– AUSTRALIA, Brisbane – SolGold (AIM: SOLG) is pleased to announce that further to the 26 August 2016 press release, Maxit Capital LP has appointed Scott A. Caldwell (aged 59) as a Non-Executive Director to join the SolGold Board of Directors.
Mr. Caldwell is a mining engineer with over 30 years of experience building and operating gold and base metal mines worldwide, including USA, Canada, Russia, Zimbabwe, Chile, and Indonesia. He is currently the President, CEO and Director of Guyana Goldfields Inc. (Guyana) and has led the team to finance, build, commission and achieve commercial production of the Aurora mine ahead of schedule and on budget. Previously, Mr. Caldwell was the President, CEO and Director of Allied Nevada Gold Corp. from 2006 to 2013. Prior to Allied Nevada, Mr. Caldwell held various senior capacities at Kinross Gold Corporation for eight years. Mr. Caldwell holds a Bachelor of Science (Mining) degree in Engineering from the University of Arizona.
Commenting on the appointment Executive Director Nick Mather said: “We are pleased that Mr. Caldwell has agreed to join the SolGold Board and become a significant shareholder. His considerable experience as a professional mining engineer and track record in the industry will provide a valuable contribution to the continued advancement of the Cascabel project. His experience at the giant Grasberg project in Indonesia for Freeport is most relevant. We appreciate the enthusiasm Mr. Caldwell has shown for the Cascabel project following his recent site visit and review.”
Scott Caldwell, comments, “I am pleased to be joining the SolGold Board and I am very impressed with the work the SolGold team has done to find one of the most significant copper-gold porphyry discoveries in many years.”
SolGold is a Brisbane, Australia based, AIM‐listed (SOLG) copper gold exploration and development company with assets in Ecuador, the Solomon Islands and Australia. The Company’s primary objective is to discover and define world‐class copper‐gold deposits. SolGold’s Board and Management Team have substantial vested interests in the success of Company, as well as strong track records in the areas of exploration, mine development, investment, finance and law. SolGold’s experience is augmented by state of the art geophysical and modelling techniques and the guidance of Newmont trained porphyry expert Dr Steve Garwin.
Cascabel, the Company’s world class flagship copper‐gold porphyry project, is located in North West Ecuador on the under‐explored northern section of the richly endowed Andean Copper Belt. SolGold owns 85% of Exploraciones Novomining S.A. and approximately 11% of TSX‐V‐listed Cornerstone Capital Resources, which holds the remaining 15% of ENSA, the Ecuadorian registered company which holds 100% of the Cascabel concession.
To date SolGold has completed geological mapping, 25km2 of soil sampling, 14km2 and an additional 9km2 Induced Polarisation and Magnetotelluric “Orion” surveys over the Alpala cluster and Aguinaga targets respectively. By June 2016, the Company had also completed approximately 23,700m of drilling and expended a total of approximately US$33m on the program, corporate costs and investments into Cornerstone. Intense diamond drilling is planned for the next 12 months with four drilling rigs.
Cascabel is characterised by fourteen (14) identified targets, world class drilling intersections over 1km in length, and high copper and gold grades, as well as logistic advantages in location, elevation, water supply, proximity to roads, port and power services and a progressive legislative approach to resource development in Ecuador. To date, SolGold has only drill tested one of the 14 targets, being Alpala.
SolGold is planning a resource statement at Alpala during 2016. This has been delayed by the discovery of high-grade mineralisation in Hole 17 at Alpala, extending the immediate resource potential. Alpala is open at depth in the upper extensions, and to the north, north-east, south-west and south-east. The mineralised zone at Alpala and Moran is closely modelled by magnetic signatures and currently encompasses over 10Bt of magnetic rocks expected to be mineralised with copper and gold.
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