Ghana Gold Corporation announces acquisition of West African Projects Consult Ltd. (WAP)
Wednesday, Jan 16, 2013
PORT ST. LUCIE, Fla., Jan. 15, 2013 /PRNewswire/ -- Ghana Gold Corporation; (PINKSHEETS: GGCO) is pleased to announce it has acquired 100% of West African Projects Consult Ltd. (WAP).
Ghana Gold Corp. will benefit from the work WAP completed over the last four years locking-up alluvial locations and hard rock mining concessions totaling well over 100 sq km. These include Jukwa Concession which is already in production as well as Grumesa on the Ofin River Concession, Offinso Goldfields at Ahenkro and the Brofoyedro Concessions at the River Pra.
These concessions are located in close proximity to proven gold reserves of some of the major companies in the industry, including; Anglo Gold Ashanti, Newmont and Chirano. Alluvial mining production on the Jukwa concession has generated approximately $1 Million in revenues.
Management expects to be able to double this production on an annualized basis within the next six to nine months, as operations expand and with the purchase of additional equipment.
The Company strategy is to continue to expand alluvial mining production growing annual recurring revenues which also support additional geotechnical engineering to improve mining planning, efficiency and profitability as well as to identify appropriate hard rock drilling sites.
Mr. Robert Kirkcaldy, President and COO of Ghana Gold Corporation, commented, "The company will prove up reserves both in alluvial as well as implementing its hard rock drilling program. We are very excited about the near term and long term prospects that lie ahead for the Company." He further stated, "These concessions are strategically located in close proximity to some of the most prolific gold mines in the world. We will spend years just determining the extent of these reserves.
This is truly an exciting time for Ghana Gold Corporation." "Management is committed to continue to update shareholders as to the progress of operations on the Jukwa site as well as progress in the areas of additional geology reporting, new equipment procurement, and further development of concessions as well as additional exploration and resource development," concluded Mr. Kirkcaldy.
SOURCE Ghana Gold Corporation