TIDMSOLG
RNS Number : 4348C
SolGold PLC
17 June 2019
17 June 2019
SolGold plc
("SolGold" or the "Company")
Appointment of Directors Strengthens SolGold for Development and
Regional Exploration Program
The Board of SolGold Plc (LSE & TSX: SOLG) is pleased to
advise that, subject to relevant regulatory approvals, the Company
has resolved to appoint the following people to the Board of the
Directors:
Ø Mr Jason Ward as an Executive Director - Project Management;
Ø Miss Anna Legge as an Executive Director - Communications;
and
Ø Mr Liam Twigger as a Non-Executive Director, and Chair
of the Audit Committee.
Details of the appointees are outlined below.
Commenting on the new appointments to the Board, SolGold
Chairman Brian Moller said: "I am delighted to welcome Anna, Jason
and Liam to the Board. Between them, they have broad technical
strategic and financial expertise and will bring new skills to the
Board, whilst also strengthening its independence, alignment with,
and visibility to, management and diversity.
SolGold is a progressive Ecuador-focused copper and gold
explorer and emerging copper gold mining major. These appointments
reflect the Company's ambition, priorities and vision as its
flagship initial project Alpala emerges as one of the world's
preeminent copper gold projects, and Ecuador develops into a
leading sustainable mining nation. The appointments reflect
SolGold's commitment to liaison with all levels of Ecuadorean
stakeholders as it embarks on the definition of a portfolio of
projects, and not just Alpala."
Mr Jason Ward, Executive Director
Head of Exploration at SolGold, Mr Jason Ward has been
instrumental in the Company's success to date. Having been involved
in the Company since its inception in 2006, Jason has played a
critical role in developing SolGold's outstanding presence in
Ecuador. Alongside developing the Cascabel project, in which
capacity he is President of the Ecuadorean holding company
Exploraciones Novomining S.A. ("ENSA"), and managing SolGold's four
100% owned subsidiaries, which have produced an unrivalled
exploration portfolio across the rest of Ecuador, Jason has created
a fully comprehensive corporate infrastructure for SolGold in
Ecuador, run via the Company's office in Quito. In addition to
Jason's technical role he oversees all local labour force
development, community relations, landholder relations and
government relations.
Jason is an exploration geologist with 25 years' experience. He
has an extensive track record of successfully managing exploration
teams working with a wide variety of cultures in challenging
social, physical and geological terrains and remote locations
around the world.
Jason holds a Bachelor of Applied Science, Geology and is a
Fellow of the Australasian Institute of Mining and Metallurgy.
Jason is also fluent in Spanish.
Miss Anna Legge, Executive Director
Anna Legge has worked with SolGold since 2013, initially as a
consultant before moving in house with SolGold and establishing the
Company's London office in early 2017. As Head of Communications,
Anna manages media relations, investor and capital market
relations, in-country public relations and sustainability
reporting. Anna is closely involved in SolGold's strategic
decision-making and the development of SolGold's communications
strategy in Ecuador and with Government.
Anna has over 10 years' experience working in financial and
corporate communications and has advised AIM, FTSE100, ASX, JSE and
TSX- listed mining companies operating in multiple jurisdictions
around the world. Her experience spans crisis communications,
M&A transactions, internal communications, and corporate
reputation management.
Anna holds a Bachelor of Politics and Economics Degree from
Loughborough University in the UK.
Mr Liam Twigger, Non-Executive Director
Liam Twigger is the Managing Director and Principal of PCF
Capital Group, a licensed and independent investment banking and
corporate advisory business based in Perth, Western Australia.
Under Liam's stewardship, PCF Capital Group has grown to become one
of Australia's leading resource sector corporate advisory firms.
The firm has completed over 130 transactions for in excess of
AUD3.5 billion in value, and is Australia's leading advisor on mine
sales.
Liam is the Principal of mine brokerage business MinesOnline.com
and gold royalty and streaming business FutureGold, which plans to
raise USD250m over the next six months and issue Digital Securities
via blockchain on a regulated Digital Exchange. He is also a
Non-Executive Director of the Western Australian Government owned
Gold Corporation (trading as the Perth Mint), a gold refining and
marketing business that refines 300 tonnes of gold per annum and
has an annual turnover of AUD18 billion.
Liam holds a Graduate Diploma in Business, a Bachelor of
Economics and is a Certified Practicing Accountant.
