Solomon rockets after raising resources estimates

Shares in AIM-listed gold miner Solomon Gold rocketed on Wednesday after the firm upped its resource estimates for the Rannes Project, the second time it has done so in two months.

The inferred mineral resources estimate for wholly-owned project in Central Queensland has now been increased by 20% from 675,779oz to 812,000oz. This follows the 24% upgrade reported in late September.

By 14:03, shares had jumped 40.85% to 12.5p.

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Chief executive Malcolm Norris said: "The board is highly encouraged by today's further resource estimate upgrade. Drilling continues at the Company's Kauffmans, Crunchie, Shilo, Double Scoop and Nicks Prospects with shallow, percussion drilling and deeper diamond drilling."

"Exploration also continues at the 21 other nearby prospects, which have been identified in the Rannes Project area, with the aim of delivering the Company's objective of defining two million ounces of gold equivalent," he said.

BC