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%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Investors pull money from UK equities as government warns of “painful” BudgetThe government’s post-election honeymoon period has been short-lived, and investors are shying away from UK equities as a result
-
Top global fintech companies to invest inOne British fintech hogs the headlines, but there are two top performers in the US. We explain where you should put your money
