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%.
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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
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