PORT ST. LUCIE, Fla., Jan. 22, 2013 /PRNewswire/ -- Ghana Gold Corporation; OTC (GGCO-PK Sheets) previously announced the acquisition of 100% of the assets of WAP and resource information on the Jukwa concession which is currently in production. The company is pleased to announce additional resource information on other concessions licensed WAP that are now owned and managed by Ghana Gold Corporation.
The Ahenkro Concession consisting of 102 sq. km is similar to the Jukwa Concession as a large land mass within the Ashanti Gold Belt. The Ashanti Gold Belt is responsible for most of Ghana's 120 million ounces of production as one of the most prolific gold production areas in the world. The concession is ideally located approximately 45 KM northwest of Kumasi, Ghana's second largest city, on the northern end of the Ashanti Gold Belt. Ghana Gold is completing the license to begin operations at Ahenkro as this concession offers broad opportunities.
This Concession boasts premier low laying alluvial features as well as potential hard rock opportunities within Palaeoproterozoic rock formations that have historically hosted major gold deposits in Ghana.
This concession will be a major focus of the company based upon the geological setting, current findings and proven reserves in similar locations at the North West fringe of the Ashanti Gold Belt. These include: Owere Mines 4m+ Konongo property, Perseus Mining 3m+ and perhaps the world's most incredible and enduring discoveries, Anglo Gold Ashanti in Obuasi which has already uncovered more than 50M oz with perhaps the same amount still unearthed. Management is assessing geological data and working with local geologists well familiar with the land structure of this region to determine and implement test programs at Ahenkro to identify hard drilling programs to measure the concessions hard rock feasibility beginning summer of 2013. Meanwhile the Company will continue to identify and harvest alluvial production sites within the concession for additional revenues.
Two additional concessions Grumesa on the Ofin River and Brofyerdrom at the River Pra consist of over 2,000 acres of pristine property benefiting from two of Ghana's most prolific rivers. Grumesa is a smaller footprint for alluvial mining located directly on the shores of the Ofin River. The Brofoyedro at the River Pra concession is adjacent to The Pra River. Ghana Gold holds an option to develop these properties. Located in Ghana's Central Region, the Brofoyedro is mid-way between Ghana's largest cities of Kumasi and the capital of Accra. Ofin and Brofyerdrom both alluvial mining site offering long term potential for the company.
Robert Kirkcaldy, COO stated "Ghana Gold is benefiting from the tremendous early work completed by WAP on these four concessions. Our immediate goal is to increase alluvial production in the most efficient way possible to grow company revenues and cash flow. This is being accomplished with geo-technical sampling and analysis to find the optimal location for current operations as well as acquiring additional resources and equipment to expand current production. The potential of these concessions, given their proximity to such large proven mines is extremely exciting and bodes well for the company especially the hard rock potential at Ahenkro."
SOURCE Ghana Gold Corporation