MEMPHIS, Tenn., Aug. 18, 2014 (GLOBE NEWSWIRE) -- First Colombia Gold, Corp. (OTCQB:FCGD)
First Columbia Gold announced today plans to construct a pipe threading facility at its oil offices in Albany, KY. This facility is going to be constructed on land already owned by the company and will allow the company to supply its own drill pipe to support drilling and exploration. In addition, First Colombia Gold will also produce enough product to sell into the broader market.
CEO Dr. Robert Gates stated, "This is truly an exciting expansion for our company. Everyone in this business knows how rapidly drilling pipe has increased in price, and this will dramatically lower that cost to our company, as well as create an additional revenue stream."
Company President Clarence Parks stated, "From the moment we completed this acquisition, our goal was to generate new streams of revenue to support our plans for aggressive growth. This new facility is the realization of that goal, and it is our desire to continue to be a major market force within this region."
Dr. Gates continued, "There is a tremendous market for drilling pipe in the oil and gas sector. Drilling pipe is becoming scarce, and pricing is becoming more and more burdensome for small and medium sized operators. We intend to be a strong competitor in that market, and by our estimates, this expansion could produce $5-$7 million in annual revenue for the company."
First Colombia Gold plans to begin construction in the third quarter, and the company expects to have the facility fully operational by the beginning of 2015.
About First Colombia Gold
First Colombia Gold Corp. is a capital company focused on acquiring, developing and advancing natural resource, energy, and real estate projects in Europe, North America, and South America. Our business model is to acquire undervalued assets combining potential for building assets values and cash flow through leverage to improved operational efficiencies and development.
Our current activity focus is on precious metal exploration in Montana in addition to planned initial activities of our energy division.
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10k, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations form the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.