References to figures and tables relate to the version visible
in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/4348C_1-2019-6-17.pdf
CONTACTS
Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Chief Executive Officer) +61 (0) 417 880 448
nmather@solgold.com.au
Karl Schlobohm Tel: +61 (0) 7 3303 0661
SolGold Plc (Company Secretary)
kschlobohm@solgold.com.au
Anna Legge Tel: +44 (0) 20 3823 2131
SolGold Plc (Corporate Communications)
alegge@solgold.com.au
Gordon Poole / Nick Hennis Tel: +44 (0) 20 3757 4997
Camarco (Financial PR / IR)
solgold@camarco.co.uk
Andrew Chubb / Ingo Hofmaier Tel: +44 (0) 20 7907 8500
Hannam & Partners (Joint Broker and Financial
Advisor)
solgold@hannam.partners
Ross Allister / David McKeown Tel: +44 (0)20 7418 8900
Peel Hunt (Joint Broker and Financial
Advisor)
solgold@peelhunt.com
James Kofman / Darren Wallace Tel: +1 416 943 6411
Cormark Securities Inc. (Financial Advisor)
dwallace@cormark.com
Follow us on twitter @SolGold_plc
CAUTIONARY NOTICE
News releases, presentations and public commentary made by
SolGold plc (the "Company") and its Officers may contain certain
statements and expressions of belief, expectation or opinion which
are forward looking statements, and which relate, inter alia, to
interpretations of exploration results to date and the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors. Such forward-looking and
interpretative statements involve known and unknown risks,
uncertainties and other important factors beyond the control of the
Company that could cause the actual performance or achievements of
the Company to be materially different from such interpretations
and forward-looking statements.
Accordingly, the reader should not rely on any interpretations
or forward-looking statements; and save as required by the exchange
rules of the TSX and LSE or by applicable laws, the Company does
not accept any obligation to disseminate any updates or revisions
to such interpretations or forward-looking statements. The Company
may reinterpret results to date as the status of its assets and
projects changes with time expenditure, metals prices and other
affecting circumstances.
This release may contain "forward--looking information" within
the meaning of applicable Canadian securities legislation.
Forward--looking information includes, but is not limited to,
statements regarding the Company's plans for developing its
properties. Generally, forward--looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved".
Forward--looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward--looking information, including but not limited to:
transaction risks; general business, economic, competitive,
political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages and other risks of
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward--looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or
otherwise comment on the conclusions, interpretations or views
expressed in press articles or third-party analysis, and where
possible aims to circulate all available material on its
website.
The Company recognises that the term "World Class" is subjective
and for the purpose of the Company's projects the Company considers
the drilling results at the growing Alpala Porphyry Copper Gold
Deposit at its Cascabel Project to represent intersections of a
"World Class" deposit. The Company considers that "World Class"
deposits are rare, very large, long life, low cost, and are
responsible for approximately half of total global metals
production.
"World Class" deposits are generally accepted as deposits of a
size and quality that create multiple expansion opportunities, and
have or are likely to demonstrate robust economics that ensure
development irrespective of position within the global commodity
cycles, or whether or not the deposit has been fully drilled out,
or a feasibility study completed.
Standards drawn from industry experts (1) Singer and Menzie,
2010; (2) Schodde, 2006; (3) Schodde and Hronsky, 2006; (4) Singer,
1995; (5) Laznicka, 2010) have characterised "World Class" deposits
at prevailing commodity prices. The relevant criteria for "World
Class" deposits, adjusted to current long run commodity prices, are
considered to be those holding or likely to hold more than 5
million tonnes of copper and/or more than 6 million ounces of gold
with a modelled net present value of greater than USD 1
Billion.
The Company and its external consultants prepared an initial
mineral resource estimate at the Cascabel Project in December 2017.
Results are summarised in Table B attached.
The Mineral Resource Estimate was completed from 53,616m of
drilling, approximately 84% of 63,500m metres drilled as of
mid-December 2017, the cut-off date for the maiden resource
calculation. There remains strong potential for further growth from
more recent drilling results, and continue rapid growth of the
deposit.
Any development or mining potential for the project remains
speculative.
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 25-70%.
On the basis of the drilling results to date and the results of
the Alpala Maiden Mineral Resource Estimate, the reference to the
Cascabel Project as "World Class" (or "Tier 1") is considered to be
appropriate. Examples of global copper and gold discoveries since
2006 that are generally considered to be "World Class" are
summarised in Table A.
References cited in the text:
1. Singer, D.A. and Menzie, W.D., 2010. Quantitative Mineral Resource
Assessments: An Integrated Approach. Oxford University Press
Inc.
2. Schodde, R., 2006. What do we mean by a world class deposit?
And why are they special. Presentation. AMEC Conference, Perth.
3. Schodde, R and Hronsky, J.M.A, 2006. The Role of World-Class
Mines in Wealth Creation. Special Publications of the Society
of Economic Geologists Volume 12.
4. Singer, D.A., 1995, World-class base and precious metal deposits-a
quantitative analysis: Economic Geology, v. 90, no.1, p. 88-104.
