Solgold updates on Solomon Islands exploration

The Board of SolGold has provided an update on exploration activities for the Guadalcanal Joint Venture (GJV) located in the Solomon Islands.

Drilling has commenced at Vuanimaho Prospect (Mbetilonga Project) where previous drilling has intersected a mineralised diorite and returned up to 46m at 0.34g/t gold and 0.25% copper.

Exploration at Sutakiki and Central is ongoing. Newmont has met Phase 1 and Phase 2 expenditure earn in requirements to hold a 70% interest in the JV.

The GJV is a joint venture between NVL Solomon Islands Limited (a subsidiary of Newmont Mining Corporation) (NYSE:NEM) ("Newmont") and SolGold plc ("SolGold"). Newmont is funding and managing the exploration activities.

At 9:21am: (LON:SOLG) share price was +0.13p at 4.88p

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01/06/2012