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PORT MORESBY, Papua New Guinea (The National, Jan. 11) – Papua New Guinea has been identified as the most prospective country with huge gold deposits followed by Solomon Islands in the Southwest Pacific Rim.

According to Mineweb, the South Pacific Geoscience Commission gave this recognition to these two neighboring countries.

The Southwest Pacific region is recognized as one of the most prolific zones in the world for world-class copper-gold porphyry systems and epithermal gold deposits.

Mineweb noted that Papua New Guinea hosts Ok Tedi, Lihir Island, and Panguna in Bougainville, each with more than 40 million ounces of gold equivalent in combined production and resources.

In West Papua, Indonesia, lies the giant 100 million ounce equivalent Grasberg deposit, Mineweb said.

Solomon Gold plc - the Solomon Islands copper and gold exploration company - is seeking admission to Alternative Investment Market (AIM) next month.

The company will raise funds to advance its four exploration licenses on Guadalcanal, in the south west Pacific region of the "Rim of Fire".

[PIR editor’s note: Guadalcanal island is located in the southeastern part of the Solomon Islands; it is where the nation’s capital city of Honiara is situated.]

The company plans to commence drilling soon after admission into AIM.

January 12, 2006

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