5. Laznicka, P., 2010. Giant Metallic Deposits: Future Sources
of Industrial Metal, Second Edition. Springer-Verlag Heidelberg.
Deposit Discovery Major Country Current Status Mining Inventory
Name Year Metals Style
LA COLOSA 2006 Au, Colombia Feasibility Open Pit (1) 469Mt @
Cu - New Project 0.95g/t Au;
14.3Moz Au
============= ========== =========== ========================= ================ ===============
LOS SULFATOS 2007 Cu, Chile Advanced Exploration Underground (2) 1.2Bt
Mo @1.46%
Cu & 0.02% Mo;
17.5Mt Cu
============= ========== =========== ========================= ================ ===============
BRUCEJACK 2008 Au Canada Development/Construction Open Pit (3) 15.6Mt @
16.1 g/t Au;
8.1Moz Au
============= ========== =========== ========================= ================ ===============
KAMOA-KAKULA 2008 Cu, Congo Feasibility Open Pit (4) 1.3Bt @
Co, (DRC) - New Project & Underground 2.72% Cu; 36.5
Zn Mt Cu
============= ========== =========== ========================= ================ ===============
GOLPU 2009 Cu, PNG Feasibility Underground (5) 820Mt @
Au - New Project 1.0% Cu,
0.70g/t
Au; 8.2Mt Cu,
18.5Moz Au
============= ========== =========== ========================= ================ ===============
COTE 2010 Au, Canada Feasibility Open Pit (6) 289Mt @
Cu Study 0.90 g/t Au;
8.4Moz Au
============= ========== =========== ========================= ================ ===============
HAIYU 2011 Au China Development/Construction Underground (7) 15Moz Au
============= ========== =========== ========================= ================ ===============
RED HILL-GOLD 2011 Au United Feasibility Open Pit (8) 47.6Mt @
RUSH States Study & Underground 4.56 g/t Au;
7.0Moz Au
============= ========== =========== ========================= ================ ===============
XILING 2016 Au China Advanced Exploration Underground (9) 383Mt @
4.52g/t Au;
55.7Moz Au
============= ========== =========== ========================= ================ ===============
Source: after MinEx Consulting, May 2017
(1) Source: http://www.mining--technology.com/projects/la--colosa
(2) Source: http://www.angloamerican.com/media/press--releases/2009
(3) Source: http://www.pretivm.com/projects/brucejack/overview/
(4) Source: https://www.ivanhoemines.com/projects/kamoa--kakula--project/
(5) Source:
http://www.newcrest.com.au/media/resource_reserves/2016/December_2016_Resources_and_Reserves_Statement.pdf
(6) Source: http://www.canadianminingjournal.com/news/gold--iamgold--files--cote--project--pea/
(7) Source: http://www.zhaojin.com.cn/upload/2015--05--31/580601981.pdf
(8) Source: https://mrdata.usgs.gov/sedau/show--sedau.php?rec_id=103
(9) Source: http://www.chinadaily.com.cn/business/2017--03/29/content_28719822.htm
Table A: Tier 1 global copper and gold discoveries since 2006.
This table does not purport to be exhaustive exclusive or
definitive.
Grade Resource Tonnage Grade Contained Metal
Category Category (Mt)
======================
Cu (%) Au (g/t) CuEq Cu (Mt) Au (Moz) CuEq
(%) (Mt)
====== ======== ==== ======= ======== =====
Total >0.2% CuEq Indicated 2,050 0.41 0.29 0.60 8.4 19.4 12.2
================= ========== ======= ====== ======== ==== ======= ======== =====
Inferred 900 0.27 0.13 0.35 2.5 3.8 3.2
============================ ======= ====== ======== ==== ======= ======== =====
Table B: Alpala Mineral Resource Estimate updated effective 16
November 2018.
Notes:
-- Mr. Martin Pittuck, MSc, CEng, MIMMM, is responsible for this
Mineral Resource estimate and is an "independent qualified
person" as such term is defined in NI 43-101.
-- The Mineral Resource is reported using a cut-off grade of
0.3% copper equivalent calculated using [copper grade (%)]
+ [gold grade (g/t) x 0.6] based on a copper price of US$2.8/lb
and gold price of US$1,160/oz.
-- The Mineral Resource is considered to have reasonable potential
for eventual economic extraction by underground mass mining
such as block caving.
-- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
-- The statement uses the terminology, definitions and guidelines
given in the CIM Standards on Mineral Resources and Mineral
Reserves (May 2014).
-- The MRE is reported on 100 percent basis.
-- Values given in the table have been rounded, apparent calculation
errors resulting from this are not considered to be material.
-- The effective date for the Mineral Resource statement is 16
November 2018.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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