LOS ANGELES, July 07, 2016 (GLOBE NEWSWIRE) -- WGE Holdings Corp., a Nevada incorporated company, (OTC:WGEE) today announced the completion of an acquisition of a gold mining and production platform based in South East Asia and the anticipated change of its name to Consolidated Gold Holdings, Inc.
“The completion of this acquisition provides the company with a unique opportunity to capitalize on an increasingly attractive asset class for global investors through a fully operational and producing gold mining business based in Indonesia, one of the world fastest growing economies,” said Herbert Adamczyk, incoming chairman.
He noted that the mining operations are built around two long-term leases in separate high quality volcanic ore bodies with extraction rates between 2-5g/tons -- generating existing revenues of approximately $500k per month. A strategic expansion program already in place includes the acquisition of additional properties adjacent to current operations in Indonesia and the acquisition of an existing deep shaft mine on a 50ha property in northern Philippines with estimated recoverable reserves of one million ounces.
Adamczyk added that the company is pursuing a two-pronged investment strategy to support growth in South East Asia: growing its gold operations and making strategic investments in building products -- comprising cement, rebar and roofing materials. “These initiatives will allow us to capitalize on historically high levels of building and infrastructure investments in both Indonesia and the Philippines, as both countries accelerate construction and urbanization programs to support high levels of economic growth,” said Adamczyk.
“The company has a strong management team with long-term, diversified Asian experience, and we look forward to an exciting period of growth and high returns for our shareholders -- supported by this opportunity to acquire a high quality business with existing, revenue producing operations in gold, significant price increases and one of the most sought after asset classes in the present climate of uncertainty,” Adamczyk concluded.
About Consolidated Gold Holdings, Inc.
Consolidated Gold Holdings is a company with a strategic, high growth investment platform targeting countries in South East Asia, one of the world’s best performing economic regions, with a specific focus on mining and production of gold. The company has operating gold mines in Indonesia and is in the process of acquiring additional capacity through acquisition of additional reserves and production capacity both in Indonesia and the Philippines. The company’s gold production costs are amongst the lowest in the industry.
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other “forward-looking'' information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions that may cause actual results to differ from projections. Words such as “anticipates,'' “expects,'' “intends,'' “plans,'' “believes,'' “seeks,'' “estimates,'' and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Gary S. Maier Maier & Company, Inc. (310) 471-1288
Source:WGE Holdings Corp.