LOS ANGELES, Aug. 26, 2016 (GLOBE NEWSWIRE) -- WGE Holdings Corp. (OTC:WGEE) today announced it has acquired an additional site to be operated in conjunction with its existing gold mining properties in Northern Indonesia.
The newly acquired mining operation, based in West Sulawesi, a province of Indonesia, has a reserve area of 10 hectares and utilizes heap leach technology through a series of smaller leach pads, which have a comparatively lower operating cost per ounce of production than the company’s existing leaching facilities. Production of up to 2.5kg/month from this new operation is scheduled to commence in October.
As recently announced, the company, to be renamed Consolidated Gold Holdings, completed a process of reorganization and integration following its acquisition of an established and operational gold production platform in South East Asia.
The company’s gold operations are located in areas with high-grade volcanic hosted ore deposits which stretch in an arc across the northern part of Sulawesi Province in Indonesia -- areas originally surveyed and exploited by Newmont Mining, one of the world’s largest mining companies.
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 operations are revenue generating and profitable and its marginal 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.