Harmony Joint Venture). He has held various senior
management and executive roles within the Newcrest Group, including
General Manager Projects, General Manager Cadia Valley Operations,
Executive General Manager Projects and Asset Management, Executive
General Manager Australian and Indonesian Operations, Executive
General Manager Australian Operations and Projects, and Executive
General Manager Cadia and Morobe Mining Joint Venture. Prior to
joining Newcrest, Mr Jones worked for Rio Tinto.
Cascabel, SolGold's 85% owned "World Class" (Refer
www.solgold.com.au/cautionary-notice/) flagship copper--gold
porphyry project, is located in northern Ecuador on the
under--explored northern section of the richly endowed Andean
Copper Belt. SolGold owns 85% of Exploraciones Novomining S.A.
("ENSA") and approximately 5% of TSX--V--listed Cornerstone Capital
Resources ("Cornerstone"), which holds the remaining 15% of ENSA,
the Ecuadorian registered company which holds 100% of the Cascabel
concession. Subject to the terms of existing agreements,
Cornerstone is debt financed by SolGold for its share of costs to
completion of a Feasibility Study ("Financing Option").
In terms of repayment, SolGold shall receive 90% of
Cornerstone's share of earnings or dividends from ENSA or the
Tenement to which Cornerstone would otherwise be entitled until
such time as the amounts so received equal the aggregate amount of
expenditures incurred by SolGold that would have otherwise been
payable by Cornerstone, plus interest thereon from the dates such
expenditures were incurred at a rate per annum equal to LIBOR plus
2 per cent until such time as SolGold is fully reimbursed.
The investments by Newcrest for 14.54% of SolGold endorses
Ecuador as an exploration and mining destination, the management
team at SolGold, the dimension, size and scale of the growing
Alpala deposit, and the prospectivity of Cascabel and its multiple
targets. The gold endowment, location, infrastructure, logistics
are important competitive advantages offered by the project.
To date SolGold has completed geological mapping, soil sampling,
rock saw channel sampling, geochemical and spectral alteration
mapping over 25km(2) , along with an additional 9km(2) of Induced
Polarisation and 14km(2) Magnetotelluric "Orion" surveys over the
Alpala cluster and other targets at Aguinaga, Parambas,
Tandayama-America, Moran and Chinambicito.
SolGold has completed over 70,000m of drilling and expended over
USD70M in Ecuador, which includes Cascabel exploration, regional
exploration, corporate costs and investments into Cornerstone. This
has been accomplished with a workforce of up to 260 Ecuadorean
workers and geoscientists, and 6 expatriate Australian
geoscientists. The results of 60 holes drilled (including
re-drilled holes, daughter holes and current holes) and assayed to
date have produced some of the greatest drill hole intercepts in
porphyry copper-gold exploration history, as indicated by Hole 12
(CSD-16-012) returning 1560m grading 0.59% copper and 0.54 g/t gold
including, 1044m grading 0.74% copper and 0.54 g/t gold.
The average grade of all metres drilled to date on the project,
including non-mineralised intersections, currently stands at 0.30%
copper and 0.24 g/t gold. Intensive diamond drilling is planned for
the next 12 months with 12 drill rigs expected to be operational by
early 2018, targeting over 120,000m of drilling in 2018.
Cascabel is characterised by fifteen (15) identified targets,
"World Class" drilling intersections over 1km in length at
potentially economic grades, and high copper and gold grades in
richer sections, as well as logistic advantages in location,
elevation, water supply, proximity to roads, port and power
services; and a progressive legislative approach to resource
development in Ecuador.
SolGold has drill tested 5 of 15 copper-gold targets delineated
in the 50km2 tenement with a focus on Alpala.
Further drill testing at Alpala will focus on:
-- Extending and infilling the Alpala Central area with Rigs, 1, 6 and 5.
-- Expanding the system at Alpala Northwest and Trivinio with Rigs 8, 9, 10, 11, and 12.
-- Testing extensions of the system at Alpala Southeast with Rigs 2, 3, and 4.
-- Testing geochemical and magnetic targets at Alpala West and Carmen with Rig 7.
There are currently 12 drilling rigs active at Alpala.
The Alpala deposit is open in multiple directions and the
mineralised corridor marked for drill testing of the greater Alpala
cluster occurs over a 2.2km strike length from Trivinio in the
northwest to Cristal in the southeast. The mineralised corridor is
known to be prospective over up to 800m width.
The remainder of the targets are scheduled for testing in 2018,
subject to ongoing technical assessment, and completion of ground
magnetic modelling and Spartan Orion deep IP surveys.
The Company is currently planning further metallurgical testing
and completion of an independent Preliminary Economic Assessment
and Pre-Feasibility Studies at Cascabel. SolGold is investigating
both high tonnage open cut and underground block caving operations,
as well as a high grade / low tonnage initial underground
development towards the economic development of the copper gold
deposit/s at Cascabel.
Drill hole intercepts have been updated to reflect current
commodity prices, using a data aggregation method, defined by
copper equivalent cut-off grades and reported with up to 10m
internal dilution, excluding bridging to a single sample. Copper
equivalent grades are calculated using a gold conversion factor of
0.63, determined using an updated copper price of USD3.00/pound and
an updated gold price of USD1300/ounce. True widths of down hole
intersections are estimated to be approximately 25-50%.
Following a comprehensive review of the geology and
prospectivity of Ecuador, SolGold and its subsidiaries have several
applications for additional exploration licences in Ecuador over a
number of promising porphyry copper gold targets throughout the
Country.
SolGold, through its 4 subsidiary companies, has 100% ownership
of 77 granted concessions throughout Ecuador. Each subsidiary
company has technical teams, led by experienced senior geologists,
on the ground prospecting granted tenements and collecting baseline
data, whilst regional geophysics surveys are being planned.
Significant copper occurrences have been identified at numerous
projects to date, including La Hueca, Machos, Rio Armarillo,
Sharug, Porvenir and Timbara.
In Queensland, Australia the Company is evaluating the future
exploration plans for the Mt Perry, Rannes and Normanby projects,
with drill testing of the Normanby project planned for the coming
quarter. Joint venture agreements are being investigated for a
joint venture partner to commit funds and carry out exploration to
earn an interest in the tenements.
SolGold retains interests in its original theatre of operations,
Solomon Islands in the South West Pacific, where the 100% owned,
but as yet undrilled, Kuma prospect on the island of Guadalcanal
exhibits surface lithocap characteristics which are traditionally
indicative of a large metal rich copper gold intrusive porphyry
system.
SolGold intends in the future to apply intellectual property and
experience developed in Ecuador to target additional "World Class"
copper gold porphyries at Kuma and other targets in Ecuador and the
Solomon Islands.
SolGold is based in Brisbane, Queensland, Australia. The Company
is listed on the LSE and TSX, with both exchanges using the ticker
code: SOLG, and currently has on issue a total of 1,696,245,686
fully-paid ordinary shares, 31,795,884 share options exercisable at
28p; 9,795,884 share options exercisable at 14p and 46,762,000
share options exercisable at 60p.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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