VANCOUVER, B.C., May 21, 2015 (GLOBE NEWSWIRE) -- AfroCan Resources Gold Ltd (the "Company") (http://www.afrocanresourcesgold.com) advises that it has embarked upon the acquisition of a Tanzanian property with 112,000 oz inferred resource. Says CEO Brian Barrett "The property will be a good addition to our existing resource base. Our target is to have properties containing 2.5 million oz's in production by 2017."
AfroCan targets tailings, gravel beds, shallow high-grade reefs and alluvials. The Company deploys a fully scalable, low capital cost, energy efficient and environmentally friendly production solution. "We are the best at project selection and sustaining target recoveries," says Barrett "with an obsessive focus on cost control and balancing ongoing development with production."
The Company uses proprietary modeling to drive its quick to production strategy and displays an extraordinary discipline to drop marginal projects quickly. This is facilitated by the deployment of modular mobile equipment that is quickly relocated to other viable sites. Each project is structured as a stand alone economic unit which benefits from centralized expertise, procurement and support services.
AfroCan recently engaged Vela Mining Concepts as strategic project advisor to deepen and extend its competitive advantage. "As we grow we want to know our projects worth and Vela is able to give us a clear grasp of inherent value across specific configurations," said Barrett "this allows us to extract optimum value and maximize return to our stakeholders."
The Company's business model transfers price and technology gains directly to its investors and its regular dividend model provides much quicker than average payback. At cash costs of around $400/oz AfroCan's unique quick to cash flow business model stands out in the tough and gloomy junior gold mining sector.
As Barrett, who is giving a presentation on "How To Attract Investors Back To The Mining Sector" at the Turkey Eurasia Mining Show in September says "It's a new world out there and mining companies, in particular, need to be more real now than ever before."
Distributed by APO (African Press Organization) on behalf of AfroCan Resources Gold Ltd.
About AfroCan Resources Gold Ltd
AfroCan Resources Gold Ltd (http://www.afrocanresourcesgold.com) is a private Gold Producer and Investments company based in Vancouver B.C. pursuing a quick to production, low cash cost business model focusing on high grade small ore bodies in Sub-Saharan Africa and Papua New Guinea.
This News Release contains forward-looking statements. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this News Release describe the Company's expectations as of May 15, 2015.
CONTACT: AfroCan Resources Gold Ltd. Contact: Brian Barrett President & CEO +27 83 600 0500 BBarrett@afrocanresourcesgold.com
Source:AfroCan Resources Gold Ltd