Solomon Gold buys four new licences

17th Feb 2012 11:35

Solomon Gold, a gold explorer with interests in the Solomon Islands and Australia, has bought three prospecting licences and one reconnaissance licence in the Solomon Islands, covering a total area of 389 square kilometres.The purchase, from Honiara Holdings, cost A$50,000 and has seen Solomon's share price rise as much as 10% in morning trading. By 11.34am the shares were up 0.35%.Early stage exploration has been completed on the licenses and has returned "encouraging geological results".Solomon is planning to start follow-up work in the second quarter of 2012 and says the concessions have "low minimum expenditure commitments".BS