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(SOLG) SolGold

Discussion in 'General Share Chat (SOLG)' started by Inspiration, Feb 25, 2016.

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    10 October 2019

    SolGold

    (SolGold" or the "Company")


    Response to Share Price Activity


    Following recent media reports regarding protests in Ecuador the Board of SolGold wishes to inform shareholders that the Company's operations remain unaffected. The safety and security of SolGold employees is of paramount importance, and the Company has taken all necessary precautions and actions to ensure this is maintained.


    The protests were sparked by President Moreno's announcement of an economic package on 1 October 2019 which included the removal of fuel subsidies, in order to meet International Monetary Fund commitments. SolGold understands that the government has initiated discussions with some groups and progress has been made. It is expected that the protests may continue in the short term, however SolGold has every confidence that the Government with the support of Ecuadorean institutions, will be able to adequately address the situation and restore order in the near term.


    The Company remains on track to deliver a third Mineral Resource Estimate of the Alpala Deposit in Q4 2019 and Pre-Feasibility Study in Q1 2020, and does not expect these to be impacted by the current disruptions.


    The Cascabel project is a key project in Ecuador's developing mining industry and a critical driver for the future of Ecuador'seconomy in the view of the government. SolGold continues to receive full and objective support from the Ecuadorean government.

    SolGold is committed to building an integrated explorer, appraiser and miner in the copper and gold industry in Ecuador, and enjoys the support of its major shareholders, including Newcrest and BHP. SolGold is committed to the country's economic
     
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    01E24CD8-675D-41F8-9151-6AF0DA503740.jpeg
    City AM 14/10/2019
     
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  17. Groucho

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    15 October 2019

    SolGold

    (SolGold" or the "Company")


    Deal reached between Ecuador Government and Indigenous Groups


    Further to the announcement on 10 October 2019, the Board of SolGold would like to update shareholders on the news that an agreement has been reached between the Government and indigenous groups for an immediate end to the recent protests in Ecuador following talks brokered by the UN and the Catholic Church.

    In return for an end to the protests, the Government has agreed to immediately restore the fuel subsidies that had originally been removed as part of the economic package imposed on 1 October 2019. The agreement to repeal the subsidy cuts has come with a commitment for the Government and indigenous groups to create a commission to develop new measures to cut government costs, stop abuse of fuel subsidies and reduce the country's budget deficit. SolGolds projects will contribute strongly to sustainable economic growth employment and the robust support of all Ecuadoreans for decades to come.

    SolGold's operations remain unaffected by the protests. The Company is on track to deliver a third Mineral Resource Estimate of the Alpala Deposit in Q4 2019 and Pre-Feasibility Study in Q1 2020.

    The Cascabel project is a key project in Ecuador's developing mining industry and a critical driver for the future of Ecuador'seconomy in the view of the Government of Ecuador. SolGold anticipates this significant economic contribution to be replicated on its 12 other projects across the country. SolGold continues to receive full and objective support from the Ecuadorean Government.

    SolGold is committed to building an integrated explorer, project appraiser and miner in the copper and gold industry in Ecuador, and enjoys the support of its major shareholders, including Australia's largest gold miner Newcrest and the world's largest miner BHP. SolGold is committed to the country's economic development, provides growing and wide employment opportunities and conducts responsible mineral exploration programs in line with local and international laws and standards and worlds best practices

    SolGold currently employs approximately 700 people, of which 98% are Ecuadorean. This number will increase significantly as Alpala moves in to construction, and as the regional projects develop. The Cascabel project is located away from any protected areas and away from any indigenous ancestral areas. The project is strongly supported by regional and local communities and the future of Cascabel was recently strongly endorsed by these local communities and Government in public hearings at the Constitutional Court at which the legitimacy of the mining industry in Ecuador was firmly upheld.
     
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