TIDMSOLG
RNS Number : 7552C
SolGold PLC
21 October 2020
21 October 2020
SolGold plc
("SolGold" or the "Company")
Appointment of Directors Strengthens SolGold for Transition into
Explorer-Developer
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 as
Independent Non-Executive Directors:
Ø Mr Kevin O'Kane
Ø Mrs Maria Amparo Alban
Ø Mr Keith Marshall
As announced on 5 August 2020, SolGold has embarked on a
Corporate Governance enhancement program which will continue into
2021. The Company's ultimate goal is to ensure optimal Board
governance and executive leadership performance to complement the
existing award-winning exploration expertise, with skills relevant
to the successful development of the tier 1 Alpala Project. The
Board of SolGold identified and recognised a gap in its skills and
experience following an internal review and shareholder feedback,
and has committed to a number of changes in order to ultimately
comply with the UK Corporate Governance Code.
As previously announced, the composition, independence and
diversity of the Board was identified as an area to develop. These
new appointees will provide a wide range of expertise, in
particular in mine development, large-scale and underground mining
operations and external affairs and sustainability gained in
top-tier organisations and environments close to the Company's
markets in North America and London, as well as SolGold's operating
jurisdiction in Ecuador.
The Company is pleased to have reached another significant
corporate milestone with the appointment of its second female
Director, delivering on its commitment to have half of the Board
comprised of Independent Directors and 25% female (excluding the
Chair) by the end of the 2020 calendar year.
Commenting on the new appointments to the Board, SolGold Chair
Liam Twigger said:
"I am absolutely delighted to welcome Mrs Maria Amparo Alban, Mr
Kevin O'Kane and Mr Keith Marshall to the Board of SolGold. Mrs
Amparo Alban's connections and extensive experience in external
affairs and operational sustainability in Ecuador, combined with Mr
Marshall's and Mr O'Kane's experience in South American mine
development and block cave mining, will provide invaluable
knowledge and guidance as SolGold emerges to add mine development
to its repertoire of award-winning exploration skills in Ecuador.
The Board of SolGold is completely cognisant that exploration and
discovery will always remain the core key value driver for the
Company. The new appointments are designed to complement SolGold's
valuable track record and intellectual property in this area."
Mr Kevin O'Kane, Independent Non-Executive Director
Mr Kevin O'Kane is based in Canada and is a mining engineer with
almost 40 years' experience in the global mining industry. Kevin
has worked extensively for BHP in South America and has significant
executive level operation leadership skills which he gained from
large scale copper mines, including almost nine years at La
Escondida. He is fluent in Spanish and brings a wealth of
technical, operational and HSCE leadership combined with South
American knowledge to the SolGold Board.
Mrs Maria Amparo Alban, Independent Non-Executive Director
Mrs Maria Amparo Alban has more than 25 years' experience in
international trade and sustainable development, particularly
environmental compliance. Maria has worked in a number of countries
and was instrumental in the Free Trade Agreement negotiation
between Ecuador and United States on environmental matters. Maria
has served as an advisor to Ecuador's Trade Ministers, Ministry of
Environment, United Nations Environmental Program (among others)
and was the founding partner of the Inter-American Institute for
Justice and Sustainability (IIJS). She is a lawyer by background
and has taught international trade negotiation, sustainable
development and environmental law for over a period of ten years.
Maria's Ecuadorean experience and knowledge will provide
exceptional value to the SolGold Board during permitting and fiscal
agreement negotiations in Ecuador.
Mr Keith Marshall, Independent Non-Executive Director
Mr Keith Marshall is based in the UK and has over 40 years'
experience in the mining sector and has worked on significant
underground mines around the world. During the last fifteen years
with Rio Tinto, Keith held senior mine leadership roles (General
Manager and above). Keith's last two operational roles with Rio
Tinto were as Managing Director of the Palabora Mining Company in
South Africa (during its successful transition to block caving) and
three years as president of the Oyu Tolgoi Project in Mongolia.
Keith's underground block cave mining experiences will provide
SolGold with extensive knowledge and guidance for the development
of the Alpala Project. Keith's diverse technical and executive
level operational leadership experiences broadens the Company's
skill base, and will play a key role in advising on strategic
development decisions.
