19 Jun 2015

Australian company wants Solomons' mine

4:56 pm on 19 June 2015

A small Australian company Frontier Resources has been granted a share trading halt as it contemplates acquiring an interest in the Gold Ridge goldmine in Solomon Islands.

The goldmine was sold for a nominal sum to local landowning company, Gold Ridge Community Investment Ltd, by Australian miner St Barbara, which had shut down its operations after flooding in April last year.

Proactive Investors Australia reports the halt will last until either the announcement of Frontier acquiring shares is made or failing that the start of trade next Tuesday.

PIA reported in May Frontier was negotiating to acquire an 80 percent interest in the project from the landowners, in exchange for shares.

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