These three appointments will contribute significant experiences
and a diverse skillset to the SolGold Board. The presence of Mr
O'Kane in Vancouver will assist with Canadian market exposure, and
the presence of Keith Marshall in the UK will assist with UK market
exposure. Maria Amparo Alban 's Ecuadorean presence will assist
with ongoing Ecuadorean support for the project and the
Company.
SolGold has recently completed a Corporate Governance Roadshow
to meet with investors to provide feedback and updates on changes
and developments still to come. SolGold is continuing on its
journey toward compliance with the UK Corporate Governance Code and
is adjusting and implementing new policies to its remuneration
function, internal policies and Committees of the Board. These
changes are currently in progress and will better align Executive
remuneration to organisational performance.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Regulation (EU) No 596/2014 until the release of this
announcement.
By order of the Board
Karl Schlobohm
Company Secretary
CONTACTS
Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Chief Executive Officer)
nmather@solgold.com.au
Karl Schlobohm
SolGold Plc (Company Secretary) Tel: +61 (0) 7 3303 0661
kschlobohm@solgold.com.au
Ingo Hofmaier
SolGold Plc (GM - Project & Corporate Tel: +44 (0) 20 3823 2131
Finance) ihofmaier@solgold.com.au
Gordon Poole / Nick Hennis
Camarco (Financial PR / IR) Tel: +44 (0) 20 3757 4997
solgold@camarco.co.uk
Andrew Chubb 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
Clayton Bush / Scott Mathieson Tel: +44 (0) 20 3100 2184
Liberum (Joint Broker and Financial Advisor)
Clayton.Bush@liberum.com
Follow us on twitter @SolGold_plc
ABOUT SOLGOLD
SolGold is a leading resources company focussed on the
discovery, definition and development of world-class copper and
gold deposits. In 2018, SolGold's management team was recognised by
the "Mines and Money" Forum as an example of excellence in the
industry and continues to strive to deliver objectives efficiently
and in the interests of shareholders. SolGold is the largest and
most active concession holder in Ecuador and is aggressively
exploring the length and breadth of this highly prospective and
gold-rich section of the Andean Copper Belt.
The Company operates with transparency and in accordance with
international best practices. SolGold is committed to delivering
value to its shareholders, while simultaneously providing economic
and social benefits to impacted communities, fostering a healthy
and safe workplace and minimizing the environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock
Exchange (LSE/TSX: SOLG). The Company has on issue a total of
2,072,213,495 fully-paid ordinary shares and 113,175,000 share
options.
Dedicated stakeholders
SolGold employs a staff of over 700 employees of whom 98% are
Ecuadorean. This is expected to grow as the operations expand at
Alpala, and in Ecuador generally. SolGold focusses its operations
to be safe, reliable and environmentally responsible and maintains
close relationships with its local communities. SolGold has engaged
an increasingly skilled, refined and experienced team of
geoscientists using state of the art geophysical and geochemical
modelling applied to an extensive database to enable the delivery
of ore grade intersections from nearly every drill hole at Alpala.
SolGold has over 80 geologists on the ground in Ecuador exploring
for economic copper and gold deposits.
About Cascabel and Alpala
The Alpala deposit is the main target in the Cascabel
concession, located on the northern section of the heavily endowed
Andean Copper Belt, the entirety of which is renowned as the base
for nearly half of the world's copper production. The project area
hosts mineralisation of Eocene age, the same age as numerous Tier 1
deposits along the Andean Copper Belt in Chile and Peru to the
south. The project base is located at Rocafuerte within the
Cascabel concession in northern Ecuador, an approximately
three-hour drive on sealed highway north of the capital Quito,
close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a
registered shareholder with an unencumbered legal and beneficial
85% interest in ENSA (Exploraciones Novomining S.A.) which holds
100% of the Cascabel concession covering approximately 50km(2) .
The junior equity owner in ENSA is required to repay 15% of costs
since SolGold's earn in was completed, from 90% of its share of
distribution of earnings or dividends from ENSA or the Cascabel
concession. It is also required to contribute to development or be
diluted, and if its interest falls below 10%, it shall reduce to a
0.5% NSR royalty which SolGold may acquire for US$3.5million.
Advancing Alpala towards development
The resource at the Alpala deposit contains a high-grade core
which will be targeted to facilitate early cashflows and an
accelerated payback of initial capital. SolGold is currently
progressing its Pre-Feasibility Study and is fully funded through
to development decision following the Net Smelter Royalty Financing
with Franco-Nevada Corporation for US$100million. Franco-Nevada
will receive a perpetual 1% NSR interest from the Cascabel licence
area.
SolGold is currently assessing financing options available to
the Company for the development of the Alpala mine following
completion of the Definitive Feasibility Study.
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint
established at Alpala, and Cascabel generally, to explore for
additional world class copper and gold projects across Ecuador.
SolGold is the largest and most active concessionaire in
Ecuador.
The Company wholly owns four other subsidiaries active
throughout the country that are now focussed on thirteen high
priority gold and copper resource targets, several of which the
Company believes have the potential, subject to resource definition
and feasibility, to be developed in close succession or even on a
more accelerated basis compared to Alpala.
In Q2 2020, SolGold commenced exploration drilling at La Hueca
on Target 6. In Q3 2020, SolGold commenced exploration drilling at
the Cacharposa target at its Porvenir project, held by Green Rock
Resources in southern Ecuador. The Cacharposa target is defined by
coincident magnetic and geochemical anomalies over an area over
1700m (north-south) and up to 1000m (east-west). Drill hole 1
intersected over 900m of visible copper sulphide mineralisation in
a strong porphyry system, with the hole ending in mineralisation.
Drill hole 2 had on 19 October 2020, intersected 250m of visible
copper sulphide mineralisation, substantiating the discovery of a
significant new copper gold porphyry orebody. As a result of this
discovery, the Company is planning a 50,000m drill programme with
up to six rigs for the next 12 months.
Quality Assurance / Quality Control on Sample Collection,
Security and Assaying
SolGold operates according to its rigorous Quality Assurance and
Quality Control (QA/QC) protocol, which is consistent with industry
best practices.
Primary sample collection involves secure transport from
SolGold's concessions in Ecuador, to the ALS certified sample
preparation facility in Quito, Ecuador. Samples are then air
freighted from Quito to the ALS certified laboratory in Lima, Peru
where the assaying of drill core, channel samples, rock chips and
soil samples is undertaken. SolGold utilises ALS certified
laboratories in Canada and Australia for the analysis of
metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP
with MS finish for 48 elements on a 0.25g aliquot (ME-MS61).
Laboratory performance is routinely monitored using umpire assays,
check batches and inter-laboratory comparisons between ALS
certified laboratory in Lima and the ACME certified laboratory in
Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical
database, SolGold's QA/QC protocol encompasses standard sampling
methodologies, including the insertion of certified powder blanks,
coarse chip blanks, standards, pulp duplicates and field
duplicates. The blanks and standards are Certified Reference
Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of
its analytical database. The Company's protocol involves
Independent data validation of the digital analytical database
including search for sample overlaps, duplicate or absent samples
as well as anomalous assay and survey results. These are routinely
performed ahead of Mineral Resource Estimates and Feasibility
Studies. No material QA/QC issues have been identified with respect
to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data
security procedures and assaying methods used by SolGold confirm
that they are consistent with industry best practices and all
results stated in this announcement have passed SolGold's QA/QC
protocol.
The data aggregation method for calculating Copper Equivalent
(CuEq) for rock-saw channel sampling intervals are reported using
copper equivalent (CuEq) cut-off grades with up to 10m internal
dilution, excluding bridging to a single sample and with minimum
intersection length of 50m.
Copper Equivalent is currently calculated (assuming 100%
recovery of copper and gold) using a Gold Conversion Factor of
0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal
copper price of US$3.30/lb and a gold price of US$1700/oz.
See www.solgold.com.au for more information. 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. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, risks relating to the ability of exploration
activities (including assay results) to accurately predict
mineralization; errors in management's geological modelling;
capital and operating costs varying significantly from estimates;
the preliminary nature of visual assessments; delays in obtaining
or failures to obtain required governmental, environmental or other
required approvals; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets;
inflation; the global economic climate; fluctuations in commodity
prices; the ability of the Company to complete further exploration
activities, including drilling; delays in the development of
projects; environmental risks; community and non-governmental
actions; other risks involved in the mineral exploration and
development industry; the ability of the Company to retain its key
management employees and skilled and experienced personnel; and
those risks set out in the Company's public documents filed on
SEDAR at www.sedar.com . 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.
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